Closed: ODAX February 2018 Iron Condor

Summary

Bad timing again. A few days after opening the position a sudden rise in the index made me adjust the trade on the call side when it reached 30 delta. As there still were six weeks to go before expiration, I also closed the put spread as it had already reached 70% of the maximum possible profit.

DAX 30 on Jan 8th 2018. Source Investing

I did not want to roll the call spread higher with the current low volatility, as the 16 delta is merely 200 points above the current level. The same happens on the put side.

Final trade results

After closing both spreads, I booked a loss of 92,5€ which represents a decrease of 0,55% since the beginning of the year. DAX 30 has risen 3,8% in the same period of time.

Type	Name	Open Date	DTE	P/L
Call Spread	ODAX Feb 2018 13600/14000	28/12/2017	50	-249,5€
Put Spread	ODAX Feb 2018 12300/11900	28/12/2017	50	105,0€
Call Spread	ODAX Feb 2018 13400/13450	28/11/2017	80	52,0€

All the trade details can be found here. I closed the spreadsheet for 2017 with a total return of 1,79%, compared with more than 13%. Lots of learning still ahead, but at least a little money was made!

See also

• New position: Dec 2017 Put Spread
• 2018 trades (so far)
• 2017 track record