Stock / Symbol: SPDR S&P 500 ETF / SPY
Option Strategy: [private_monthly] iron condor[/private_monthly]
Price at trade entry: $146
Price at this adjustment: $141
Current Position:
[private_monthly]
Short -4 SPY Nov12 139 puts
Long 4 SPY Nov12 137 puts
Adjustment / Reasoning: Yesterday, we were filled on our order to close our the 152/154 call spread for $0.03 debit. If you have not yet closed out the call portion of the trade, be sure to do so now.
For the put spread, we're very close to our downside stop + the adjusted standard deviation calculations have SPY trading as low as[private_monthly] 134 by Nov expiration. So, we're going to roll to a 134/132 put spread here to protect against loss. Then, on an up day, we'll look at adding another call spread back in.[/private_monthly]
Trade Details:
[private_monthly]
BTC -4 SPY Nov12 139 puts
STC 4 SPY Nov12 137 puts
STO -4 SPY Nov12 134 puts
BTO 4 SPY Nov12 132 puts
for a max net debit of $0.35 per contract. The mid is currently at $0.32, so try to get filled closer to the mid. (day order, limit order). If not filled today, and the S&P is down again tomorrow, be sure to execute the trade then.
[/private_monthly]
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