Recommended trade entry for March 6

Option Code:SPX150313

Expiration Date: Friday, March 13.

Recommended Trade Entry:

- SELL SPX March 2 2125 Calls, currently $1.25. Delta of short call: .11.

- BUY SPX March 2 2135 Calls, currently $.35.

- SELL SPX March 2 2045 Puts, currently $2.55. Delta of short put: .13.

- BUY SPX March 2 2035 Puts, currently $1.90.

It is recommended to place the order as a single entry: SELL " Iron Condor".

Current mid price for all four legs: $1.55. We recommend trying to get filled for the mid or a few cents below. Minimum recommended credit for entry is $1.25.

Please note: Traders should always be aware of any news events that may cause a sudden move in the market. If that occurs, it is recommended to immediately cancel the working order until things settle. Depending on the move that may occur, the above strikes may need to be changed to appropriate strikes within the .10 - .14 range. It is each individual's responsibility to select the strikes they feel most comfortable with, depending on trading style and risk tolerance.

Update on SPX Extended Trading Hours:

It is recommended to check with your individual broker as to how they plan to handle the extended trading hours for SPX, which are scheduled to begin March 9. I was informed that some brokers are not offering the extended hours, and that contingent orders placed during the normal trading hours may not trigger during these extended hours. I believe it is a "wait and see" how these hours will affect any open positions. It is also recommended that if anyone is not comfortable with how your broker is planning to handle these hours to either 1) paper trade this weekly cycle, or 2) sit on the sidelines and see how things play out.

Update will be posted with exact position details when the trade is opened.

For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, 2014, and can be found here: Link to Articles

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

Dot Hazlin