Wednesday, January 13, 2010

01/13 OEX Weekly Iron Condor

Right on! Couldn't ask for a more centered trade, if we just stay around for a few more days and it is money in the bank. I really like not having to touch this position every day, it is super easy to maintain it.


Anonymous said...

Congrats Gustavo :) I am curious about this new weekly strategy. I hope you write more on this when you have time.


Anonymous said...

Confirm you filled for .45 cents for the entire condor? What does that equate to in % profits if you expire worthless Friday? What is the goal for percentage gains with this weekly condor?

Cheers mate and profitable trading!

Gustavo's Trades said...

Hey there, Yes, I got filled for .45c on the entire condor, there is a caviat though:

I was not able to fill this as one single CONDOR order (4 spreads). I broke it down and filled the Call side first for .15c and then the Put side for .30c. On the PUT side, the spread order was not getting filled, so I filled the short and long contracts individually.

There is a risk in legging in the condor like that, but I've done it before and as long as you're quick in the trigger and the market doesn't decide to run on you, it works. If however, you are loading a larger trade with several contracts, I'd suggest you load them slowly.

I plan on writting more about all the strategies I use, but time has not allowed much. For the time being, just follow along and if a question comes up, shoot it..


Gustavo's Trades said...

Forgot to say, .45c for a 5 point spread iron condor equals a credit of $45 for a capital outlay of $455. Not including commissions.

So, it is about 10% for one week worth of "non-work".. Not bad! :)

Anonymous said...

Thanks Gustavo! Not bad indeed for one week :)