New Trade Entry: SPY Iron Condor for October Monthly Cycle
October Iron Condor order filled.
Order executed for this month's SPY position:
- SELL October SPY 206 Calls.
- BUY October SPY 211 Calls.
- SELL SPY October 193 Puts.
- BUY SPY October 188 Puts.
Order was filled as an "Iron Condor" for $.83 net credit (all four legs).
Margin/Risk is calculated by the width of the wings ($500), less credit received.
Margin/Risk for this trade: $417.
Target Gain: 10%of margin/risk.
Max loss: 15% of margin/risk.
Below is the risk graph of this week's position as shown on my broker's platform:
SPY October Iron Condor:
Below is the SPY chart showing the short strikes:
SPX 6 month chart
The guidelines call for the position to remain open until target gain is reached, as long as SPY stays between the short strikes. They also call for exiting at the pre-set max loss, or if SPY reaches either short strike.
Trade updates will be posted as appropriate.