Closed: ODAX April 2018 Iron Condor

Summary

Last Friday, I closed the remaining Put Spread at a small loss after seeing the DAX index breaking supports and making new year lows. As the time of this writing, five days later, I am still not sure whether that decision was precipitated.

DAX 30 on March 28. Source Investing

Too bad I did not close the spread when I was winning 70% of the premium received. Anyway, I wanted to close the spread as I do not plan to pay attention to the stock market during this Easter week.

Closed: ODAX March 2018 Put Spread

Summary

Today expires at max profit the Put Spread I opened after rolling the failed February 12100-11700 Put Spread.

DAX 30 on March 16th 2018. Source Investing

Given the very high IV when I opened it, and the sideways market since then, this was an easy ride and I chose to get all the premium for it. Moreover, this spread was only half the usual width, so the money at risk was half as well.

ODAX April 2018 Iron Condor: Closed Call Spread

Summary

Last Wednesday, after almost 30 days, no movement in the DAX index and a nice volatility contraction, I was able to close the Call side of the Iron Condor locking around 77% of the premium initially received.

DAX 30 on March 16th. Source Investing

There were still more than 5 weeks to go, so I preferred to take the money from the table, giving the index tendency for rallying (although it is taking a more bearish profile lately).

New position: ODAX April 2018 Iron Condor

Summary

After deploying the small Put Spread in March, I finally decided to go for an April 13100/13500 - 11100/10700 Iron Condor.

DAX 30 on February 14th 2018. Source Investing

This time I´m betting on a sideways market for some time after the recent selloff. With the relatively high IV I got some good distance for the short options, especially in the short Put. In the Call side is tighter but I hope that a further IV drop will make any adjustment cheaper.

Closed: February 2018 Put Spread - Rolled to March

Summary

Big drop this week and bad timing anticipating a bounce upwards. I tried to close the trade on Thursday but the spreads were crazy wide, luckily on Friday morning a little bounce in the opening allowed me to close the spread at 35 delta.

DAX 30 on Feb 9th, at close. Source Investing

After that, I deployed another Put Spread in March, another 1000 points down (11.100-10.900) with only half the width (200 as opposed to 400 points).

New Position: ODAX February 2018 Put Spread

Summary

I have been in the sidelines during this month waiting for the rally to weaken and IV to increase, as I have had a couple of bad experiences selling Credit Call Spreads in that environment and selling Put Spreads seemed to be a bit suicidal too.

Now the correction is here, but it has arrived stronger that expected, both in Europe and USA, so I decided to go for a 12100 - 11700 Put Spread for February and not March.

DAX 30 on Feb 5th 2018. Source Investing

Next week, we should have better visibility on the size of the correction and I might dare opening another Put Spread in March.

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.