SPY April Iron Condor closed for target.
This open position was closed a short while ago for a debit of $.41. SPY was trading at 186.34 when the order executed. The gain on this position was $41, 10% of the actual margin and our target for the trade. While the position was well centered between the two short strikes, I chose to accept the "gift" of this non-directional trade reaching target in just 15 days with no adjustments in such a volatile market.
For those of you who were following or trading the IWM monthly Iron Condor, those results were not the greatest. Hence, the changeover to test SPY as an alternate vehicle. However, it's difficult to determine after just one month of trading SPY if this may be the better vehicle, or whether the market conditions have just been more favorable for the SPY position.
I will continue with SPY for the May cycle, and look to enter around the same time (39 days to expiration). Recommended trade entry will be posted closer to the entry date.
Stay keen on your risk management and trade carefully,