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 |
