New Trade Entry : IWM Monthly Iron Condor for October cycle. Below is the position entered this morning:
IWM Iron Condor Position Entered Wednesday, September 11, 37 days prior to expiration.
IWM Iron Condor position shortly after entry
Time of entry: 11:00 am Eastern. IWM price: 104.68
Call Spreads: -109/+114. Delta of short call .18 at time of entry
Put Spreads: -98/+93. Delta of short put -.18 at the time of entry
Credit received: $.89
Maximum margin/risk is $411. Maximum risk is the width of the spread ($500 less credit received $89.
Target Gain: $41 (10% of current margin).
Maximum Loss: $61 (15% of current margin).
Adjustment Trigger: If the delta of the short call or short put reaches entry delta +10, roll out the threatened side 10 points. As outlined in the guidelines published on September 10, it is a trader's choice after adjusting to either add additional spreads at the new strikes to make up the difference in credit, or to just have a reduced target gain.
I plan to enter an SPX weekly Iron Condor tomorrow using the guidelines as published; entry details will be posted after the trade is opened.
Trade updates will be posted as appropriate.
As always, stay keen on your risk management and trade carefully.