Opening (IRA): SMH February 21st 195/220/270/295 Iron Condor
... for a 3.91 credit.
Comments: Back into the semiconductor ETF, where I don't have a position on currently. Going comparatively low delta, with the short options camped out at the 17 delta on both sides and the wings about 1/10th the price of the underlying in width.
Metrics:
Max Profit: 3.91
Buying Power Effect: 21.09
ROC at Max: 18.54%
50% Max: 1.96
ROC at 50% Max: 9.27%
Will generally look to take profit at 50% max, roll untested side in toward current price on side test.
Comments: Back into the semiconductor ETF, where I don't have a position on currently. Going comparatively low delta, with the short options camped out at the 17 delta on both sides and the wings about 1/10th the price of the underlying in width.
Metrics:
Max Profit: 3.91
Buying Power Effect: 21.09
ROC at Max: 18.54%
50% Max: 1.96
ROC at 50% Max: 9.27%
Will generally look to take profit at 50% max, roll untested side in toward current price on side test.
Catatan
Just for poos and giggles: Taking profit on just the short strangle aspect and then recentering: closed the 220/270 for a 4.52 debit and opened the 225/275 for a 4.15 credit. 3.54 net credits collected.Catatan
Just working the short strangle aspect of this ... . Rolling the in-profit 225 up to the 230 for a .54 credit. 4.06 net credits collected.Catatan
I can now make the wings of the same width again by rolling the 195P/295C to the 200P/300C for a .07 credit ... . 4.13 net credits collected.Catatan
More short strangle working ... . Rolling the in-profit 230 up to the 235 for a .58 credit. 4.71 net credits.
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