Stock / Symbol: SPDR S&P 500 ETF / SPY;
Option Strategy: [private_monthly] iron condor[/private_monthly];
Trade entry date: Jan 14;
Price at trade post: $146.70;
Price at this adjustment: $149.75
Current Position:
[private_monthly]
Short -3 SPY Feb13 152 calls
Long 6 SPY Feb13 155 calls
Short -6 SPY Feb13 138 puts
Long 6 SPY Feb13 135 puts
Reasoning: Going to sell calls to match the number of long calls we have. Going to sell one strike up from our original short call strike. Current greeks are: -36 delta, 6.8 theta, and -16 vega. This adjustment shifts the position's greeks to: -83 Delta, 13 Theta, and -37 Vega. Keeping the upside stop at[private_monthly] $151.80. [/private_monthly]
Adjustment Details:
[private_monthly]
STO -3 SPY Feb13 153 calls
for a min net credit of $0.22 per contract. The bid is currently at $0.25 (day order, limit order).
Max Risk: $1,600
Max Reward: $170 or 10.6% by Feb 15[private_monthly] between 138 - 152
Suggested Upside Stop @ $151.80
Suggested Downside Stop @ $141.50
[/private_monthly]
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