#SPX0dte Sold to Open $SPX July 16th 5610/5640-5645/5675 condors for 17.40, IV 13.14%, at 11:12 p ET

Also buying: 5560/5580-5690/5710 for 1.00 or 1.05 (not filled yet), deltas -.05 +.05

#SPX0dte. Trying something new this week. Last night I sold the typical centered ATM condor for 16.25. But I also BOUGHT a 6-delta condor for 1.05.

My thinking is the long wide is hedge against the short narrow. This seems to be a solution to handling the wild swings we’ve been seeing.

If there is a strong move, it is likely that I would still be at a loss but a much smaller one. If there is a super strong move, some of which we have seen in recent days, it would be a 4 to 5 dollar winner at expiration, if left alone.

We did get a bullish move overnight and after open I stopped out the narrow for 18.25. Now I am watching my long calls on the wide (5670/5690) to take profits. Currently at 2.00, if I can get to 3.00 it will be breakeven for the day, profit if higher than that.

After watching today, it may have been best to stop out of the narrow before the open (could have done it for 17.00, only -.75 loss), and either let the long condor run or potentially add a new centered narrow after the open. But based on the upward action right now and the last few weeks, it has been a very directional intraday market and perhaps just buying long spreads is the only thing needed.