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SPX at 2496
VIX at 10.44We’re going to put on an Iron Condor Plus in 31OCT expiration cycle with 47 days until expiration. We’re selling:
SPX 2460/2450 Bull Put spread
SPX 2530/2540 Bear Call spreadShort strike on the put side has a delta around 32 and the short call delta around 30.
These are 10 point wide credit spreads.
Our profit target is about 20% of the credit. Our stop is WHEN/IF we’re down the same amount as our profit target, so risking $100 to make $100 (per 1 contract).
Order Ticket Type Asset Duration Strike C/P BTO SPX 31 OCT 17 2540 Call STO SPX 31 OCT 17 2530 Call STO SPX 31 OCT 17 2460 Put BTO SPX 31 OCT 17 2450 Put Total Credit: $5.30 I’m going to try an early exit here. My plan was to capture 20% of profit in about 20-25 days. Based on current mids, I can capture about 8% of credit in 7 days since entry.
Order Ticket Type Asset Duration Strike C/P STC SPX 31 OCT 17 2540 Call BTC SPX 31 OCT 17 2530 Call BTC SPX 31 OCT 17 2460 Put STC SPX 31 OCT 17 2450 Put Total Debit: $4.90
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