Additional recommendation for March5 SPX Iron Butterfly

Below are guidelines for trade entry today for an additional price range for SPX:

1) If the price of SPX is between 1547.50 - 1552.49 enter the following trade with the Iron Butterfly centered at 1550:


Order Entry: SELL (1) IRON CONDOR.

• SELL 1 contract March5 1550 CALL

• BUY 1 contract March5 1580 CALL

• SELL 1 contract March5 1550 PUT

• BUY 1 contract March5 1520 PUT

CREDIT: As of this morning, credit for this trade is 17.25. Entry at a lower credit is acceptable. However, if the credit is lower than $14.00 do not enter the trade.



Position Adjustment Trigger Points (if SPX moves +/- 10 points from center strike):


- Upside adjustment if SPX reaches 1560.

Roll Call spreads 20 points:

Order entry for adjustment: BUY (1) CONDOR using all CALLS.

• BUY 1 contract March5 1550 CALL

• SELL 1 contract March5 1580 CALL

• SELL 1 contract March5 1570 CALL

• BUY 1 contract March5 1600 CALL


- Downside adjustment if SPX reaches 1540.

Roll Put spreads 20 points:

Order entry for adjustment: BUY (1) CONDOR using all PUTS.

• BUY 1 contract March5 1550 PUT

• SELL 1 contract March5 1520 PUT

• SELL 1 contract March5 1530 PUT

• BUY 1 contract March5 1500 PUT


An update will be posted later today on actual trade entry.

Trade safely,

Dot Hazlin