Opening (Margin): SPY November 18th 320/338/388/406 Iron Condor
... for a 6.13 credit.
Comments: Putzing a bit with these so-called "synthetic short strangles" ... . Selling the 25's on both sides and erecting long wings out from there. I had to go oddball width with the wings (18.00) to keep the setup symmetrical, since there's only 5-wides on the put side.
6.13 credit on buying power effect of 11.87; 51.6% ROC as a function of buying power effect at max; 25.8% at 50% max. As with my QQQ setup (See Post Below), will look to roll the pairs of sides (long put/short call, long call, short put) for a realized gain and to delta balance.
Comments: Putzing a bit with these so-called "synthetic short strangles" ... . Selling the 25's on both sides and erecting long wings out from there. I had to go oddball width with the wings (18.00) to keep the setup symmetrical, since there's only 5-wides on the put side.
6.13 credit on buying power effect of 11.87; 51.6% ROC as a function of buying power effect at max; 25.8% at 50% max. As with my QQQ setup (See Post Below), will look to roll the pairs of sides (long put/short call, long call, short put) for a realized gain and to delta balance.
Comment:
This is what happens when I'm in a rush .... . The long put aspect of this setup should be at the 320 (not the 350.99). The label (remarkably) is correct, though.
Trade active:
Rolled the long delta pair -- the short put and the long call -- to the -342P/+410C today for a 1.20 credit to delta balance. Delta/theta for the short strangle aspect finished the day at -23.30/25.09.
Trade closed manually:
Total credits collected of 7.33; closed it out today for 6.33. 1.00 ($100) profit.
