SPX has moved to such new highs that CBOE does not have the strikes we need for the May 4 Iron Condor.
As I began to set up this week's "test kitchen" paper trade for the SPX May 4 Iron Condor, I first selected the short call strike with a delta of .15, or the 1685 strike. The guidelines call for the wings to be 25 points wide on the call side, which would require a long call of 1710. However, in checking the option chain I discovered that strike was not available. I took a snapshot of the option chain, which illustrates that the available strikes are only at 25-point intervals above 1700.
SPX May 4 Option Chain
Because there are not strikes that fall within the position guidelines, this trade will not be entered this week. I will wait until the May 5 cycle which can be entered next Tuesday, May 20, if market conditions are suitable. Again, this continues to be remain a paper/test trade and not recommended to be traded live yet.