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Iron Condors & Vertical Spreads
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Iron Condors & Vertical Spreads

  #1 (permalink)
Trading Apprentice
New York
Futures Experience: Advanced
Platform: TOS
Favorite Futures: Stocks
Posts: 23 since Jul 2014
Thanks: 5 given, 9 received

Iron Condors & Vertical Spreads

Hi All:

I trade lots of Iron Condors and various Vertical spreads both calls and puts depending. I started this tread in case anyone in the trading room wanted to kick around discussions around these Option Strategies.

I trade SPY, IWM and sometimes TLT every month for income. I am student of Dan Sheridan's and enrolled in many of his classes in the mid 2000's and never looked back. I have had a lot of lessons learned both on the profit and loss side. I work hard to try to keep probability on my side where I can. I am big watcher of the Greeks especially the Delta and the Vega for my positions.

So I thought to open up these strategies for discussion as I might learn something and provide some wisdom to traders wanting to deploy these strategies.


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  #2 (permalink)
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  #3 (permalink)
Trading Apprentice
New York
Futures Experience: Advanced
Platform: TOS
Favorite Futures: Stocks
Posts: 23 since Jul 2014
Thanks: 5 given, 9 received

SPY Agust 1st

I thought I would just start sharing some thoughts for those interested.

Again, I trade lots of Iron Condors with the IWM and SPY. There are many reasons why I use these ETF's, these include: liquidity, tight bid ask spreads, lots of strikes, etc.

With the recent sell off, the SPY is now back in a range bound area and not hitting up against the the top end of the chart.
For the last month or two, it has been harder to trade the SPY so the IWM was more tradable from a Condor perspective.

If you notice in the chart for the SPY, prior to the last 4 days, we continued to move to higher highs in the SPY. For an Iron Condor trader like me, this is hard to trade on the upside as you really have no price level to create a baseline from or a defined resistance level. In the past, I used the greeks as my guide but I have learned the greeks might give you some "spoiled wine" and they might not always work. Several reasons for this.....

When you compare the SPY to the IWM, you can see we have been in a trading range area with the IWM that is more defined. For me this is more tradable and increases the probability. Additionally, I am more comfortable with my trading plan with these conditions. For IWM, notice the resistance at 120 and support 108. These were established trading ranges, combine that with the option greeks, created a more high probability set of trades.

Now the good news is that with the recent SPY retreat, SPY is going to open up some new trades. One issue that I am having is that most strike prices above 200 are in 5 dollar increments. However, I will work through that.

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Last edited by spreadhead; August 1st, 2014 at 08:43 PM.
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  #4 (permalink)
Elite Member
New York, NY
Futures Experience: Advanced
Platform: TWS
Broker/Data: IB
Favorite Futures: ES
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Posts: 160 since Apr 2010
Thanks: 64 given, 148 received

If you are trading multiple contracts you should consider moving from SPY to SPX and IWM to RUT. This will lower your commission costs and give you better tax treatment.

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