Symbols traded today: IWM (35DTE), SPY (4DTE)

I entered two options positions today: A short Iron Condor on IWM that expires in 35 days on February 16, to be managed on January 26, and a short Iron Fly on SPY that expires on January 16, after a long holiday weekend.

I exited SPY has planned on January 16, for a 19% profit, and have updated the SPY section below with results.

And I exited IWM on management day, 21 days before expiration, for a 21.3% profit.

IWM short Iron Condor

LOT:	2	ENTRY DATE:	1/12/2024
		EXIT DATE:	2/16/2024
		DAYS HELD:	35

Entry and Exit

METRIC	CREDIT	DEBIT	CHANGE	CHANGE %	ANNUALIZED CHANGE %
Options premium	$ 1.42	$ 1.17	$ 0.25	21.4%	222%
METRIC	ENTRY	EXIT	CHANGE	CHANGE %	ANNUALIZED CHANGE %
Stock price	$ 193.24	$ 196.10	$ (2.86)	1.48%	15%
Impllied Volatility Rate	30.4	36.7	6.3
Days to expiration	35	21

The structure of the position

STRUCTURE	STRIKE	ODDS EXPIRE OTM	DELTA	IN PRICE	OUT PRICE	NET PRICE
Calls
Long	212.00	93.0%	7	$ (0.41)	$ 0.42	$ 0.01
Break-even	206.42	87.5%	12.5
Short	205.00	82.0%	18	$ 1.16	$ (1.29)	$ (0.13)
Puts
Short	183.00	81.0%	19	$ 1.28	$ (0.56)	$ 0.72
Break-even	178.42	85.5%	14.5
Long	177.00	90.0%	10	$ (0.61)	$ 0.26	$ (0.35)
						======
				`	NET TOTAL:	$ 0.25

Risk and Reward

Per contract:
Reward	142.00
Risk	508.00
R/R Ratio (n:1)	3.6

---

SPY short Iron Fly

LOT:	2	ENTRY DATE:	1/12/2024
		EXIT DATE:	1/16/2024
		DAYS HELD:	4

Entry and Exit

METRIC	CREDIT	DEBIT	CHANGE	CHANGE %	ANNUALIZED CHANGE %
Options premium	$ 2.19	$ 1.84	$ 0.35	19.0%	1726%
METRIC	ENTRY	EXIT	CHANGE	CHANGE %	ANNUALIZED CHANGE %
Stock price	$ 476.60	$ 475.46	$ 1.14	-0.24%	-22%
Impllied Volatility Rate	5.5	15.5	10.0
Days to expiration	4

The structure of the position

STRUCTURE	STRIKE	ODDS EXPIRE OTM	DELTA	IN PRICE	OUT PRICE	NET PRICE
Calls
Long	479.00	73.0%	25	$ (0.56)	$ 0.08	$ (0.48)
Break-even	478.19	57.5%	40.5
Short	476.00	42.0%	56	$ 1.83	$ (0.71)	$ 1.12
Puts
Short	476.00	57	44	$ 1.18	$ (1.37)	$ (0.19)
Break-even	475.19	28.94	28.5
Long	473.00	88.0%	13	$ (0.26)	$ 0.16	$ (0.10)
						======
				`	NET TOTAL:	$ 0.35

Risk and Reward

Per contract:
Reward	219.00
Risk	81.00
R/R Ratio (n:1)	0.4

By Tim Bovee, Portland, Oregon, January 12, January 16, January 26, 2024

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.

License

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on a work at www.timbovee.com.