Recommended trade entry for Friday, July 15

Option Code: SPXW160722

Expiration: Friday, July 22

Recommended Trade Entry:

- SELL SPX July 22 2195 Call, currently $1.85. Delta of short call: .14.

- BUY SPX July 22 2205 Call, currently $1.15.

- SELL SPX July 22 2125 Put, currently $ 1.65. Delta of short put: -.11.

- BUY SPX July 22 2115 Put, currently $1.10.

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

Current mid price for all four legs: $1.25. We recommend trying to get filled for the current mid, as this is the suggested minimum credit for the trade. Bid/ask prices can sometimes be wide, so there is no guarantee there will be a fill at the current mid price. Some traders may get filled at a better credit, others sometimes have to cave in a bit to get the order executed. However, I do not recommend going below the $1.25 minimum credit.

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 for all Couch Potato Trader strategies were updated on August 20, 2015, and can be found here: Link to Articles

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

Dot Hazlin