New Trade Entry: SPY Iron Condor for November Monthly Cycle
November Iron Condor order filled.
Order executed for this month's SPY position:
- SELL November 200 Calls.
- BUY November 205 Calls.
- SELL SPY November 176 Puts.
- BUY SPY November 171 Puts.
Order was filled as an "Iron Condor" for $.80 net credit (all four legs).
Margin/Risk is calculated by the width of the wings ($500), less credit received.
Margin/Risk for this trade: $420.
Target Gain: 10%of margin/risk.
Max loss: 15% of margin/risk.
Below is the risk graph of this week's position as shown on my broker's platform:
SPY October Iron Condor:
Below is the SPY chart showing the short strikes:
SPX 6 month chart
The guidelines call for the position to remain open until target gain is reached, as long as SPY stays between the short strikes. They also call for exiting at the pre-set max loss, or if SPY reaches either short strike.
Trade updates will be posted as appropriate.
As always, stay keen on your risk management and trade carefully,