Week34 - 5 SPY Sept 29 Open --> Close History - Trade Details!
- Open 5 SPY on July 28 for $1.08 in premium
- Rolled several times for premium
- Closed on Aug 21 for a $0.60 premium.
- Open 5 SPY on Aug 21 for a $1.06 premium.
Open 5 SPY on July 28 for $1.08 in premium
When I opened this position, the market was giving me $1.08! The markets were going up every week for about 8 or 9 weeks. Look at the chart below.
Because I have a negative view of the markets, I use a higher DELTA on the CALL SIDE of the Iron Condor and a lower DELTA on the PUT Side. The chart shows that the markets have moved down since topping out.
Rolled several times for premium.
On the surface, it looks like I only made the difference between the open and closing premium:
- Open got a credit of $1.08!
- Closed for a debit of $0.60!
- Suggesting a profit of $0.48 per contract over the last 4 weeks.
The true return is a bit higher because I rolled a few times and added some risk into the trade (for more premium). See the GREEN boxes in the TRADE History.
Closed on Aug 21 for a $0.60 premium.
Today I closed my position. That is in the RED box with the DEBIT. However, currently, my brokerage shows only 4 contracts, but I know I traded "5". The reason is the "4" are mapped to the OCT 20 trade and not the SEPT 29 trade. I manually checked my brokerage and saw that the order for "5" was traded today.
Open 5 SPY Nov 17 on Aug 21 for a $1.06 premium.
Today I opened a new position using the profits from the trade I closed a few minutes ago. I will repeat this until the end of the year and hope to continue my profitable trades for the next 4 months!!
What is the plan for the rest of the year?
I got BURNED 6 weeks ago when I suffered 3 weeks of OPTION trading loss. I had multiple positions of SPY Iron Condors, and the market moved in ONE Direction (UP)! I lost money and plenty of it in the 3 weeks. I was up 21K in trading profits and lost over 8K in three weeks.
The recovery has been slower because after being BURNED, I generally trade safe (or using TIGHTER rules). Making $200 or $300 a week was a way to regain my confidence.
Today we are in week 34, and I want to close my winning trades and focus on my original plan for 2023.
That market can jump 10%, or it can drop back down QUICKLY. I need to be prepared for the demands since it can go either way. As a trading using Iron Condor, I don't care which way it moves as long as I make MONEY in both CASES. I failed to do that in JULY 2023.
How are you doing recently? Are you having a good or bad year so far?
Let me know in the comments!
Have a profitable day,
Solving Chaos