Recommended trade entry for Wednesday, September 9
SPY Iron Condor for October monthly cycle, expiring October 16
Recommended Trade Entry:
- SELL SPY October 209 Call, currently $.50. Delta of short call: .12.
- BUY SPY October 214 Call, currently $.10.
- SELL SPY October 180 Put, currently $1.32. Delta of short put: -.14
- BUY SPY October 175 Put, currently $.91
It is recommended to place the order as a single entry: SELL " Iron Condor".
Current mid price for all four legs: $.81. We recommend trying to get filled for the mid, or cave in one cent to the minimum recommended credit of $.80.
I am recommending selling a lower delta on the short strikes this month; I feel it is worth giving up a bit of credit to stay as wide as possible. More aggressive traders may choose to sell a higher delta, depending on your market opinion.
Please note: In this weekend update I wrote that I recommended those trading the monthly SPY Iron Condor with live capital consider trading a smaller size than usual. I did not want to skip an entire month as we have not been able to trade the shorter term weekly trade with all the wild market moves. Reducing size reduces risk in what I still see as a very volatile market.
Update will be posted with exact position details when the order is executed.
As always, stay keen on your risk management and trade carefully,