EWZ – 9/28/18 – Iron Condor
Looking to stay active I decided on an Iron Condor in EWZ on 9/28. Implied Volatility was at 79 and coming down from 100 so there was good premium still to be had.
With EWZ trading at $34.14 I sold the 11/16 $40 Call and purchased the $43 Call. I also sold the $29 Put and purchased the $26 Put to finish out my Iron Condor.
My break even was $28.06 and $40.94 which I felt pretty good about going into the trade. I set my GTC order at about 50% of my potential $180.00 maximum gain with a risk of $412.00.
EWZ had been down when I entered the trade and made a larger move to the upside than I felt it would. I had been in this trade a long time on 11/8 so I decided to get out of it instead of letting the odds play out for a small profit. Might have been alright to have stayed in but with expiration closing in and because of the length of the trade I decided to close.
On 11/8 with EWZ at $39.91 I closed the trade for a profit of $10.00 or about 2.43% over 41 days. Not my best trade for sure but, I did not lose any money.