TLT 9/25/18 Broken Wing Iron Condor

TLT – 09/25/18 – Broken Wing Iron Condor

I got on a little bit of a habit of placing these Broken Wing Iron Condors during this time period. Great if you are expecting the market to move a certain direction, but don’t over do them. If the market suddenly changes on you and you are playing the directional game you will get burned fast. I was lucky and had moved away from them before the market caught me developing a bad habit!

On 9/25 I entered this trade with no upside risk. My break even was at $133.74 and Implied Volatility was at 24.8 and looked to be rising. It showed an almost 73% probability of success and I set my GTC to keep about half of my potential profit.

Just 2 days later my GTC order hit and I closed the trade for a $59.00 profit or about 15.69%. Yes, and in just 2 DAYS!

Date EXP Strike Price Ct C/P Cost Balance
09/25/18 SO 11/16/18 $117.00 $1.38 1 C $138.00 $138.00
09/25/18 BO 11/16/18 $118.00 $0.97 1 C -$97.00 $41.00
09/25/18 SO 11/16/18 $115.00 $1.09 1 P $109.00 $150.00
09/25/18 BO 11/16/18 $110.00 $0.22 1 P -$26.00 $124.00
9/27/18 BC 11/16/18 $117.00 $1.55 1 C -$155.00 -$31.00
09/27/18 SC 11/16/18 $118.00 $1.35 1 C $135.00 $104.00
09/27/18 BC 11/16/18 $115.00 $0.63 1 P -$63.00 $41.00
09/27/18 SC 11/16/18 $110.00 $0.22 1 P $22.00 $59.00
Profit of: $59.00

 

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