Recommended trade entry for Friday, October 10

Option Code:SPXW141018

Expiration Date: Friday, October 17. This is the regular monthly cycle, so the last day to trade this position is Thursday, October 16

As I posted this morning, I am recommending those trading this live enter the position in a much smaller size than usual, or consider it as a paper trade for the week.

Recommended Trade Entry:

- SELL SPX October 1980 Calls, currently $1.15. Delta of short call: .07.

- BUY SPX October 1990 Calls, currently $.50.

- SELL SPX October 1855 Puts, currently 2.95. Delta of short put: -.11.

- BUY SPX October 1845 Puts, currently 2.30.

It is recommended to place the order as a single entry: SELL " Iron Condor".

Current mid price for all four legs: $1.30 - $1.35. We recommend trying to get filled for the mid or slightly lower, keeping in mind that $1.25 is the suggested minimum credit for this trade.

Please note: Traders should always be aware of any news events that may cause a sudden move in the market. If that occurs, it is recommended to immediately cancel the working order until things settle. Depending on the move that may occur, the above strikes may need to be changed to appropriate strikes within the .10 - .12 range. It is each individual's responsibility to select the strikes they feel most comfortable with, depending on trading style and risk tolerance.

Update will be posted with exact position details when the trade is opened.

For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, and can be found here: Link to Articles

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

Dot Hazlin