Stock / Symbol: Nasdaq ETF / QQQ
Strategy: Iron Condor
Trade entry date / price: 05 Apr 2021 / $329.93
Price at this post: $338.70
Update / Reasoning: This position is currently profitable and I'm looking to close it out before Friday for a decent gain. As long as QQQ is trading over $309 and under $347 at Market close this Friday, you could allow the position to expire worthless to realize the position's full profit potential. I, however, would prefer to close it out earlier and just to take the risk off. Here's a look at the Greeks from entry to now: 0.2 Delta to -4.1; 3.9 Theta to 5.5; and -4.8 Vega to -2.3.
Trade Exit Order:
BTC 1 QQQ 16Apr21 347 call
STC 1 QQQ 16Apr21 351 call
BTC 1 QQQ 16Apr21 309 put
STC 1 QQQ 16Apr21 305 put
For a max net debit of $0.07 per contract (GTC order, limit order). The mid is currently at a debit of $0.11. I have not yet been filled
Analysis:
Max Risk: $365
Max Reward: $35 or 9.5% with QQQ between $309 and $347 on Apr 16th
Profit Range: QQQ between $309 and $347 at market close on Apr 16th
Estimated Commission (round trip): $5.20
Downside Stop at: $309
Upside Stop at: $347
Anticipated Profit/Loss upon fill: $29 or 8% (pre commission)
