Thx for the notice.Opened up the Call wing of my IC.
25 x 770/800 exp 9/17 for $2.71 each.
I tried the same thing earlier this morning as I had opened a BPS Friday. The call wing was with same spread and expiration date was rejected due to lack of margin??
Closed the put side of my 09/17 Condor this morning when we were at $750 for $0.20 each 98% profit - closed the call side yesterday at 95% profit.
Now that I am naked for this week -looking to open my next trade for 10/01 expiration.
-$690 / +$650
-$820 / + $860
$5.80 each - waiting on a fill.
Also closed the call side of my 09/24 Condor yesterday (same time as the 09/17) for 90%
Still have the put side at $695/$675 and letting it burn off.
Really enjoying these 2 week condors, low overall max loss vs. premium gained and I only need to do one trade per week to hit my goals.
Whatever you do, it also needs to work for you from a time, energy, knowledge, and emotional point of view. I discovered for myself, as a for instance, that actually turning the wheel regularly didn't work for me. The cycle from cash into shares (put assignment) was fine. But shares into cash was hard for me - I was constantly worrying about whether I could get assigned on the puts to get back into shares, before the shares took off.Yeah I'm transitioning to purely selling, just not quite comfortable with BPS yet. Taking the easy money rather than gambling for a 4x or 8x is so obviously the way to go.
Decent enough profits, for sure, but I don't see much incentive for the Hedgies to bring it down from here, certainly not to $720 with the big put-wall then coming into playClosed my collection of 720 strike BPS for this week (2/3rds profit), and opened 770lccs for this week - around 1.25 credit. I think the share price is going to get sucked down by the strong gravitational pull that is max pain on a quarterly expiration.
Interesting OTM puts for this week's expiry up 25% in the last few minutes, despite the SP rising...
Didn't this also happen last week just prior to the Friday/Monday selloff?