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.
| Date | EXP | Strike | Price | Ct | C/P | Cost | Balance | |
| 09/28/18 | SO | 11/16/18 | $40.00 | $0.63 | 2 | C | $126.00 | $126.00 |
| 09/28/18 | BO | 11/16/18 | $43.00 | $0.19 | 2 | C | -$42.00 | $84.00 |
| 09/28/18 | SO | 11/16/18 | $29.00 | $0.77 | 2 | P | $154.00 | $238.00 |
| 09/28/18 | BO | 11/16/18 | $26.00 | $0.27 | 2 | P | -$58.00 | $180.00 |
| 11/8/18 | BC | 11/16/18 | $40.00 | $0.86 | 2 | C | -$172.00 | $8.00 |
| 11/08/18 | SC | 11/16/18 | $43.00 | $0.05 | 2 | C | $10.00 | $18.00 |
| 11/08/18 | BC | 11/16/18 | $29.00 | $0.01 | 2 | P | -$9.00 | $9.00 |
| 11/08/18 | SC | 11/16/18 | $26.00 | $0.01 | 2 | P | $1.00 | $10.00 |
| Profit of: | $10.00 |
