IWM Condor - July 61/63 puts and 79/81 calls

Written on June 24, 2008 by OptionsRopeaDope

I opened this on the 12th after IV rose a bit (and actually before I closed my June condor), am happy with the fills. Currently up on this trade close to 5%. Opened for a total of .25 credit on 2 points of risk.

Here’s my worksheet… position greeks to follow in a later post.

Symbol   IWM
Current Price  71.59
Current IV  26.5
IV Percentile - last 12 months  30%
IV Percentile - last 6 months  30%
Technical Support/Resistance  64 (strong), 76
Opening Strikes  61/63, 79/81
Deltas of Shorts 9, 10 at open
% distances from underlying -15%, +10%
Opening Credits  .12 (puts), .13(calls)
Initial Margin Req. 2 points
Break Evens  62.75, 79.26
Strikes w/current delta of 20/-20 67-, 77+ 
Prob of expiring w/o adjustments  68%?
Profit Traget  .2 of credit/10% of margin
Max Loss  .31
Earnings/news catalyst before exp?  Fed mtg
Risk Graph  

iwmcondor.jpg

Right in the middle for now, and a juicy profit already.

Popularity: 11% [?]

If you enjoyed this post, make sure you subscribe to my RSS feed!

Other posts like this one:

  • Nice July VIX Butterfly possible
  • Position Updates - 1 Calendar, 2 Condors
  • Position Updates - 2 Calendars, 2 Condors
  • Position Updates - 3 Calendars, 2 Condors
  • QQQQ Condor - July 41/42 puts and 51/52 calls

    • Category Posted in Real Trades, Iron Condors, IWM

    RSS feed | Trackback URI

    1 Comment »

    Comment by Peter
    2008-06-25 00:16:21

    Mate,

    that is a great analysis of the position - I like it!…

    Peter.

    Reply to this comment
     
    Name (required)
    E-mail (required - never shown publicly)
    URI
    Your Comment (smaller size | larger size)
    You may use <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong> in your comment.

    Trackback responses to this post

    Copyright (C) 2008, OptionsRopeADope, LLC All rights reserved. U.S. Government Required Disclaimer: Commodity Futures Trading Commission.*Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results. CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.