We have not traded the weekly SPX Iron Condor in several weeks because of the recent market volatility. I am venturing back into the water today very cautiously on a suggestion from one of our subscribers to test a Monday entry.

For those considering entry with live capital; I strongly suggest doing so with a much smaller position size than normal. Or, it's always fine to paper trade this cycle and sit on the sidelines for one more week.

Recommended trade entry for September 21:

Option Code: SPX150925

Expiration Date: Friday, September 25

Recommended Trade Entry:

- SELL SPX September 4 2015 Call, currently $1.55. Delta of short call: .10.

- BUY SPX September 4 2025 Call, currently $.70.

- SELL SPX September 4 1900 Put, currently $2.40. Delta of short put: -.10.

- BUY SPX September 4 1890 Put, currently $1.75.

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

Current mid price for all four legs: $1.50. We recommend trying to get filled for the mid or a few cents below; $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 - .14 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, 2014, and can be found here: Link to Articles

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

Dot Hazlin