Stock / Symbol: Russell 2000 / RUT
Option Strategy: [private_monthly]iron condor[/private_monthly]
Trade entry date / price at trade post: Apr 17 / $905
Price at this adjustment: $936
Reasoning: Selling a 970/980 call here to put the profit potential back into this trade. I'm also entering a GTC order to buy back the put spread for $0.30. I'm raising the upside stop to $955. The greeks on the resulting position will be: -1 Delta, 2.7 Theta, and 2.4 Vega.
Trade Adjustment Details:[private_monthly]
STO -2 RUT May13 970 calls
BTO 2 RUT May13 980 calls
for a min net credit of $1.15 per contract. (day order, limit order). The current mid is $1.30. Try for the mid less 0.05 to 0.10
Then,
BTC -2 RUT May13 850 puts
STC 2 RUT May13 840 puts
for a max net debit of $0.30 per contract. (GTC order, limit order)
Max Risk: $1,770 (inc realized loss on short 955 call)
Max Reward: $230 or 12%[private_monthly] between $850 and $955[/private_monthly] by May 17[private_monthly]
Profit Range: $850 to $958 by May 17
Suggested Upside stop: @ $955
Suggested Downside stop: $870
[/private_monthly]
[/private_monthly]
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