Recommended trade entry for Friday, September 16

Option Code: SPX160923

Expiration: Friday, September 23

Recommended Trade Entry:

For those trading the SPX Weekly Iron Condor with live capital, please proceed with caution; I recommend trading a smaller size than usual. If you do place this trade with live capital, note that the position should be closed prior to the FOMC meeting on Wednesday. Some traders may choose to sit on the sidelines this week.

- SELL SPX September 2190 Call, currently $1.00. Delta of short call: .07.

- BUY SPX September 23 2200 Call, currently $.45.

- SELL SPX September 23 2060 Put, currently $ 3.60. Delta of short put: -.11.

- BUY SPX September 23 2040 Put, currently $2.80.

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