Tuesday, April 28, 2009

04/28 OIH 30-Day Condor

OIH reached 50% of target profit Today, I've placed an order to protect profits and close the Call spread if current profit drops in half. There is over 50% chance it will be fine Tomorrow.

04/28 MNX 45-Day Condor

MNX went back down a bit Today, P&L picked back up with signs of recovery. Time decay is starting to kick in. Very good probabilities of staying on the trade Tomorrow.

04/28 RUT 52-Day Condor

RUT moved back up a little bit Today, still placing pressure on the up-side. Time decay is starting to help and push the stop further away from current price.



4/28 Contingent orders maintenance

This morning I decided to perform a quick review of my contingent orders. I wanted to review the estimated P&L on Think or Swim price risk chart and compare with the delta on my short contracts.

Since all my contingent orders for my condors are defined by the delta of the short strikes I wanted to make sure the values I have are in line with the P&L levels for adjusting/closing the positions.

So, I've adjusted the contingent orders to the following positions:
RUT 52-day condor: Had order to shut down with short delta at or above 31, now it is at or above 30.

MNX 45-day condor: Had order to shut down if CALL side hit short delta of at or above 32, TOS was showing it to be too soon (P&L not yet -1.5x the cashflow), so I adjusted to at or above 35.

OIH 30-day condor: For the CALL side, the contingent to hedge remains with short delta at or above 35.