New Trade Entry: SPY Iron Condor for May Monthly Cycle. Orderfilled.

Order executed for this month's SPY position:

- SOLD SPY May 215 Calls, currently $.54.

- BOUGHT SPY May 220 Calls, currently $.06.

- SOLD SPY May 197 Puts, currently $1.15.

- BOUGHT SPY May 192 Puts, currently $.64

Order was filled as an "Iron Condor" for $.99 net credit (all four legs) SPY was trading at 207.57 when the order filled.

Margin/Risk is calculated by the width of the wings ($500), less credit received.

Margin/Risk for this trade: $401.

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 May Iron Condor:

Below is the SPY chart showing the short strikes:

SPX 6 month chart

Trade Management:

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,

Dot Hazlin