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 |
