New Trade Entry: SPX Weekly for March5 Cycle. Below is this week's position:

SPX Position Entered Thursday, March 21

SPX March5 SPX Iron Butterfly

March5 SPX Iron Butterfly centered at 1550

Time of entry: 11:20 am Eastern. SPX price: 1,551.97 at entry; VIX at 13.18

Call spreads: -1550/+1580

Put spreads: -1550/+1520

Credit received: $17.05

Maximum margin/risk is $3,000 (width of wings)

Buying power reduction: $1,295 ($3,000 less credit of $1,705). This leaves $1,705 (less commissions) for adjustments.

Adjustment trigger points:

- Upside if SPX reaches 1560: Call spreads will be rolled up 20 points

- Downside if SPX reaches 1540: Put spreads will be rolled down 20 points

Exit plan:

Closing order is in to close the position for a $15.45 debit, which will be a net gain of $150 after commissions.

Trade will be exited if max loss of $300 is reached.

I will post an update as the trade progresses.

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

Happy Trading,

Dot Hazlin