Recommended trade entry for Friday, August 12

Option Code: SPX160819

Expiration: Friday, August 19. Because this is the regular monthly cycle, the last day to trade is Thursday.

Recommended Trade Entry:

For those trading the SPX Weekly Iron Condor with live capital, please proceed with caution. In order to receive the minimum credit, the position is not as wide (not as much room between the two short strikes) as we usually try to get. This is primarily due to the fact that volatility is so low, with the VIX under 12. Some traders may choose to sit on the sidelines this week.

- SELL SPX August 19 2210 Call, currently $1.10. Delta of short call: .10.

- BUY SPX August 19 2220 Call, currently $.40.

- SELL SPX August 19 2145 Put, currently $ 2.10. Delta of short put: -.14.

- BUY SPX August 19 2135 Put, currently $1.45.

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

Current mid price for all four legs: $1.35. We recommend trying to get filled for the current mid or a few cents below; the minimum suggested credit is $1.25. Bid/ask prices can sometimes be wide, so there is no guarantee there will be a fill at the current mid price. Some traders may get filled at a better credit, others may have to cave in a bit to get the order executed.

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 - .15 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 for all Couch Potato Trader strategies were updated on August 20, 2015, and can be found here: Link to Articles

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

Dot Hazlin