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How Do I Buy Back an Iron Condor?
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How Do I Buy Back an Iron Condor?

  #1 (permalink)
Trading Apprentice
Victoria
 
Futures Experience: Intermediate
Platform: TradeStation and TOS
Favorite Futures: Options
 
Posts: 2 since Sep 2014
Thanks: 0 given, 0 received

How Do I Buy Back an Iron Condor?

Rookie Here - I sold an Iron Condor in KERX 100 OCT 14 18/19/16/15 @.70 and it has now gone to 0.00. How do I buy back this position and take profits? I have offered up to .35 for it and no one will buy it. Is there are way to take profits at this point? What is my best course of action with 42 days till expiration?

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Edmonton, Alberta
 
Futures Experience: Advanced
Platform: IB
Favorite Futures: nq
 
Posts: 55 since Jan 2012
Thanks: 27 given, 57 received


I think you got some bad quotes. It is currently trading around $0.67. Gotta wait for some more theta decay Good luck.

Edit: One more thing. In the future, you can look at the individual options that make up the two credit spreads of your condor to determine appropriate pricing for the iron condor. Sometimes one of the options in a complex spread has no bid and that will screw up the pricing for the condor. Always check your individual components if something looks out of whack.


Last edited by gfmatt; September 5th, 2014 at 03:22 PM. Reason: additinal info
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  #4 (permalink)
Trading Apprentice
Victoria
 
Futures Experience: Intermediate
Platform: TradeStation and TOS
Favorite Futures: Options
 
Posts: 2 since Sep 2014
Thanks: 0 given, 0 received


gfmatt View Post
I think you got some bad quotes. It is currently trading around $0.67. Gotta wait for some more theta decay Good luck.

Edit: One more thing. In the future, you can look at the individual options that make up the two credit spreads of your condor to determine appropriate pricing for the iron condor. Sometimes one of the options in a complex spread has no bid and that will screw up the pricing for the condor. Always check your individual components if something looks out of whack.

As it turns out, trading was halted pending some news. It was stuck showing some nice profit but as soon as trading resumed, it went back to "normal". Rookie=Panic... Thanks for the response!

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  #5 (permalink)
Trading Apprentice
monroe la.u.s.a.
 
Futures Experience: None
Platform: TradeMonster
Favorite Futures: options;stocks;gold
 
Posts: 3 since Dec 2014
Thanks: 4 given, 0 received

question about the iron condor trade?

I am very new to all of this and I am trying to learn all that I can learn. Could the iron condor have been rolled;taking off some profit,rolled to a different expiration date. It appeared there was a lot of time left on the original,and I would think with an iron you have to show patience. I am new and this is really just a question with a statement. Thanks,I am out.

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