A couple weeks ago DR put on a Sep 30th 75/80/105/110 iron condor @ .88 (I missed it so ended up using 103/108 on the call side). Since then WYNN has gone straight up so I kept thinking an adjustment would get sent out…DR has a 2 hour webinar on adjustments that I haven’t watched yet so I was expecting some magic this morning in the briefing. He basically advised that it wasn’t working so close it for the loss. I suggested maybe selling a slightly higher put spread to maybe recoup some of the loss but no go…guess I can’t argue with his logic but here’s what I’ve been doing…call me hard headed (or stupid…LOL)

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Sold Sep 30th 75/80/103/108 @ .88 credit
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Rolled 80 puts up to 95 @ 1.40 credit
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Rolled 95 puts to this week 101 @ .29 credit
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Rolled this week 101 puts up to 103 @ .84 credit
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Rolled 103 puts up to 107 @ 1.05 credit
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I’ve now collected 4.46 in premium with a max loss of 5.00 on the call side. Still 2 more weeks to sell. If these 107’s expire I’m considering just selling the Sep 30th 108/103 put spread @ 1.65. This would be exactly inverted against the calls giving me a total of 6.11 in premium basically locking in a profit greater than the original .88.

We shall see…