Stock / Symbol: iShares Russell 2000 Index / IWM
Option Strategy: [private_monthly]double diagonal[/private_monthly]
Trade entry date / price: 14 Dec / $111.06
Price at trade close: $113.30
Reasoning: This trade was put on in order to reduce the short Vega risk from the SPY and DIA iron condors. With this trade up a bit here / already near it's max profit when sitting between the short strikes, and since the iron condors have been closed, I'm going to close this double diagonal out now. The current Greeks are: 14.2 Delta, 6.9 Theta, and 13.2 Vega.
Closing Trade Details:[private_monthly]
STC 4 IWM JanWk5 118 calls
STC 4 IWM Janwk5 105 puts
BTC -4 IWM Jan16 117 calls
BTC -4 IWM Jan16 108 puts
for a min net credit of $0.15 per contract (GTC order, limit order). The current mid is 0.19. Try for the mid -0.02.
Max Risk: $1210 (increased from $840)
Max Reward: $355 or 29% (at current volatility level) at[private_monthly] $117[/private_monthly]by 15 Jan
Profit Range: $107 to $118.25 by 15 Jan
Suggested Downside stop: @ $108
Suggested Upside stop: @ $117
Realized profit / loss upon fill: $56 or 4.6% (pre-commission)
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