TRADE IDEA: GDXJ FEB 17TH 30/36/37/45 IRON CONDOR/FLY
Updated
There isn't much non-earnings stuff out there that has both high implied volatility rank and high implied volatility. This is one of them.
Here I'm going with an extremely narrow iron condor, such that it's almost an iron fly ... .
Metrics:
Max Profit: 338/contract
Max Loss/Buying Power Effect: 462/contract
Break Evens: 32.62/40.38
Notes: I'm going to treat this as a fly for purposes of take profit and look to get 25% max.
Here I'm going with an extremely narrow iron condor, such that it's almost an iron fly ... .
Metrics:
Max Profit: 338/contract
Max Loss/Buying Power Effect: 462/contract
Break Evens: 32.62/40.38
Notes: I'm going to treat this as a fly for purposes of take profit and look to get 25% max.
Note
Filled for 3.38.Note
Rolled the 36 short put up to the 37 for a .35 credit.Trade closed manually
Covering for a 3.24 db. In for 3.38 + .35 for the 36 to 37 roll = 3.73 in total credits received. .49 ($49)/contract gross profit.
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