Stock / Symbol: SPDR S&P 500 ETF / SPY;
Option Strategy: iron condor;
Trade entry date / price: 14 Dec / $202.15
Price at this post: $205.75;
Reasoning: With the trade at 70% of its profit potential, I'm putting in a GTC closing order to capture the gain and take off the risk. This trade's current Greeks are: -0.7 delta, 1.2 theta, and -4.0 vega.
Closing Trade Details:
BTC -2 SPY Jan16 215 calls
STC 2 SPY Jan16 216 calls
BTC -2 SPY Jan16 187 puts
STC 2 SPY Jan16 185 puts
for a max net debit of $0.07 per contract (GTC order, limit order).
Max Risk: $346
Max Reward: $54 or 15% by 15 Jan between 187 - 215
Suggested Upside Stop @ $215
Suggested Downside Stop @ $192
Profit / Loss upon fill: $40 or 11.5% (pre-commission)
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