Stock / Symbol: SPDR Dow Jones Industrial Average / DIA
Option Strategy: iron condor
Trade entry date: Dec 20
Price at trade entry: $132.90
Price at this post: $133.95
Reasoning: Just 2 weeks into this trade, we've already reached 70% of our maximum profit. Time to book a win on the call spread portion of the trade to take off the upside risk. The current greeks are: delta of -23, a positive theta of 6.2 and a negative vega of -20.
Trade Adjustment Details:[private_monthly]
BTC -7 DIA Jan13 138 calls
STC 7 DIA Jan13 140 calls
for a max net debit of $0.07 per contract (GTC order, limit order).
[/private_monthly]
Max Risk: $1220
Max Reward: $182 or 14.9% between 124 - 138 by Jan 18
Profit Range: $124 to $138 by Jan 18 (87% probability)
Suggested Downside stop: @ $128
Suggested Upside stop: @ $135
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