Let's put on our monthly RUT Iron Condor position. On 7/10, with the RUT trading at about 713, let's:
Sell 15 August RUT 780 calls - RUTHP
Buy 15 August RUT 790 calls - RUTHR
Credit of about $.65 ($975)
Sell 15 August RUT 630 puts - RUYTF
Buy 15 August RUT 620 puts - RUYTD
Credit of about $.50 ($750)
Net credit and profit potential of $1.15 ($1,725). Maximum profit range is 630 to 780. Maintenance is $15,000 -- IF you have the right broker.
Remember, these are suggested trades and credit limits. Be flexible. Some of you will get more and others will get less. Those who get more have probably attended a CPTI seminar.
Make sure to double check the option symbols before you place the trade.
Good luck and trade smart!!