CRM 9/28/18 Iron Condor

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

 

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