SPY - May Iron Condor

Written on April 17, 2008 by OptionsRopeaDope

I opened this last Friday… It already has about a 3 profit, due mostly to the drop in volatility.

Puts = 116/118 for .10 credit

Calls = 145/147 for .13 credit

The deltas of my shorts are 2.8 n the put side, and 9.8 on the call side as of today. At that level, I should be able to roll u my put wing, and I might do that tomorrow if I can get a good fill (.04 if possible).  And in keeping with my new metrics -

SPY Iron Condor - 116/118 May Puts, 145/147 May Calls 

RRDelta 16%
RRGamma 5%
Theta 53
RRVega 9%

Delta/Theta = 6.98

Looking good, though Delta risk is alot higher than theta right now. Stlll, it’s comfortable.

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    • Category Posted in Real Trades, Iron Condors, SPY

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