Stock / Symbol: SPDR S&P 500 ETF / SPY
Option Strategy: [private_monthly] iron condor[/private_monthly]
Trade entry date: Oct 16
Price at trade entry: $146
Adjustment date: Oct 24
Price at adjustment: $141
Price at this post: $138.50
Current Position:
Short -4 SPY Nov12 134 puts
Long 4 SPY Nov12 132 puts
Reasoning: While the remaining position on this trade hasn't yet reached its full profit potential (currently up 6%), the safe thing to do is take some profit here in what could a tumultuous options expiration week. Here are the current greeks on the position: Delta @ 20.45, Theta @ 7.55, and Vega @ -4.85.
Trade Details:
BTC -4 SPY Nov12 134 puts
STC 4 SPY Nov12 132 puts
for a max net debit of $0.08 per contract. (GTC order, limit order).
[private_monthly]
Max Risk: $724
Max Reward: ($86) or -11.8% by Nov 16 at / over 134
Suggested Downside Stop @ $135
Profit / Loss upon fill: ($118)
[/private_monthly]
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