Jeff 5:51 am on Tuesday, October 29, 2024
Tags: spx0dte ( 421 )

SPX o-dte trades for 10/29/24

#SPX0dte Sold to Open $SPX Oct 29th 5740/5760-5860/5880 condors for 1.15, IV 18.58%, deltas -.06 +.07

Jeff 7:13 am on Tuesday, October 29, 2024

Sold 5785/5815-5820/5850 condors for 14.60. IV 16.78%.

SPX trading above my center, but that means that I get an extra dollar of premium than a 5-point higher condor. This is usually the case because the long put premium is higher than the long call’s. So when opening the trade, being closer to the long call reduces the total sale price more than being close to the long put. This is also why the best place to take profits is often below the center line, closer to the long put.
- Jeff 7:28 am on Tuesday, October 29, 2024
  
  Stopped for 17.35.
  
  Of course, I risked selling at the beginning of a surge higher. My stop hit then a very quick drop, meaning I got whipsawed by a headfake. Guess I needed to wait longer after the JOLT opening for this volatility.
  - Jeff 8:32 am on Tuesday, October 29, 2024
    
    Sold 5800/5825-5830/5855 condors for 10.40, IV 14.44%
    - Jeff 10:05 am on Tuesday, October 29, 2024
      
      Stopped for 14.40. Had the chance to exit for 10% (9.30) and I blew it. Sometimes I wonder if I can ever get over my propensity for making mistakes. Once again turned a hefty Monday profit into a loss on the week.
      - geewhiz112 7:29 pm on Tuesday, October 29, 2024
        
        I notice quite often if I let the trade “ride” it works out, but the severe possible losses mitigate against doing this too often. Stick with your instincts and rules. Thanks for all you do.
Jeff 10:26 am on Tuesday, October 29, 2024

Closed 5860/5880 call side for safety. Stop was not hit

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