When the VIX is low, it's time to go. Non-existent premiums for the SPX Weekly Iron Condor.
We are not recommending a trade entry this week for the SPX weekly Iron Condor for the September 22 cycle. After reviewing potential setups this morning with the VIX back down around 10, I could not find a decent setup for what I consider a reasonable trade.
Of the numerous setups I looked at, in order to receive our minimum credit of $1.25 the short strikes would have to be placed at 2520 for the calls, and 2460 for the puts. This is much too narrow, and too close on either side, at such low volatility levels.
For those who may be disappointed, my apologies and of course traders may venture into their own trade if they choose to do so. In my opinion, it is not risking hard-earned capital for a less than desirable trade. We will keep cash as our position for the weekend and hope for an opportunity to enter next week.
As always, stay keen on your risk management and trade carefully.