V – 9/13/18 – Broken Wind Iron Condor
This was part of a series of trades I did in V working different strategies to take advantage of V’s run up to highs and pull back. I felt there was more downward pressure and it would be difficult for V to break to new highs over the course of this trade.
I entered this trade with V at 147.29 with no downside risk and a break even on the upside of $153.69 which would have been a new 52 week high.
The implied volatility when I entered the trade was 15.88 and I was showing a 74% chance of a successful trade if held until expiration. My risk was $390.00 and my max profit would have been $360.00 in a perfect world but I only wanted about a third of that when I set my GTC order.
I purchased the 10/26 $152.50 Call while selling the $155.00 Call. On the Put side I sold the $150.00 Put and purchased the $149.00 Put.
On 10/8 after 25 days my GTC order was hit and I closed this trade for a $120.00 profit or 30.77%. I wish I had these types of trades everyday.
| Date | EXP | Strike | Price | Ct | C/P | Cost | Balance | |
| 09/13/18 | SO | 10/26/18 | $152.50 | $1.74 | 3 | C | $522.00 | $522.00 |
| 09/13/18 | BO | 10/26/18 | $155.00 | $1.09 | 3 | C | -$327.00 | $195.00 |
| 09/13/18 | SO | 10/26/18 | $150.00 | $5.00 | 3 | P | $1,500.00 | $1,695.00 |
| 09/13/18 | BO | 10/26/18 | $149.00 | $4.45 | 3 | P | -$1,335.00 | $360.00 |
| 10/08/18 | BC | 10/26/18 | $152.50 | $0.61 | 3 | C | -$183.00 | $177.00 |
| 10/08/18 | SC | 10/26/18 | $155.00 | $0.31 | 3 | C | $93.00 | $270.00 |
| 10/08/18 | BC | 10/26/18 | $150.00 | $6.85 | 3 | P | -$2,055.00 | -$1,785.00 |
| 10/08/18 | SC | 10/26/18 | $149.00 | $6.35 | 3 | P | $1,905.00 | $120.00 |
| Profit of: | $120.00 |
