New Trade Entry : IWM Monthly Iron Condor for November cycle. Below is the position entered this morning:
IWM Iron Condor Position Entered Monday, October 7, 39 days prior to expiration.
IWM Iron Condor position shortly after entry
Time of entry: 11:15 am Eastern. IWM price: 106.29
Call Spreads: -112/+117. Delta of short call .17 at time of entry
Put Spreads: -99/+94. Delta of short put -.18 at the time of entry
Credit received: $.93
Maximum margin/risk is $407. Maximum risk is the width of the spread ($500 less credit received $93.
Target Gain: $41 (10% of current margin).
Maximum Loss: $61 (15% of current margin).
Adjustment Trigger: If the delta of the short call or short put reaches entry delta +10, roll out the threatened side 10 points. As outlined in the guidelines published on September 10, it is a trader's choice after adjusting to either add additional spreads at the new strikes to make up the difference in credit, or to just have a reduced target gain.
Trade updates will be posted as appropriate.
As always, stay keen on your risk management and trade carefully.