ODAX November 2017 Iron Condor adjustment (VI)

Summary

Today, I moved the put leg further up, trying to reduce the damage as much as possible. Now, the trade is mathematically a loser and the minimum loss matches the loss I should have taken when the call leg reached 30 delta. Something to learn for future trades.

DAX on October 27th. Source Investing

I will try to reduce the loss as much as possible, possibly rolling the put leg again if the climb continues. The loss in account terms ranges from 1,5% to 7,6%.

Trade status

Locked 98,5€ while I got 183,5€ for the new spread.

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	98,50 €	N/A
Put Spread	ODAX Nov 2017 13000/12600	27/10/2017	26	13230		1257.50€
Call Spread	ODAX Nov 2017 12800/13200	28/08/2017	81	12120		1257.50€

All trade details can be seen here.

Theoretical max loss and min loss are now:

Premium collected = 71.0 + 73.5 + 61 + 60 + 98,5 + 198.5 + 183,5  = 742,5
Max loss =  2.000 - 742,5  = 1257,50€ (DAX < 12800 or DAX > 13200)
Min loss =  254€   (DAX = 13000)

See also

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