The bulls were clearly in charge this morning once again; causing our IWM Iron Condor to reach the adjustment trigger point.
This morning's bullish open caused IWM to move up over one standard deviation, reaching a high in the first hour of 111.49. With monthly positions, I always wait the first hour before adjusting. As of this writing, it appears the overall market is settling down a bit, and this position has dropped below the trigger. I will wait until this afternoon to see if it looks like IWM will close above 111. If so, I will make the following adjustment:
Roll calls 3 points; new call spreads -115/+120. Current delta of the 115 call is .15.
Roll puts 7 points; new put spreads -106/+101. Current delta of the 106 put is -.14.
Some traders may choose to roll up the put spreads before rolling up the calls. I do not recommend rolling them any higher than the -.14 delta, or the 106 short put.
I will also add a new Iron Condor at the new strikes, increasing my position size to 1.5 times the original position. This does increase margin, but also adds credit to maintain the original target gain.
I will post actual fill prices if the position is adjusted.
As always, stay keen on your risk management and trade carefully.