Recommended trade entry for Friday, August 7

Option Code: SPXW150814

Expiration Date: Friday, August 14.

Recommended Trade Entry:

- SELL SPX August 2 2120 Calls, currently $.75. Delta of short call: .08

- BUY SPX August 2 2130 Calls, currently $.35.

Please note that I am recommending selling the short call with a slightly lower delta than the guidelines; with the goal to minimize a possible "whipsaw".

- SELL SPX August 2 2040 Puts, currently $4.00. Delta of short put: -.15.

- BUY SPX August 2 2030 Puts, currently $2.80.

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

Current mid price for all four legs: $1.60. We recommend trying to get filled for the mid or a few cents below; $1.25 is the suggested minimum credit for this trade.

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 - .15 range. It is each individual's responsibility to select the strikes they feel most comfortable with, depending on trading style and risk tolerance.

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