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.
Tuesday, April 28, 2009
04/28 MNX 45-Day Condor
04/28 RUT 52-Day Condor
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.
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.
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