CRM – 9/28/18 – Iron Condor
I have always struggling trading CRM, not sure why I keep trying. The return here looked pretty good, I guess that is one reason I keep trying to trade it.
On 9/28 I entered into a 11/16 Iron Condor selling the $175 Call and purchasing the $180 Call. I sold the $150 Put and purchased the $145 Put for a total of a $1.30 credit on a $3.70 risk per contract.
CRM had an implied volatility of 28.6 when I started the trade and a probability of success of 62.68%. My break even points were at $148.68 and $176.28. CRM was trading at $159.44 when I started the trade.
On 11/8 CRM was trading at $142.47 about half way between my short and long Puts. I decided to try and roll the position out to 12/21 if I could do it for a credit. I was lucky (or at least I thought I was) and was able to roll the entire position to 12/21 keeping the same strikes.
By 12/17 CRM was trading at $127.97, well below both my short and long Put, I had know for some time I had no hope of rolling the position so I was just waiting until 12/21 to close everything. Unfortunately someone decided to assign me my short Put and I ended up owning the shares. I promptly sold the shares and my remaining long Put to close that side of the trade. I just let the Calls expire worthless, the weren’t worth the commissions to close.
I took a 100% loss of $370.00 on this trade that lasted 81 days.
| Date | EXP | Strike | Price | Ct | C/P | Cost | Balance | |
| 09/28/18 | SO | 11/16/18 | $175.00 | $1.07 | 1 | C | $107.00 | $107.00 |
| 09/28/18 | BO | 11/16/18 | $180.00 | $0.60 | 1 | C | -$62.00 | $45.00 |
| 09/28/18 | SO | 11/16/18 | $150.00 | $2.18 | 1 | P | $218.00 | $263.00 |
| 09/28/18 | BO | 11/16/18 | $145.00 | $1.35 | 1 | P | -$137.00 | $126.00 |
| 11/05/18 | BC | 11/16/18 | $175.00 | $0.03 | 1 | C | -$3.00 | $123.00 |
| 11/05/18 | SC | 11/16/18 | $180.00 | $0.02 | 1 | C | $2.00 | $125.00 |
| 11/05/18 | SO | 12/21/18 | $165.00 | $0.68 | 1 | C | $68.00 | $193.00 |
| 11/05/18 | BO | 12/21/18 | $170.00 | $0.39 | 1 | C | -$43.00 | $150.00 |
| 11/05/18 | BC | 12/21/18 | $150.00 | $7.80 | 1 | P | -$780.00 | -$630.00 |
| 11/05/18 | SC | 12/21/18 | $145.00 | $3.85 | 1 | P | $385.00 | -$245.00 |
| 11/05/18 | SO | 12/21/18 | $155.00 | $14.45 | 1 | P | $1,445.00 | $1,200.00 |
| 11/05/18 | BO | 12/21/18 | $150.00 | $10.65 | 1 | P | -$1,069.00 | $131.00 |
| 12/17/18 | Put | Assigned | 100 | -$15,500.00 | -$15,369.00 | |||
| 12/18/18 | SC | STC | $18.65 | 1 | P | $1,865.00 | -$13,504.00 | |
| 12/18/18 | SE | Sell | Shares | $131.34 | 100 | $13,134.00 | -$370.00 | |
| Loss of: | -$370.00 |
