SPX June 10 Iron Condor; Stop Loss Hit and Position Closed
The continuing rally was too much for our weekly position; the stop loss was triggered this morning and the position was closed as per the guidelines.
Closing details are as follows:
BOUGHT SPX June 10 2125 Call, 3.50 Debit.
SOLD SPX June 10 2135 Call, 1.30 Credit.
BOUGHT SPX June 10 2050 Put, .20 Debit.
SOLD SPX June 10 2040 Put, .15 Credit.
Net Debit (all four legs): $2.25
Net Credit to Open Position: $1.40
This represented a loss of ($85), 10% of the margin/risk and our pre-set max loss. We still have a good track for the year on the weekly Iron Condor, this is only the fourth week we have had to exit for a loss this so we will just move on to the next trade.
As always, stay keen on your risk management and trade carefully,