SPX Iron Condor 7/31/18

SPX – 07/31/2018 – Iron Condor

I started this trade looking for an Iron Condor, I entered the Put side first and was filled in about a day. Next I entered an order for my Calls but … I was never able to get filled at a level I was comfortable with.

SPX was trading near all time highs and I just could not get the Call side I wanted. Therefore, this trade ended up being a Bull Put Credit Spread. I decided to leave it in the Condor section because it was meant as an Condor.

When I entered my Puts SPX was trading at $2816.00. I sold the 9/21/18 $2620/$2595 spread for $1.25. My total risk was $11,906.25 with a credit of $593.75.

If I held to close my return would be about 4.9%. I set a GTC order to keep a 3.67% return and waited.

On 8/15 SPX had a fairly large down day. It hit $2800 but was still a LONG way away from threatening my short Put.

On 8/27 SPX spiked up to $2895 and my GTC order hit, closing me out for my target profit.

Date   EXP Strike Price Ct C/P Cost Balance
07/31/18 SO 09/21/18 2620 10.4 5 P $5,196.75 $5,196.75
07/31/18 BO 09/21/18 2595 9.15 5 P -$4,603.00 $593.75
08/27/18 BC 09/21/18 2.1 5 P -$1,053.25 -$459.50
08/27/18 SC 09/21/18 1.85 5 P $897.00 $437.50
Profit of $437.50

 

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