Stock / Symbol: Google / GOOGL
Strategy: Reverse Iron Condor
Trade entry date / price: 1 Dec 2020 / $1820
Price at this post: $1820
Update / Reasoning: With GOOGL trading at essentially the same level it was when we entered the trade, we just haven't gotten the price move (up or down) or volatility increase needed for this trade to work. So, I'm exiting here for a relatively small loss now, instead of a big loss later. The current Greeks on this position are: 0.8 Delta, -7.2 Theta, and 13.3 Vega.
Exit Order Adjustment:
STC 1 GOOGL 24Dec20 1860 call
BTC 1 GOOGL 24Dec20 1870 call
STC 1 GOOGL 24Dec20 1750 put
BTC 1 GOOGL 24Dec20 1740 put
For a min net credit of $5.50 per contract (GTC order, limit order). The mid is currently at a credit of $5.65.
Analysis:
Max Risk: $625
Max Reward: $375 or 60% with GOOGL either under $1740 (or) over $1870 by Dec 24th
Profit Range: GOOGL at/under $1743(or) at/over $1867 at market close on Dec 24th
Estimated Commission (round trip): $5.20
Suggested Stop: position down ($70) or more
Anticipated Profit / Loss upon fill: ($75) or -12% (pre commission)
