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Friday, August 16, 2013

Spiders August Iron Condor (SPY)

7/16/2013

SPY was trading between $167 - $168

buy ten August 2013 $171 call options
sell ten August 2013 $170 call options
sell ten August 2013 $165 put options
sell ten August 2013 $164 put options

Credit received:  $0.62 ($620)


8/16/2013 (expiration)
SPY closed at $165.83     SUCCESS!

Gross profit:  $620
 
Return on capital:  $620/$1000 =  62% in one month!!

(If you put $1000 in a one-month CD, will you receive $690 in interest?)

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