Summary
For the first 2018 position and I have decided to go for a January 13600/1400 - 12300/11900 Iron Condor plus a February 13400/13450 Debit Call Spread.
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| DAX 30 on November 28th 2017. Source Investing |
52 days to go and an Implicit Volatility of around 14%. Given the relatively low IV and the underlying bullish trend, which has given me so much pain before, I also opened a Debit Call Spread for the February expiration cycle. This second spread should help me resisting another increase in the underlying and will allow me to postpone any necessary adjustment.
Trade details
| Type | Name | Open Date | DTE | Spot | Max Win | Max Loss |
| Put Spread | ODAX Jan 2018 12300/11900 | 28/11/2017 | 52 | 13030 | 151,00 € | 1.772,00 € |
| Call Spread | ODAX Jan 2018 13600/14000 | 28/11/2017 | 52 | 13030 | 158,00 € | 1.522,50 € |
| Call Spread | ODAX Feb 2018 13400/13450 | 28/11/2017 | 80 | 13030 | 168,50 € | 81,50 € |
You can see all the trade details
here.
As per the PL graph, max profit at expiration is reached in the 13400-13600 range, but we are good in the 12200 - 13600 range.
I will adjust the Put Side at 30 Delta, while I can wait a bit longer on the Call side. Ideally a sideways, slightly upwards market during Christmas would be great for this trade.
See also
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