Below is the position which filled a short while ago:

SPX Weekly Iron Condor:

The strikes for this week's position are:

Calls: -1965/+1975. Delta of short call .08

Puts: -1860/+1850. Delta of short put -.12

Below is the SPX chart showing the short strikes:

SPX 6 month chart

Credit received: $1.30. SPX was at 1916.00, and VIX at 16.18 when the trade was entered. The mid price at the time was $1.40; I caved $.10 from the mid in order to get filled.

Total margin/risk: $870.

Target gain: 7% of margin/risk

Max loss: 10% of margin/risk.

This position will remain open until target gain is reached, as long as SPX stays between the short strikes. It will be exited at the pre-set max loss, or if SPX reaches either short strike.

Having said that, it is a trader’s individual decision whether to wait for target gain, or max loss, on any position. Trading is a blend of one’s individual style, risk tolerance, and intuition. This combination can help reach your annual trade plan results. I recommend following your own trade style; there is nothing wrong with exiting a position early. Remember with weekly trades, there are 52 opportunities in a year to trade so it is important to be comfortable with your trade size and position. Remember, trading is an art, not a science.

Trade updates will be posted as appropriate.

As always, stay keen on your risk management and trade carefully,

Dot Hazlin