Recommended trade entry for Thursday, February 9
Option Code: SPX170217
Expiration: Friday, February 17. Because this week's trade is the regular monthly cycle for February, the last day to trade the position is Thursday.
Recommended Trade Entry:
- SELL SPX February 17 2325 Call, currently $1.40. Delta of short call: .12.
- BUY SPX February 17 2235 Call, currently $.90.
- SELL SPX February 17 2260 Put, currently $ 2.05. Delta of short put: -.13.
- BUY SPX February 17 2250 Put, currently $1.35.
It is recommended to place the order as a single entry:SELL " Iron Condor".
PLEASE NOTE: The current mid price for all four legs: $1.20, which is .05 below the recommended minimum credit for this trade. I will enter the working order for the minimum credit of $1.25, and see if it may fill during the day. It is not recommended to enter the trade for less than $1.25 credit. If the order does not fill for $1.25 credit today, I will re-evaluate Friday morning.
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 if the order fills.
As always, stay keen on your risk management and trade carefully,