March 2020 SPX Unbalanced Iron Condor

<div dir="ltr" trbidi="on">
<div dir="ltr" trbidi="on">
<div dir="ltr" trbidi="on">
<b>Trade Details:</b><br />
<br />
3 March SPX 2985/2975 Credit Put spread @0.70 credit each<br />
1 March SPX 3450/3460 Credit Call spread @1.20 credit<br />
<br />
I went with a 3×1 ratio instead of the usual 4×1. Totally at my discretion. I feel it is not the right time to be overly exposed on the downside.<br />
<br />
Net Credit: $330<br />
Max Risk: $2,670<br />
56 days to Exp. <br />
<br />
<br />
<a name='more'></a><br />
Profit/Risk Profile<br />
<div>
<a href="https://1.bp.blogspot.com/-LveNLEka_EI/Xis-zQBa1JI/AAAAAAAAGuo/h8hICfaUBeIz_t8tcI2RXQ6L27y3nOCJQCNcBGAsYHQ/s1600/SPX-Mar-Unbalanced-Iron-Condor.PNG" imageanchor="1"><img border="0" data-original-height="441" data-original-width="1109" src="https://1.bp.blogspot.com/-LveNLEka_EI/Xis-zQBa1JI/AAAAAAAAGuo/h8hICfaUBeIz_t8tcI2RXQ6L27y3nOCJQCNcBGAsYHQ/s1600/SPX-Mar-Unbalanced-Iron-Condor.PNG" style="width: 98%;" /></a></div>
<br />
<br />
<br />
SPX Chart for future reference:<br />
<div>
<a href="https://1.bp.blogspot.com/-j7a5A3Woz8A/Xis-8UfNLeI/AAAAAAAAGus/Kh1fEEJfEIs_–RCt1fNRD8eyLo5tYgAACNcBGAsYHQ/s1600/SPX-Chart-20200124.PNG" imageanchor="1"><img border="0" data-original-height="843" data-original-width="1098" src="https://1.bp.blogspot.com/-j7a5A3Woz8A/Xis-8UfNLeI/AAAAAAAAGus/Kh1fEEJfEIs_–RCt1fNRD8eyLo5tYgAACNcBGAsYHQ/s1600/SPX-Chart-20200124.PNG" style="width: 98%;" /></a></div>
<br />
<br />
<hr />
</div>
<div dir="ltr" trbidi="on">
<b>Trade Update – February 11, 2020</b><br />
<br />
<div>
<a href="https://1.bp.blogspot.com/-DpPDN4_NqIs/XkLBAg4YutI/AAAAAAAAGvY/t9uzV_6TyKU5f6zqgQJfXRXKA2mQYCSrgCNcBGAsYHQ/s1600/SPX-Rally-Feb.PNG" imageanchor="1"><img border="0" data-original-height="862" data-original-width="1347" height="408" src="https://1.bp.blogspot.com/-DpPDN4_NqIs/XkLBAg4YutI/AAAAAAAAGvY/t9uzV_6TyKU5f6zqgQJfXRXKA2mQYCSrgCNcBGAsYHQ/s640/SPX-Rally-Feb.PNG" width="640" /></a></div>
<br />
Closed Call side:<br />
<b>1 March SPX 3450/3460 Credit Call spread @2.60 debit</b><br />
<br />
Original credit: 1.20<br />
Net loss: $140<br />
<br />
<br />
The Put side 2985/2975 (credit of $210) will remain.<br />
<br />
<br />
<hr />
<b>Trade Update – February 19, 2020 </b><br />
<br />
<div>
<a href="https://1.bp.blogspot.com/-2gYoeFG0UmA/Xk18f2y9RII/AAAAAAAAGvg/RBKgU80FN6Yr-Ra0ebepMNnL0sim6isdACNcBGAsYHQ/s1600/SPX-Most-profit-done.PNG" imageanchor="1"><img border="0" data-original-height="577" data-original-width="1285" height="286" src="https://1.bp.blogspot.com/-2gYoeFG0UmA/Xk18f2y9RII/AAAAAAAAGvg/RBKgU80FN6Yr-Ra0ebepMNnL0sim6isdACNcBGAsYHQ/s640/SPX-Most-profit-done.PNG" width="640" /></a></div>
<br />
Closed the Put side:<br />
3 March SPX 2985/2975 Credit Put spread @0.15 debit each<br />
<br />
Original credit: 0.70<br />
Net gain: 0.55&nbsp; x 3 = $165<br />
<br />
Combining this profit with the earlier loss on the Call side we have a net <b><span>+$25</span></b> winner (165 – 140)<br />
Tiny winner, basically a scratch.<br />
<br />
On a max risk of $2,670 this represents a <span><b>+0.9%</b></span> Return on Risk.<br />
<br />
The entire position is now closed.<br />
<br />
There were only 0.15 more to make in this position. $45 for 3 Credit Put spreads. With 29 days to expiration this means about $1.55 per day. However, I can now deploy an April position 8 weeks out, collecting about $350 which represents more than $6/day of potential profits. So, at this point it was better to close the March position and move on.<br />
<br />
<br />
<a href="http://www.the-lazy-trader.com/p/options-trading-results.html" target="_blank">Check out Track Record</a></div>
<br />
<br />
<div>
<b>Go to the bottom of this page in order to see the Legal Stuff</b></div>
</div>
</div>