Guess I'm not done with March ... just quite yet.
In the past several weeks, I have put on several SPY iron condors and/or credit spreads in the March 18th expiry, giving me quite a selection of short put credit spreads and short call credit spreads to mix and match to improve probability of profit. I think I can fit one more in here before the remaining time to the March 18th expiration just gets too short to play with (I generally don't like to go shorter than 25 days for these layered on setups; the "expected move" zone constricts such that sides are more subject to being tested in light of average true range).
Going into expiration, I'll look at mixing and matching short put with short call sides to take off units in profit ... .
SPY March 18th 175/179/200/204 iron condor
Probability of Profit: 64%
Max Profit: $101/contract
Buying Power Effect: $299/contract
Notes: Standing alone, the setup isn't that great. Generally, I shoot for 70% probability of profit with iron condors, and this falls a touch short of that. However, the strikes on both the short and long sides of the setup fit in nicely with the spreads I've already got on. Consequently, you may want to play with the strikes and/or the width of the wings to get more favorable metrics for the setup ... .
In the past several weeks, I have put on several SPY iron condors and/or credit spreads in the March 18th expiry, giving me quite a selection of short put credit spreads and short call credit spreads to mix and match to improve probability of profit. I think I can fit one more in here before the remaining time to the March 18th expiration just gets too short to play with (I generally don't like to go shorter than 25 days for these layered on setups; the "expected move" zone constricts such that sides are more subject to being tested in light of average true range).
Going into expiration, I'll look at mixing and matching short put with short call sides to take off units in profit ... .
SPY March 18th 175/179/200/204 iron condor
Probability of Profit: 64%
Max Profit: $101/contract
Buying Power Effect: $299/contract
Notes: Standing alone, the setup isn't that great. Generally, I shoot for 70% probability of profit with iron condors, and this falls a touch short of that. However, the strikes on both the short and long sides of the setup fit in nicely with the spreads I've already got on. Consequently, you may want to play with the strikes and/or the width of the wings to get more favorable metrics for the setup ... .
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Didn't get a fill on this ... . So I guess I am done with March. Lol.
