SPX iron condor options trade

Friday 7/20/2018 (Expiration Friday)

Trade 1 (10:03:01 am, PT)

sell -4 July 20, 2018  2800 puts at $0.95 (credit) ←  20 delta (acceptable)
buy +4 July 20, 2018  2775 puts at $0.05 (debit)

net credit:  $0.90 x 4 x 100 =  $360 (max profit)
this is a semi-bullish trade


Trade 2 (10:45:47 am, PT)

buy +2 July 20, 2018  2820 calls at $0.05 (debit)
sell -2 July 20, 2018  2805 calls at $2.15 (credit) ← 51 delta (high!)

net credit:  $2.10 x 2 x 100 =  $420 (max profit)
this is a semi-bearish trade


Trade 3 (10:57:07 am, PT)

buy back the 4 short puts (2800 strike) at $0.65 to remove the risk (I got scared!!)


Trade 4 (12:22:11 pm, PT)

buy back the 2 short calls (2805 strike) at $0.35 to remove the risk (I got scared again!!)


COMMENTS:

• at 11:05 am, PT (just 20 minutes after I sold my call spread) SPX hit a high of 2806.90 which meant that my short calls (2805 strike) were in-the-money 😨

• at 11:38 am, PT, SPX hit a low of 2800.36 and I could have bought back my short calls (2805 strike) at $0.35 and closed the trade ..... but did I do it?  No!  Because I was greedy ..... 😨

• at 11:49 am, PT, SPX rose all the way back up to 2804.16, only $0.84 from my short call strike of 2805  😨 ..... now I was stuck ..... 😨

• finally, at 12:22 pm, SPX came back down and I was able to buy back my short calls (2805 strike) at $0.35 and close the trade (I didn't want to mess around anymore!)

July 20 was quite the roller coaster ride, but I did make some money, so I'm thankful!

TOTAL PROFIT:  $450

SPX credit call spread (options)

Monday, 7/16/2018 (Expiration Day)

Trade 1 (9:56:41 am, PT)

buy +4 July 16, 2018  2825 calls at $0.03 ("wings")
sell -4 July 16, 2018  2805 calls at $1.08 ← 27.48 delta

• net credit:  $1.05 x 4 x 100 =  $420 (max profit)
• margin:  $7560

Trade 2 (12:15:34 pm, PT)

• buy back the short calls (2805 strike) at $0.05 to take profits and remove the risk
• let the long "wings" (2825 strike) expire at 1:00 pm, PT

TOTAL PROFIT:  $400 (in 2¼ hours)  😃

LEARN TO SELL CALL OPTIONS HERE!

SPX credit call spread (options)

Friday, 7/13/2018 (EXPIRATION DAY)

Trade 1 (9:58:34 am, PT) 

buy +4 July 13, 2018  2825 calls at $0.06 ("wings")
sell −4 July 13, 2018  2805 calls at $2.36 ← 44.78 delta

• net credit:  $2.30 x 4 x 100 = $920 (max profit)
• margin:  $7429

Trade 2 (10:49:26 am, PT)

buy back the short calls (2805 strike) at $1.00 to take profits


Trade 3 (10:55:18 am, PT)

SPX went back up, so I sold (to open) the same calls (2805 strike) again at $1.20 (this time the delta was 31)


Trade 4 (12:47:20 pm, PT)

• buy back the short calls (2805 strike) at $0.10 to take profits and remove the risk
• let the 4 long calls (2825 strike) expire at 1:00 pm, PT

TOTAL PROFIT:  $960 (in 3 hours) ← this is more than the initial "max profit" of $920

😃
LEARN TO SELL CALL OPTIONS HERE!

SPX Iron Condor (options)

Friday, 7/6/2018 (EXPIRATION DAY)

Trade 1 (10:29:07 am, PT)

sell -4 July 6, 2018  2755 puts at $1.30 (delta 24.22)
buy +4 July 6, 2018  2720 puts at $0.05 ("wings")

• net credit: $1.25 x 4 x 100 = $500 (max profit)
• margin:  $13,559
• this is a semi-bullish trade

Trade 2 (12:25:29 pm, PT)

buy +4 July 6, 2018  2775 calls at $0.05 ("wings")
sell -4 July 6, 2018  2765 calls at $1.00 (delta 37.41)

• net credit:  $0.95 x 4 x 100 = $380 (max profit)
• this is a semi-bearish trade

Trade 3 (12:41:43 pm, PT)

• buy back 2765 calls at $0.10 to remove the risk
• let long calls (2775 strike) expire worthless

Trade 4 (12:56:58 pm, PT)

• buy back 2755 puts at $0.10 to remove the risk
• let long puts (2720 strike) expire worthless

Comments:

• at 12:27 pm (PT), when SPX was at 2764.41, I could have bought back my short puts (2755 strike) at $0.15 and be done, but I got greedy and didn't want to pay $0.15 ($60 for 4 contracts) ..... 
• BAD DECISION!  😱😱

• suddenly SPX started dropping and hit a low of 2755.16 at 12:50 pm (PT) ..... that's only 0.16 from my short strike of 2755  😖😰😲

• at this point, the premium for the 2755 put jumped to $1.20 and my lovely profit of $440 (at 12:27 pm) suddenly turned into a profit of only $20 😭😭😭

• STRESS!  STRESS!  STRESS!

• I was VERY lucky that SPX reversed back up after hitting the low of 2755.16 and I was able to buy back those short puts (2755 strike) at $0.10 😅😅

TOTAL PROFITS:  $800  😁

IWM put options

Tuesday, 6/26/2018 (11:11:37 am, PT)

sell -2 July 20, 2018  $160 puts at $1.02

Stats:

• delta:  22.57
• stochastics in oversold region
• 24 days 'til expiration

Thursday, 7/5/2018 (12:50:17 pm, PT)

buy back puts at $0.50 (50% of max profit)

PROFIT:  $104

Learn to SELL put options HERE!  FREE lessons!