TLT – 10/2/18 – Broken Wing Iron Condor

TLT – 10/2/18 – Broken Wing Iron Condor

I started this trade with TLT trading at $116.98 and took a no upside risk trade using the Broken Wing Iron Condor strategy. TLT however did not cooperate.

On 10/2 I sold the 11/16 $115 Call and purchased the $116 Call. I also sold the $115 Put and purchased the $110 Put to cover. I started out with a credit of $124.00 (also max profit) on a risk of $372.00 and set my usual GTC order.

On 11/8 TLT was trading at $112.64 so I started looking for an opportunity to roll the trade out a couple of more weeks from 11/16 to 11/30 expiration. I was able to find a credit trade that let me keep the same strikes and get about 2 more weeks for the trade to move to profitability.

One thing I typically do when I have to roll a Condor is set my GTC at break even to just get out of the trade. If I am having to defend, things have obviously gone wrong so I usually prefer to close as soon as possible and move on to another trade.

On 11/20 after 49 total days my break even GTC order hit and I was able to get out of the trade for a very small profit of $5.00 or 1.34% on my initial $372.00 risk.

Date EXP Strike Price Ct C/P Cost Balance
10/2/18 SO 11/16/18 $115.00 $2.86 1 C $286.00 $286.00
10/02/18 BO 11/16/18 $116.00 $2.16 1 C -$216.00 $70.00
10/02/18 SO 11/16/18 $115.00 $0.71 1 P $71.00 $141.00
10/02/18 BO 11/16/18 $110.00 $0.13 1 P -$17.00 $124.00
11/08/18 BC 11/16/18 $115.00 $2.37 1 P -$237.00 -$113.00
11/08/18 SC 11/16/18 $110.00 $0.06 1 P $6.00 -$107.00
11/08/18 SO 11/30/18 $115.00 $2.48 1 P $248.00 $141.00
11/08/18 BO 11/30/18 $110.00 $0.21 1 P -$25.00 $116.00
11/08/18 BC 11/16/18 $115.00 $0.07 1 C -$7.00 $109.00
11/08/18 SC 11/16/18 $116.00 $0.03 1 C $3.00 $112.00
11/08/18 SO 11/30/18 $115.00 $0.25 1 C $25.00 $137.00
11/08/18 BO 11/30/18 $116.00 $0.14 1 C -$18.00 $119.00
11/20/18 BC 11/30/18 $115.00 $0.96 1 C -$96.00 $23.00
11/20/18 SC 11/30/18 $116.00 $0.48 1 C $48.00 $71.00
11/20/18 BC 11/30/18 $115.00 $0.66 1 P -$70.00 $1.00
11/20/18 SC 11/30/18 $110.00 $0.04 1 P $4.00 $5.00
Profit of: $5.00

 

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