Open - RUT Iron Condor - 650/660, 810/820, and SPY Iron Condor - 113/115, 136/138

Written on August 26, 2008 by OptionsRopeaDope

I’ve been tardy on the blog, and in posting my trades so here they are all in the next few posts. I’m scaling back a little this month, trying to be smart after a couple of very meager months.

I actually opened this trade on the 18th. It took me a little while to pull the trigger, as IV is down so low right now, yielding narrower channels. Nevertheless, they definitely are reliable.

Symbol	RUT
Current Price	742
Current IV	25.6
IV Percentile - last 12 months	25
IV Percentile - last 6 months	25
Technical Support/Resistance	760, 660
Opening Strikes	650-660, 810-820
Deltas of Shorts	7,7
% distances from underlying	about 10% each way
Opening Credit	.135
Initial Margin Req.	.865
Break Evens	668.65,811.35
Srikes w/current delta of 20/-20	680,760
Prob of expiring w/o adjustments	83%
Profit Traget	.86 (10%)
Max Loss	1
Earnings/news catalyst before exp?	n/a
Risk Graph

I adjusted this today also (closed the call wing for .15, opened a new one at 780/790). Looking fine, strong support especially on the upside.

Here is the SPY trade, still open.

Symbol	SPY
Current Price	127
Current IV	21.8
IV Percentile - last 12 months	25
IV Percentile - last 6 months	25
Technical Support/Resistance	122, 141
Opening Strikes	113-115, 136-138
Deltas of Shorts	9, 7
% distances from underlying	about 10% down, 8% up
Opening Credit	.25
Initial Margin Req.	1.75
Break Evens	114.75, 136.25
Srikes w/current delta of 20/-20	121, 132
Prob of expiring w/o adjustments	84%
Profit Traget	.19 (10%)
Max Loss	.40
Earnings/news catalyst before exp?	n/a
Risk Graph

This one was more of a hit - the shorts are down to deltas of 4 on the calls, and 6 on the puts. Halfway to the profit target. The trade was opened a week ago today, on the 19th.

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Posted in Real Trades, Iron Condors, RUT, SPY

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1 Comment »

Comment by Optiontraderman

2008-08-27 06:33:13

Which month are these? Sept or Oct?

How do you go doiing SPY Iron Condors with the high commissions compared to SPX. obviously the fills are better but it still costs at least $100 to open and close a SPY condor compred to around $10 for he SPX?

OTM

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