Saturday, November 2, 2019

2655/2660/3070/3075 Iron Condor Follow Up

Re Dan Sheridan Iron Condor described below.  We said we'd follow up on this trade, and apologies for being tardy.


Results:Sept 27 close:  2,961.79.  If held to expiration, winner.  Here is Sheridan's original blog post.

"Yesterday during a webinar with Ally Invest, I put on an Iron Condor in Sep 27 expiration, 46 days out and with 5 wide credit spreads. Sold 3070 Call and Bought 3075 Call. Sold 2660 Put and Bought 2655 Put. Total Credit $1, and Risk $400. Looking for 10 percent profit on $400 of risk or Capital and don’t want to lose more than 15% of $400."

Dan Sheridan, dan@sheridanmentoring.com, August 13, 2019

Assuming SPX was approximately 2926 (close) at time of initiation, the 3070 was some 150 points away to the upside, and the 2660 strike was 266 points lower, total range approx. 416 points.

Can't replicate the $1 credit at this time, more like .55, as VIX is half its former:

Aug 12, 2019: VIX 21.24
11/1/2019 VIX 12.58

SPX RANGE DURING LIFE OF SHERIDAN IRON CONDOR TRADE

DATE Open High Low Close
12-Aug-15 2,880.72 2,943.31 2,877.05 2,926.32
13-Aug-15 2,894.15 2,894.15 2,839.64 2,840.60
14-Aug-15 2,846.20 2,856.67 2,825.51 2,847.60
15-Aug-15 2,864.74 2,893.63 2,864.74 2,888.68
18-Aug-15 2,913.48 2,931.00 2,913.48 2,923.65
19-Aug-15 2,919.01 2,923.63 2,899.60 2,900.51
20-Aug-15 2,922.04 2,928.73 2,917.91 2,924.43
21-Aug-15 2,930.94 2,939.08 2,904.51 2,922.95
22-Aug-15 2,911.07 2,927.01 2,834.97 2,847.11
25-Aug-15 2,866.70 2,879.27 2,856.00 2,878.38
26-Aug-15 2,893.14 2,898.79 2,860.59 2,869.16
27-Aug-15 2,861.28 2,890.03 2,853.05 2,887.94
28-Aug-15 2,910.37 2,930.50 2,905.67 2,924.58
29-Aug-15 2,937.09 2,940.43 2,913.32 2,926.46
2-Sep-15 2,909.01 2,914.39 2,891.85 2,906.27
3-Sep-15 2,924.67 2,938.84 2,921.86 2,937.78
4-Sep-15 2,960.60 2,985.86 2,960.60 2,976.00
5-Sep-15 2,980.33 2,985.03 2,972.51 2,978.71
8-Sep-15 2,988.43 2,989.43 2,969.39 2,978.43
9-Sep-15 2,971.01 2,979.39 2,957.01 2,979.39
10-Sep-15 2,981.41 3,000.93 2,975.31 3,000.93
11-Sep-15 3,009.08 3,020.74 3,000.92 3,009.57
12-Sep-15 3,012.21 3,017.33 3,002.90 3,007.39
15-Sep-15 2,996.41 3,002.19 2,990.67 2,997.96
16-Sep-15 2,995.67 3,006.21 2,993.73 3,005.70
17-Sep-15 3,001.50 3,007.83 2,978.57 3,006.73
18-Sep-15 3,010.36 3,021.99 3,003.16 3,006.79
19-Sep-15 3,008.42 3,016.37 2,984.68 2,992.07
22-Sep-15 2,983.50 2,999.15 2,982.23 2,991.78
23-Sep-15 3,002.43 3,007.98 2,957.73 2,966.60
24-Sep-15 2,968.35 2,989.82 2,952.86 2,984.87
25-Sep-15 2,985.73 2,987.28 2,963.71 2,977.62
26-Sep-15 2,985.47 2,987.31 2,945.53 2,961.79
3,021.99 2,825.51
max min

Saturday, August 31, 2019

Seems a safe bet so what say we meet again here Sept. 27?

SPX Iron Condor - www.sheridanmentoring.com
"Yesterday during a webinar with Ally Invest, I put on an Iron Condor in Sep 27 expiration, 46 days out and with 5 wide credit spreads. Sold 3070 Call and Bought 3075 Call. Sold 2660 Put and Bought 2655 Put. Total Credit $1, and Risk $400. Looking for 10 percent profit on $400 of risk or Capital and don’t want to lose more than 15% of $400."
Dan Sheridan, dan@sheridanmentoring.com, August 13, 2019

Thursday, June 20, 2019

Superior Transformation

....by staying long Delta's one day longer....

$400 risk remains in the trade (versus $15k originally) vs. $8000 maximum profit potential (vs. $15k originally).

Tuesday, June 18, 2019

Risk Reduction

June 17, 2019

June 18, 2019

$15k in risk hedged off to credit position, while going from long to short deltas.