SPY March Iron Condor; Stop Loss Hit and Position Closed
The continuing rally was too much for our March SPY position; the stop loss was executed yesterday afternoon and the position was closed as follows:
- BOUGHT SPY March 235 Call, 1.74 Debit.
- SOLD SPY March 240 Call, .42 Credit.
- BOUGHT SPY March 219 Put, .30 Debit.
- SOLD SPY March 214 Put, .19 Credit.
Closing order executed as a single order: BUY " Iron Condor" .
Net Debit to Close Iron Condor: $1.43 (all four legs).
Net Credit to Enter Iron Condor (Opened February 6): $.80 (all four legs).
This represented 15% of the margin/risk and the pre-planned max loss for the trade as per the guidelines.
As always, stay keen on your risk management and trade carefully,