New Trade Entry: SPY Iron Condor for March Monthly Cycle
March Iron Condor order filled.
Order executed for this month's SPY position:
- SOLD SPY March 214 Calls.
- BOUGHT SPY March 219 Calls.
- SOLD SPY March 191 Puts.
- BOUGHT SPY March 186 Puts.
Order was filled as an "Iron Condor" for $.92 net credit (all four legs).
Margin/Risk is calculated by the width of the wings ($500), less credit received.
Margin/Risk for this trade: $408.
Target Gain: 10% of margin/risk.
Max loss: 15% of margin/risk.
Below is the risk graph of this March position as shown on my broker's platform:
SPY March 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.
As always, stay keen on your risk management and trade carefully,