/ZN Iron Condor & /CL Short Strangle Closing Trades

/ZN Opening setup/trade (Feb 11, 2015)
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Closed the trade for 0”03 debit
Closing trade

P&L Table
Profit = $44.64


/CL Opening setup/trade (Mar 05, 2015)
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Closed the trade for 0.20 debit
Closing trade

P&L Table
Profit = $195.16


YTD P&L

 

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/CL (Light Sweet Crude Oil Futures) Short Strangle: 2/24/2015 Closing Trade + New /CL (Light Sweet Crude Oil Futures) Short Strangle: 3/5/2015

/CL Opening setup/trade (Feb 25, 2015)
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SOLD -1 STRANGLE /CLK5 1/1000 MAY 15 /LOK5 67/30 CALL/PUT @.43

Closed the trade for 0.22 debit
Closing trade

Profit = $430 (credit collected from opening trade) – $220 (debit for buying back the strangle) = $210
Total commissions (opening & closing) = $14.84
Profit incl. commissions = 210 – 14.84 = $195.16


SOLD -1 STRANGLE /CLK5 1/1000 MAY 15/MAY 15 /LOK5 65/35 CALL/PUT @.41
Neutral bias
Order

Note: Commissions not included
Max. Profit = $410.00
Max Loss = $Infinite
Initial buying power reduction (BPR) =~ $1,500
Note: Unlike an Iron Condor the BPR for a short strangle can change drastically if the underlying makes a significant move either way.  Options on futures require low margin to start off with (use span magin).  The wings I bought were around a 5 delta (around 2 STD out each way).  However, this trade might require active management to keep deltas in check or the losses could be significant.
DTE = 42
BE = 34.58 & 65.36
POP =~ 88%
Max ROC  = 430/1,500 =~ 29%
Would look to take this off around 30%-40% of max. profit.

P&L diagram
Chart

 

/GC (Gold Futures) Broken Wing Butterfly: 1/6/2015 & /CL (Light Sweet Crude Oil Futures) Iron Condor: 2/2/2015 Closing Trades + New /CL (Light Sweet Crude Oil Futures) Short Strangle: 2/24/2015

/GC Opening setup/trade & adjustment (Jan 6, 2015)

/GC was trading right around the max profit level of 1200.  However, I did not want any ITM legs to get exercised and be assigned the associated short or long futures position.  As such I sold the remaining regular butterfly (1210/1200/1190).
SOLD -1 BUTTERFLY /GCJ5 1/100 MAR 15 /OGH5 1210/1200/1190 PUT @3.00
Order

Profit = $140 (credit collected from opening trade) – $30 (debit for buying back the embedded short put vertical) + $300 (credit collect from closing out the remaining butterfly) = $410
Total commissions (opening & closing) = $37.10
Profit incl. commissions = 410  – 37.10 = $372.90


/CL Opening setup/trade (Feb 2, 2015)

Closing trade
BOT +1 IRON CONDOR /CLJ5 1/1000 APR 15 /LOJ5 60/61/40/39 CALL/PUT @.12
Debit = $120

Profit = $240 (credit collected from opening trade) – $120 = $120
Total commissions (opening & closing) = $29.68
Profit incl. commissions = 120  – 29.68 = $90.32


SOLD -1 STRANGLE /CLK5 1/1000 MAY 15 /LOK5 67/30 CALL/PUT @.43
Neutral bias
Order

Note: Commissions not included
Max. Profit = $430.00
Max Loss = $Infinite
Initial buying power reduction (BPR) =~ $1,100
Note: Unlike an Iron Condor the BPR for a short strangle can change drastically if the underlying makes a significant move either way.  Options on futures require low margin to start off with (use span magin).  The wings I bought were around a 5 delta (around 2 STD out each way).  However, this trade might require active management to keep deltas in check or the losses could be significant.
DTE = 52
BE = 29.57 & 67.43
POP =~ 63%
Max ROC  = 430/1,100 =~ 39%
Would look to take this off around 30%-40% of max. profit.

P&L diagram
Chart

/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


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


 

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


/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