Stock / Symbol: Tesla / TSLA
Strategy: Reverse Iron Condor
Trade post date: 26 Jul 2021 / $651.50
Price at this post: $641.50
Update: Despite a great earnings report and the pennant technical formation, TSLA hasn't moved enough in either direction yet for this to be a profitable trade (in its current configuration). This position can be adjusted in to a 680/685c / 620/615p iron condor with a profit potential of $120 per contract and risk of $380 per contract. However, for me, I'd rather not take on the additional risk here, and will just close this one out for a loss.
The current Greeks on this Reverse Iron Condor are: -1.3 Delta, -17.8 Theta, and 1.7 Vega.
Trade Exit Order:
STC 1 TSLA 30Jul21 672.5 call
BTC 1 TSLA 30Jul21 675 call
STC 1 TSLA 30Jul21 625 put
BTC 1 TSLA 30Jul21 622.50 put
For a min net credit of $1.00 per contract (day order, limit order). The mid is currently at a credit of $1.10. I was just filled at $1.05
Analysis:
Max Risk: $160
Max Reward: $90 or 51% with TSLA either under $622.50 (or) over $675 by Jul 30th
Profit Range: TSLA at/under $622.50 (or) at/over $675 at market close on Jul 30th
Estimated Commission (round trip): $5.20
Realized Profit / Loss: ($55) or -35% (pre commission)
