New Trade Entry: SPY Iron Condor for April Monthly Cycle
April Iron Condor order filled.
Order executed for this month's SPY position:
- SOLD SPY April 215 Calls, currently $.48. Delta of short call: .14.
- BOUGHT SPY April 220 Calls, currently $.08.
- SOLD SPY April 197 Puts, currently $1.24. Delta of short put: - .17
- BOUGHT SPY April 192 Puts, currently $.74
Order was filled as an "Iron Condor" for $.90 net credit (all four legs). SPY was trading at 208.18 when the order filled.
Margin/Risk is calculated by the width of the wings ($500), less credit received.
Margin/Risk for this trade: $410.
Target Gain: 10% of margin/risk.
Max loss: 15% of margin/risk.
Below is the risk graph of this new position as shown on my broker's platform:
SPY April 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,