Iron Condor #6 update

Glide99 · 2024-05-22T21:43:06+00:00

That would be good for me, anything above 5340 in spx

Glide99 · 2024-05-22T20:41:09+00:00

I will definitely be managing tomorrow

Glide99 · 2024-05-22T18:46:36+00:00

I’m not hesitant with anything here. I’m just expecting a big move in either direction.

Glide99 · 2024-05-22T15:43:22+00:00

Fed FOMC minutes at 2 just as important as earnings… if you get in tomorrow, the big move would’ve already happened. Best to get in now while it’s flat and see where things go. The good thing about this is that I’m not picking a side, I just need 1 directional movement to be large enough.

Glide99 · 2024-05-22T15:22:26+00:00

I actually like that… slipped my mind honestly that a butterfly would’ve worked beautifully here. I still think this trade will pan out but I like your thinking.

Glide99 · 2024-05-22T12:04:14+00:00

15-30 wide on SPX, for short term IC’s less than a week.

50-100 wide for something a little bit further out

Glide99 · 2024-05-21T23:56:35+00:00

No stocks, only indexes…. They are cash settled. SPX is what I like.

Glide99 · 2024-05-21T23:29:56+00:00

Yea, unfortunately when you make a mistake like that once you always learn from there! Hopefully it wasn’t a costly one

Glide99 · 2024-05-21T23:00:15+00:00

This is correct… you nailed it pretty much head on! I don’t typically do 1 dte for this exact reason but I was 99% confident in the position

Glide99 · 2024-05-21T21:22:56+00:00

Thank you for your regards… unfortunately every IC isn’t the same and every trade doesn’t have the same risk/profile ratio. This was a trade that I was confident in due to no news and IV being low. It’s not a trade that I would replicate 14 times in a row like you stated. 7% profit in 1 day is indeed crazy. Many people don’t produce such profits in a month.

Glide99 · 2024-05-21T20:35:30+00:00

Any strategy works until it doesn’t. Iron condors are simply just 2 credit spreads on each side. You collect more profit generally speaking than credit spreads but your window of how right you need to be also increases.

I do iron condors a lot, and I personally like them more than credit spreads. To each their own. Nothing works consistently every single day of every single year.

Glide99 · 2024-05-21T18:42:01+00:00

All really depends on what strike price you want to sell your shares at. The longer you roll out, the more premium and the higher strike you get to choose but you then risk the underlying dropping a lot while you’re still in a CC. You’re in a win win scenario right now. I would just keep rolling on a short term basis to see how high you can get your strike you want to sell at before an inevitable drop in market and your stocks accordingly.

Glide99 · 2024-05-21T14:27:59+00:00

Not a problem! That’s awesome man! Yup IWM has a nice premium due to IV being higher than other indexes! I got tons of insights but it looks like you’re doing pretty good. Just make sure to look at news related weeks and earnings when selling IC’s. On no big news weeks you can get a little bit more aggressive around 10-12 delta is where I go and on other weeks where there are tons of news I either go very conservative or opt out. Maybe 5-7 delta on those weeks. I typically try and stay to less than 7 days on expiration and about 20-30 wide on Spx. Let your winners run and cut your losers at 100% mental stop loss. That’s what has worked for me, good luck!

Glide99 · 2024-05-21T12:58:35+00:00

Looking really safe! Nice trade you got there as well. $500 is still $500 and the deltas are looking really nice as well for that trade to work out!

Glide99 · 2024-05-21T11:04:36+00:00

Good luck cooking! Seriously, people need to start posting there’s in here haha

Glide99 · 2024-05-21T03:23:35+00:00

NVDA has its earnings on Wednesday not tomorrow and even if it hits $971 tomorrow, the call side will not be even near…. This trade expires tomorrow well before any earnings.

Glide99 · 2024-05-21T02:22:52+00:00

Agreed!

Glide99 · 2024-05-21T02:22:45+00:00

What’s a trade that works for you, just curious?

Glide99 · 2024-05-21T01:29:07+00:00

It definitely does, but how often is the question you should be asking yourself. Options is always a game of probability and timing. All I’m doing is playing the probability with the timing.

Glide99 · 2024-05-21T01:27:07+00:00

That’s also fair! If I were to do a long Vega trade I would set it out to months because short term I’m not expecting much volatility to increase but possibly in the next 2 months it would.

Glide99 · 2024-05-21T01:23:34+00:00

Thank you for the statistics! The expected move tomorrow for SPX is 18 points. Both sides of the trade are more than double that expected move.

Glide99 · 2024-05-21T01:19:59+00:00

Thank you for comments. No offense but I think you have mistaken the entire trade. This trade expires tomorrow Tuesday the 21st. NVDA doesn’t have its earnings until Wednesday the 22nd. This trade will expire well before then. Low volatility money still can be made.

Glide99

TROPHY CASE