Opened (Margin): IWM 144/154/182/192 Iron Condor
... for a 3.34 credit.
Comments: (Late Post). Another "synthetic short strangle" I put on on Friday, with the short legs set up around the 25 delta, the longs out from there to obtain a 50% ROC at max metric. 3.34 credit on buying power effect of 6.66; 50.2% at max; 25.1% at 50% max.
Will primarily look to roll paired legs (short call/long put, short put/long call) to delta balance. For example, the short call finished the day in .52/$52 worth of profit, the long put .43/$43, so I would look to roll the short call and long put down simultaneously to lock in that realized gain and to delta balance.
Comments: (Late Post). Another "synthetic short strangle" I put on on Friday, with the short legs set up around the 25 delta, the longs out from there to obtain a 50% ROC at max metric. 3.34 credit on buying power effect of 6.66; 50.2% at max; 25.1% at 50% max.
Will primarily look to roll paired legs (short call/long put, short put/long call) to delta balance. For example, the short call finished the day in .52/$52 worth of profit, the long put .43/$43, so I would look to roll the short call and long put down simultaneously to lock in that realized gain and to delta balance.
Trade active:
As with my SPY iron condor, rolled the long delta pair here to the -158P/+196C for a 1.21 credit. Total credits collected of 4.55 with an EOD delta/theta for the short strangle aspect of the setup at -20.88/14.35, so may require some further adjustment if I want to keep that metric to <1.00.
Trade closed manually:
Closed today for a 3.90 debit. .65 ($65) profit.