Posted sometime this week:

TGO WYNN iron condor

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…

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Update:

Looks like the 107 puts will expire locking in all the roll up profits from the last 2 weeks. So today:

Sold WYNN SEP 23 2016 108.0/103.0 Bull put spreads @ 1.60

These are sold against the Sep 30th 103.0/108.0 Bear call spreads. I’m trying to squeeze an extra week out of this put side hoping to sell ’em again the following. Looks kinda strange having same strikes for both spreads but…total premium is now up to 5.95 so worse case one side will expire at max loss and I’ll pocket the remaining .95. Ideally WYNN will stay above 108 and I’ll sell this same put spread next week turning a potential losing iron condor into about a 2.50 winner. I’ll take it considering the original condor was only worth about 90 cents.

PS… @elitethink: DR is Doug Robertson. A partner at TGO. I felt he was too willing to give up on this trade and book the loss so I went rogue! LOL