SPY: CLOSING JAN 18TH 247/250/278/281 IRON CONDOR (LATE POST)
... for a .90/contract credit (.30/$30 profit/contract).
You know the drill -- mixing and matching profitable call side with profitable put side from iron condors put on over time. Will replace this setup with another iron condor in the same expiry; keeping my risk/buying power effect constant throughout the cycle given the fact that background implied volatility remains high.
If we ever get a massive volatility crush, I'll decrease risk by reducing total units and dry out powder for the next volatility pop.
You know the drill -- mixing and matching profitable call side with profitable put side from iron condors put on over time. Will replace this setup with another iron condor in the same expiry; keeping my risk/buying power effect constant throughout the cycle given the fact that background implied volatility remains high.
If we ever get a massive volatility crush, I'll decrease risk by reducing total units and dry out powder for the next volatility pop.