ODAX September 2017 Iron Condor adjustment (II)

Summary

Quite some movement since the last adjustment where the Call side was threatened. Now, in the July cycle expiration day, it's the Put side that is taking all the heat.

Dax on 21/07/2017 Source investing.com

Today, I closed the Call side for about 60% of the max profit. My plan is to wait until Monday before taking any further action (either deploying a new Call spread or closing the Put spread for a loss, ideally with a little bounce upwards and a reduction in the volatility).

I don't like the idea of a Call spread so close to important technical supports, though.

Current trade status

Type	Name	Open Date	Spot	Max Win	P/L
Put Spread	ODAX Sep 2017 11600/11200	28/06/2017	12550	178,50 €	58,50 €
Call Spread	ODAX Sep 2017 13250/13700	28/06/2017	12550	198,50 €	89,00 €
Call Spread	ODAX Sep 2017 13000/13400	6/07/2017	12330	219,50 €	131,00 €
Put Spread	ODAX Sep 2017 11900/11500	13/07/2017	12650	173,50 €

The remaining Put spread has around -180€ in unrealized losses. The risk/reward profile of the trade looks much less appealing now:

Max loss: 2000 - (131 + 173,5+ 58,5+ 89) = 1548€     (Dax < 11500)

Max profit:           131 + 173,5 + 58,5+ 89   = 452€     (Dax > 11900)

Lets see If I can break even on this expiration cycle.

See also

• 2017 trades (so far)
• Second adjustment of the September 2017 ODAX Iron Condor 
• Starting to trade the Dax Index options