Below is the position which filled a short while ago:

SPX Weekly Iron Condor:

The strikes for this week's position are:

Calls: -1960/+1970. Delta of short call .09

Puts: -1870/+1860. Delta of short put -.11

Below is the SPX chart showing the short strikes:

SPX 6 month chart

Credit received: $1.25. SPX was at 1926.97, and VIX at 16.29 when the trade was entered. With the increase in volatility after last week's decline, we were able to get sufficient credit to enter the position today.

Total margin/risk: $875.

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.

Trade updates will be posted as appropriate.

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

Dot Hazlin