/ZS (Soybean Futures) Iron Condor: 1/13/2015 Update & New /ZS (Soybean Futures) Iron Condor: 2/17/2015

/ZS  Opening setup/trade (Jan 13, 2015)

All 4 legs expired worthless.

Profit = $131.25 (credit collected from opening trade)
Total commissions (opening & closing) = $16.84
Profit incl. commissions = 131.25  – 16.84 = $114.41

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SOLD -2 IRON CONDOR /ZSK5 1/50 APR 15 /OZSJ5 1050/1060/930/920 CALL/PUT @1.875
Neutral bias
Order

Note: Commissions not included
Max. Profit = $187.50
Max Loss = $812.50
DTE = 39
BE = 928.125 & 1051.50
POP =~ 63%
Max ROC  = 187.50/812.50 =~ 23%
Will probably leave this one on till expiration

P&L diagram
Chart

/6E (Euro FX Futures) & /ZN (10 Year US Treasury Note Futures) Iron Condors: 2/11/2015

SOLD -1 IRON CONDOR /6EM5 1/125000 APR 15 /6EJ5 1.185/1.19/1.065/1.06 CALL/PUT @.001
Neutral bias
Order

Note: Commissions not included
Max. Profit = $125.00
Max Loss = $500.00
DTE = 47
BE = 1.064 & 1.186
POP =~ 71%
Max ROC  = 125.00/500.00 =~ 25%
Tgt. ROC (@ 50% of max. profit) = 62.5/500 =~ 12.5%
Depending on how the trade plays out, might adjust this or let it run.

P&L diagram
Chart

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SOLD -2 IRON CONDOR /ZNM5 1/1000 APR 15 /OZNJ5 131/131.5/124.5/124 CALL/PUT @0”06
Neutral bias
Order

Note: Commissions not included
Max. Profit = $187.50
Max Loss = $812.50
DTE = 41
BE = 124’130 & 131’030
POP =~ 74.5%
Max ROC  = 187.50/812.50 =~ 23%
Tgt. ROC (@ 50% of max. profit) = 93.75/812.50 =~ 11.5%
Depending on how the trade plays out, might adjust this or let it run.

P&L diagram
Chart

/GC (Gold Futures) Broken Wing Butterfly: 2/10/2015

BOT +1 BUTTERFLY /GCJ5 1/100 APR 15 /OGJ5 1215/1210/1200 PUT @-1.40
Bullish bias
Order

Note: Commissions not included
Max. Profit = $640.00
Max Loss = $360.00
DTE = 44
BE = 1203.70
POP =~ 73%
Max ROC  = 640/360 =~ 178% – this is only if the underlying closes exactly at 1,210 (short strike) upon expiration.
Buying back the embedded short PUT vertical (-1205/+1200) for anything lower than 1.40 (credit collected for the trade) would turn the resulting regular butterfly (1215/1210/1205) into a risk free trade.

P&L diagram
Chart

/ZB IC 1/5/2015, /6E IC 1/7/2015 – Closing Trades

/ZB  Opening setup/trade (Jan 5, 2015)

Closing Trade
BOT +1 IRON CONDOR /ZBH5 1/1000 MAR 15 /OZBH5 151/152/142/141 CALL/PUT @0”08
Debit = $125.00

Profit = $250 (credit collected from opening trade) – $125 = $125
Total commissions (opening & closing) = $18.00
Profit incl. commissions = 125  – 18 = $107.00

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/CL Opening setup/trade (Jan 7., 2015)
/CL Adjustments (Jan 27, 2015)

Closing Trades
Short 1155 ITM PUT got assigned, Long 1150 ITM PUT got exercised
Net debit = $625
Short 1160,1170,1225 CALL & Long 1230 CALL expired worthless
Net credit = $500.00

Loss = $500 (net credit) – $625 (net debit) = -$125
Total commissions (opening & closing) = $27.88
Loss incl. commissions = -125.0  – 27.88 = -$152.88

 

/CL (Light Sweet Crude Oil Futures) Iron Condor: 2/2/2015

SOLD -1 IRON CONDOR /CLJ5 1/1000 APR 15 /LOJ5 60/61/40/39 CALL/PUT @.24
Neutral bias
Order

Note: Commissions not included
Max. Profit = $240.00
Max Loss = $760.00
DTE = 43
BE = 39.77 & 60.23
POP =~ 71%
Max ROC  = 240.00/760.00 =~ 31.5%
Tgt. ROC (@ 50% of max. profit) = 120/760 =~ 15.80%

P&L diagram
Chart

/CL (Light Sweet Crude Oil Futures) Iron Condor: 1/5/2015 – Closing Trade

Opening setup/trade (Jan 5, 2015)

Closing trade
BOT +1 IRON CONDOR /CLH5 1/1000 MAR 15 /LOH5 61/62/42/41 CALL/PUT @.13
Debit = $130

Profit = $260 (credit collected from opening trade) – $130 = $130
Total commissions (opening & closing) = $29.68
Profit incl. commissions = 130  – 29.68 = $100.32

/ES (E-Mini S&P 500 Index Futures) Broken Wing Butterfly: 2/2/2015

BOT +2 BUTTERFLY /ESH5 1/50 MAR 15 /ESH5 1980/2000/2030 CALL @-3.75
Bearish bias
Order

Note: Commissions not included
Max. Profit = $2,375
Max Loss = $625.00
DTE = 45
BE = 2,024.00
POP =~ 63%
Max ROC  = 2,375/625 =~ 380% – this is only if the underlying closes exactly at 2000 (short strike) upon expiration.
Looking to buy the embedded short CALL vertical (-2030/+2020) for around 3.00.  Buying this for anything lower than 3.75 (credit collected for the trade) would turn the resulting regular butterfly (2000/2020/2050) into a risk free trade.

P&L diagram
Chart

/ES (E-Mini S&P 500 Index Futures) Broken Wing Butterfly: 1/6/2015 – Closing Trade

Opening setup/trade (Jan 6, 2015)

Closing trade (decided to close the trade instead of waiting to buy back the embedded vertical)
SOLD -2 BUTTERFLY /ESH5 1/50 FEB 15 /ESG5 2000/2020/2050 CALL @-.25
Debit = $25

Profit = $375 (credit collected from opening trade) – $25 = $300
Total commissions (opening & closing) = $44.96
Profit incl. commissions = 300  – 44.96 = $255.04

/6E (Euro FX Futures) Iron Condor: 1/7/2015 – Update 1

Opening setup/trade (Jan 7, 2015)

Euro has moved a fair bit past the short strike of the condor.  Selling a call to cut down the delta and recover some of the loss on the trade.  Should have probably done started adjusting sooner.

SOLD -1 /6EH5 1/125000 FEB 15 /6EG5 1.17 CALL @.0013
Order

Credit collected = $162.50 (excluding commissions)

/GC (Gold Futures) Broken Wing Butterfly: 1/6/2015 – Update 1

Opening setup/trade (Jan 6, 2015)

Bought back the embedded short PUT vertical (-1190/+1185) for 0.30.
BOT +1 VERTICAL /GCJ5 1/100 MAR 15 /OGH5 1190/1185 PUT @.30
Order

The remaining regular butterfly (1210/1200/1190) is now a risk free setup.
P&L diagram
Max. profit at expiration would occur at the short strike (1200).  GC is trading around 1294, but there are still 31  day left to expiration.  As such there is time to decide on when to close the trade.