This post is restricted to paying members. To follow are specific active trade details:
Stock / Symbol: iShares Russell 2000 ETF / IWM
Option Strategy: Iron Condor
Trade entry date / price: 13 Dec 2021 / $215
Price at this post: $221.65
Reasoning: In hindsight, I should have taken profits on the additional long 206 put when IWM was trading down under $209 on Monday. Since I missed that opportunity, and with my plan to just exit the trade if IWM recovered, I'm just closing out the trade for a loss here before things get worse (with IWM trading over $230).
Trade Exit Details:
BTC 1 IWM 31Dec21 230 call
STC 1 IWM 31Dec21 234 call
BTC 1 IWM 31Dec21 210 put
STC 1 IWM 31Dec21 206 put
For a max net debit of $0.48 per contract (day order, limit order). The mid is currently at a debit of $0.44 and I was just filled at $0.44
Then:
STC 1 IWM 31Dec21 206 put
For a min credit of $0.22. The mid is currently at $0.28 and I was just filled at $0.28
Analysis:
Max Risk: $575
Max Reward: unlimited with IWM trading under $200 by Dec 31st
Profit Range: IWM trading under $200 by Dec 31st
Commission (round trip): $9.10
Upside Stop @ $230
Realized Profit / Loss: ($276) or -48% (pre commission)
