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SPX at 2471
VIX at 9.62We’re going to put on an Iron Condor Plus in 8 SEP weekly expiration cycle with 51 days until expiration. We’re selling:
SPX 2435/2425 Bull Put spread
SPX 2505/2515 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).
IncomeLab Order Ticket Type Asset Duration Strike C/P BTO SPX 8 SEP 17 2515 Call STO SPX 8 SEP 17 2505 Call STO SPX 8 SEP 17 2435 Put BTO SPX 8 SEP 17 2425 Put Total Credit: 5.00-5.20 SPX at 2471
VIX at 10.33We’re going to put on an Iron Condor in 29 SEP WEEKLY expiration cycle with 58 days until expiration. We’re selling:
SPX 2350/2340 Bull Put spread
SPX 2550/2560 Bear Call spread
Short strike on the put side has a delta around 16 and the short call delta around 10.
These are 10 point wide credit spreads.Risk Profile:
Our Max Allowable Loss (MAL) is around 1.5 times total credit. If total credit is $1.70 then MAL is $2.55
Our first profit target is 50% of credit in 25 days or less.
We’re going to manage this position when short put delta reaches 25 or short call delta reaches 20IncomeLab Order Ticket Type Asset Duration Strike C/P BTO SPX 29 SEP 17 2560 Call STO SPX 29 SEP 17 2550 Call STO SPX 29 SEP 17 2350 Put BTO SPX 29 SEP 17 2340 Put Total Credit: $1.80 RUT at 1375
RVX at 15.85We’re going to put on an income trade (EIP) in RUT 20 OCT expiration with 56 days to go. We’re going to scale into this trade in 1/3s.
Tier1: 1300/1350/1380 put butterfly
Tier2: 1320/1370/1400 put butterfly (with RUT above 1380)
Tier3: 1340/1390/1420 put butterfly (with RUT above 1400)We’re:
Buying (1) 1380 put
Selling (2) 1350 puts
Buying (1) 1300 putTier 1 mid price showing a small credit, ideally we want to enter for as little cost possible and if we can a credit, that’s the best scenario.
RUT EIP – Tier 1 Type Asset Duration Strike C/P BTO RUT 20 OCT 17 1380 Put STO X 2 RUT 20 OCT 17 1350 Put BTO RUT 20 OCT 17 1300 Put Total CREDIT: 0.10 P/L graph
RUT trading above 1380 – which was the trigger for Tier 2 add.
We’re adding 1320/1370/1400 put butterfly
Order Ticket Type Asset Duration Strike C/P BTO RUT 20 OCT 17 1400 Put STO X 2 RUT 20 OCT 17 1370 Put BTO RUT 20 OCT 17 1320 Put Total DEBIT: $0.60 P/L graph
SPX at 2447
VIX at 11.79We’re going to put on an Income trade in 06 OCT expiration cycle with 45 days until expiration. We’re selling an Unbalanced Iron Butterfly around 2450 as our short strike. We’re buying a 40 point wing on the downside and a 30 point wing on the upside:
SPX 2450/2410 Bull Put spread
SPX 2450/2480 Bear Call spreadP/L graph:
Our profit target is 10% return on margin. Our Max Allowable Loss is around the same as our profit target. For example: IF our margin to put this trade on is $1200, then our profit target is $120 per 1 contract and our MAL point is when this trade is about -$120 to -$150.
IncomeLab Order Ticket Type Asset Duration Strike C/P BTO SPX 6 OCT 17 2480 Call STO SPX 6 OCT 17 2450 Call STO SPX 6 OCT 17 2450 Put BTO SPX 6 OCT 17 2410 Put Total Credit: $28.00 I’m going to take this trade off as I’m close to hitting my Profit Target.
I’m going to BUY TO CLOSE 2410/2450/2480 Iron Buttefly for 27.20
P/L graph
IncomeLab Order Ticket Type Asset Duration Strike C/P STC SPX 06 OCT 17 2480 Call BTC SPX 06 OCT 17 2450 Call BTC SPX 06 OCT 17 2450 Put STC SPX 06 OCT 17 2410 Put Total Debit: $27.20 SPX at 2463
VIX at 11.82We’re going to put on an Income trade in 20 OCT expiration cycle with 43 days until expiration. We’re selling an Unbalanced Iron Butterfly around 2460 as our short strike. We’re buying a 40 point wing on the downside and a 30 point wing on the upside:
SPX 2460/2420 Bull Put spread
SPX 2460/2490 Bear Call spread
P/L graph:
Our profit target is 10% return on margin. Our Max Allowable Loss is around the same as our profit target. For example: IF our margin to put this trade on is $1200, then our profit target is $120 per 1 contract and our MAL point is when this trade is about -$120 to -$150.
IncomeLab Order Ticket Type Asset Duration Strike C/P BTO SPX 20 OCT 17 2490 Call STO SPX 20 OCT 17 2460 Call STO SPX 20 OCT 17 2460 Put BTO SPX 20 OCT 17 2420 Put Total Credit: $27.90 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 this trade one more time. Right now 2390/2380 Bull Put showing .80c mid price, while 2580/2590 Bear Call showing .90c mid price. Total credit for this IC is around 1.70
If I dont get in this trade by the EOD I will look for a new entry in a different expiration cycle. 10NOV options have 53 days remaining.Order Ticket Type Asset Duration Strike C/P BTO SPX 10 NOV 17 2590 Call STO SPX 10 NOV 17 2580 Call STO SPX 10 NOV 17 2390 Put BTO SPX 10 NOV 17 2380 Put Total Credit: $1.70 SPX at 2505
VIX at 10.13I’m going to put on an Iron Condor in 17 NOV expiration cycle with 58 days until expiration. I’m selling:
SPX 2380/2370 Bull Put spread
SPX 2585/2595 Bear Call spreadShort strike on the put side has a delta around 14 and the short call delta around 11.
These are 10 point wide credit spreads.Risk Profile:
My Max Allowable Loss (MAL) is around 1.5 times total credit. If total credit is $1.70 then MAL is $2.55
Our first profit target is 50% of credit in 25 days or less.
We’re going to manage this position when short put delta reaches 25 or short call deltaOrder Ticket Type Asset Duration Strike C/P BTO SPX 17 NOV 17 2595 Call STO SPX 17 NOV 17 2585 Call STO SPX 17 NOV 17 2380 Put BTO SPX 17 NOV 17 2370 Put Total Credit: $1.70 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 We’re going to BUY TO CLOSE this Iron Fly
Order Ticket Type Asset Duration Strike C/P STC SPX 20 OCT 17 2490 Call BTC SPX 20 OCT 17 2460 Call BTC SPX 20 OCT 17 2460 Put STC SPX 20 OCT 17 2420 Put Total Debit: 27.4 I’m going to shift strikes for this trade. I’m looking to sell
2575/2585 Bear Call and 2390/2380 Bull put. Mid price showing 1.75 (1.00 puts and .75 calls) I like this trade for 1.70 credit or more.
Order Ticket Type Asset Duration Strike C/P BTO SPX 17 NOV 17 2585 Call STO SPX 17 NOV 17 2575 Call STO SPX 17 NOV 17 2390 Put BTO SPX 17 NOV 17 2380 Put Total Credit: $1.70 I’m going to close out Tier 1. This leaves Tier 2 and Tier 3 open with 23 days to go
Order Ticket Type Asset Duration Strike C/P STC RUT 20 OCT 17 1380 Put BTC X2 RUT 20 OCT 17 1350 Put STC RUT 20 OCT 17 1300 Put Total Credit: $0.20 SPX at 2505
VIX at 9.95We’re going to put on an Iron Condor in 30OCT expiration cycle with 32 days until expiration. We’re selling:
SPX 2430/2425 Bull Put spread
SPX 2565/2570 Bear Call spreadShort strike on the put side has a delta around 16 and the short call delta around 9.
These are 5 point wide credit spreads.Risk Profile:
My Profit Target is around 75% of credit received.
Our Max Allowable Loss (MAL) is around 2 times Profit Target. If total credit is $0.80c then PT is $0.60c and my MAL is $1.20
We do not plan to adjust this trade. We’ll look to exit this trade at either our PT or MAL, whichever comes first.Order Ticket Type Asset Duration Strike C/P BTO SPX 30 OCT 17 2570 Call STO SPX 30 OCT 17 2565 Call STO SPX 30 OCT 17 2430 Put BTO SPX 30 OCT 17 2425 Put Total Credit: $0.80
