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SPX at 3172
I’m looking to put on an Iron Condor with 55 days until expiration. I will use 25pt wide spreads, looking to collect 5.00 credit in total. I’m looking for a resistance level around 3230-3260 to hold while SPX trades inside of a range as Bollinger Bands are starting to compress.
I’m looking to make a 3.00 dollar profit (out of 5.00 credit) and this will represent about a 15% yield on margin. I don’t want to lose a lot more than what I am looking to make, so I will stop out of this trade at 9.00 debit (loss of 4.00)
Order Ticket Type Asset Duration Strike C/P Buy To Open SPX 31AUG 3475 Call Sell To Open SPX 31AUG 3450 Call Sell To Open SPX 31AUG 2800 Put Buy To Open SPX 31AUG 2775 Put Total Credit: 5.00 – 5.20 SPX at 3238
I’m going to close this trade at close to 50% of max profit in 21 days.
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 31AUG 3475 Call Buy To Close SPX 31AUG 3450 Call Buy To Close SPX 31AUG 2800 Put Sell To Close SPX 31AUG 2775 Put Total Debit: 2.80
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