Options Blog – Update – Opening 2 positions, closing a small winner

I closed my old QQQ Iron condor for a small profit $21 before fees. I was being tested on the 136/131 put spread side. Below is the QQQ option chain

QQQ Iron Condor close for small winner 7-5-17

I was then able to reopen a smaller position ($2 dollar wide instead of $5 wide). Now by break evens are 130.40 to the downside and 144.60 to the upside. Giving a 7.12 cushion to the upside and 7.08 to the downside; 5.1% in both directions.

QQQ Iron Condor re-open smaller risk profile good credit

I see this as taking profit, re-centering my Iron Condor all while taking off some risk.

Here are the stats on the closed trade : It’s not the standard 15-20% return on buying power; but I’ll accept all wins – even some ‘scratch’ trades.

Duration:  14
Credit: $206
Buying power reduction: $294
Profit: $21
Fees: $5.16
Profit after fees: +$15.84
Profit as a percentage of buying power reduction: +5.4%

My other open was a 247 / 249 call spread for $57. Break even is $247.57 just outside the expected move.

spy credit call spread 7-5-17

Here is a SPY chart (3 month, measured in 1 day) .. marked with the ceiling I set.

spy chart with ceiling for call spread 7-5-17

The overall portfolio had a down day losing about $113 in value.

positions and greek 7-5-17

Here is the current Net Liquidation and Buying Power available.

net liquidation and buying power - 7-5-17