SPX – 4/24/17

Saw an opportunity on the Put side for a possible condor. I was able to get my Puts filled on 4/24, so I entered an order in on the Call side. I was fine with just a Put spread if I could not get a Condor going. This is a common way I enter into a condor instead of placing an actual condor order.

I like to wait for a sharp move down to fill my Puts as low as possible then try to get the call side if I can get the premium I want.

When I entered the trade I had a potential profit of $350.00 if I held until expiration. However I normally place a GTC close order after I enter a condor and wait for it to be filled. On 5/9/17, just 15 days later, I hit my profit target of $180.00. My risk on this one was $2,150.00 which gave me a return of 8.37% over that 15 day period.