New Trade Entry: SPY Iron Condor for October Monthly Cycle. Order filled.

Order executed for this month's SPY position:

- SOLD SPY October 209 Call, $.50.

- BOUGHT SPY October 214 Call, $.10.

- SOLD SPY October 180 Put, $1.32.

- BOUGHT SPY October 175 Put, $.91

Order was filled as an "Iron Condor" for $.81 net credit (all four legs) .

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

Margin/Risk for this trade: $419.

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 October Iron Condor:

Below is the SPY chart showing the short strikes:

SPY 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. It is recommended to have a "good to cancel" conditional order in to exit the position for target gain or max loss. Please follow your broker's specific guidelines on the setup of conditional orders as they can vary by broker.

Trade updates will be posted as appropriate.

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

Dot Hazlin