ODAX November 2017 Iron Condor adjustment (V)

Summary

30 days remain until November option expiration day and I keep struggling with the Iron Condor deployed at 12800-13200 (about 250 point ITM - In the money). As I collected half of the credit deployed for the 12450-12000 Put Spread, I deployed a new one at 12800-12400.

DAX on October 18th 2017. Source investig

Break-even points are 12932 on the upside and 12668 on the downside. I will happily close the whole thing if we approach to the mid 12900s as time value is getting smaller and smaller. If not, I will try to reduce the max loss figure, which is a scenario more likely to happen day after day.

Trade status

Locked 60€ (really bad filling on my part as I miscalculated a GTC order) while I collected 198,5€ more on the new spread. All trade details can be seen here.

Type	Name	Open Date	DTE	Spot	P/L	Max Loss
Put Spread	ODAX Nov 2017 11000/10600	28/08/2017	81	12120	71,00 €	N/A
Put Spread	ODAX Nov 2017 11500/11100	11/09/2017	67	12400	73,50 €	N/A
Put Spread	ODAX Nov 2017 12000/11600	28/09/2017	50	12700	61,00 €	N/A
Put Spread	ODAX Nov 2017 12450/12000	10/10/2017	38	12950	60,00 €	N/A
Put Spread	ODAX Nov 2017 12800/12400	18/10/2017	30	13050		1.338,50 €
Call Spread	ODAX Nov 2017 12800/13200	28/08/2017	81	12120		1.338,50 €

Theoretical max loss and profit are now:

Premium collected = 71.0 + 73.5 + 61 + 60 + 198.5 + 197,5  = 661,5
Max loss =  2.000 - 661,5  = 1338,50€ (DAX < 12400 or DAX > 13200)
Max profit =  661,5€   (DAX = 12800)

December still looks unclear. Volatility is at year lows, a credit call spread as close as 13500-13900 only offers 150€, much like the 12400-12000 put spread. Perhaps a small Debit Put Spread is all I do for December until the volatility increases again.

See also

• ODAX November 2017 Iron Condor adjustment (IV)
• ODAX November 2017 Iron Condor adjustment (III)
• 2017 trades (so far)