New Trade Entry: SPY Iron Condor for June Monthly Cycle. Orderfilled.
Order executed for this month's SPY position:
- SOLD SPY June 218 Calls, .58 credit.
- BOUGHT SPY June 223 Calls, .09 debit.
- SOLD SPY June 200 Puts, 1.01 credit.
- BOUGHT SPY June 195 Puts, .60 debit
Order was filled as an "Iron Condor" for $.90 net credit (all four legs) SPY was trading at 211.40 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 week's position as shown on my broker's platform:
SPY June 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,