IWM March Iron Condor adjusted to defend the upside.
I mentioned in the weekend update that the open IWM Iron Condor position was hovering at the upside adjustment point. While I would have preferred to wait until after the FOMC minutes are released at 2 pm Wednesday, I felt there was too much upside risk to let the position go overnight without adjusting.
Fill prices for the adjustment were:
Debit to roll calls 2 points to -119/+124: .55
Credit to roll puts 6 points to -110/+105: .32
At the time of entry, the delta of both of the short options was .20.
The net credit remaining in the position is $58, based on one contract. I have decided not to increase the size of the position; I will plan to take the current trade as close to expiration as possible, as long as IWM remains in between the short strikes and the pre-set max loss of $63 is not reached.
Below is the adjusted position:
IWM March Iron Condor after adjustment:
I will post trade updates as appropriate.
As always, stay keen on your risk management and trade carefully,