Below is the position opened a short while ago:

SPX Weekly Iron Condor:

The strikes for this week's position are:

Calls: -2005/+2015. Delta of short call .11

Puts: -1940/+1930. Delta of short put -.12

Below is the SPX chart showing the short strikes:

SPX 6 month chart

Credit received: $1.30. SPX was at 1979.99, and VIX at 11.38 when the trade was entered.

Target gain: 7% of margin/risk

Max loss: 10% of margin/risk.

This position will remain open until target gain is reached, as long as SPX stays between the short strikes. It will be exited at the pre-set max loss, or if SPX reaches either short strike.

Having said that, it is a trader’s individual decision whether to wait for target gain, or max loss, on any position. Trading is a blend of one’s individual style, risk tolerance, and intuition. This combination can help reach your annual trade plan results. I recommend following your own trade style; there is nothing wrong with exiting a position early. Remember with weekly trades, there are 52 opportunities in a year to trade so it is important to be comfortable with your trade size and position. Remember, trading is an art, not a science.

This is the first week I am recommending this as a live trade; and only for those who are comfortable with the strategy. I encourage anyone entering the position to trade it on a very small scale until we are able to get a few weeks trading it with live capital behind us with acceptable gains.

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

Dot Hazlin