RUT November Iron Butterfly status and SPX weekly Iron Condor for October 5 cycle.
1) RUT November Iron Butterfly
We opened the new November Iron Butterfly yesterday; and the downside adjustment trigger was hit before the end of the day. However, as I posted yesterday, I usually do not adjust a monthly position on the first day unless I feel it is severely threatened. A snap of the position at the close yesterday is below:
RUT November Iron Butterfly:
As the graph illustrates, the position is still well within the "tent", with the expiration breakeven at 1086. As of the close the position was +$17, and slightly positive delta so will benefit from a rebound. As of this writing futures are up slightly; but it's way too early to say how the day will go. As always, I will wait the first hour before suggesting any adjustment to the position, and will post the recommended adjustment if needed.
For those unfamiliar with the strategy, the trade management guidelines were updated on October 22, and can be found here:
Link to Articles
2) SPX Iron Condor for October 5 weekly cycle.
Depending on how the day progresses, I may be recommending a new trade entry for the weekly SPX Iron Condor later today, or tomorrow. An update will be posted with recommended trade entry if I feel comfortable entering a new weekly position. We did not enter this position last week because of the intra-day volatility which I felt was just too risky to venture into a short-term, non-directional position such as the weekly Iron Condor. I am hopeful to add this to the mix of positions, but will not recommend a new entry if I feel it is still too volatile.
For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, and can be found here:
Link to Articles
As always, stay keen on your risk management and trade carefully,