SPX October 6 Iron Condor; Stop Loss Hit and Position Closed
The bullish open today was too much for this week's SPX Iron Condor. Our stop loss was hit and the position closed as follows:
Closing details are as follows:
BOUGHT SPX October 6 2530 Call, 3.15 Debit.
SOLD SPX October 6 2540 Call, 1.10 Credit.
BOUGHT SPX October 6 2460 Put, .60 Debit.
SOLD SPX October 6 2450 Put, .50 Credit.
Net Debit (all four legs): $2.15
Net Credit to Open Position: $1.30
This represented a loss of ($85), 10% of the margin/risk and our pre-set max loss. We still have a good track for the year on the weekly Iron Condor, so we must take our losses when they occur and move on.
As always, stay keen on your risk management and trade carefully,