New position: ODAX Nov 2017 Iron Condor

Summary

Today I opened a new Iron Condor using the ODAX options for the November 2017 expiration cycle.

DAX 30 on August 28th. Source: Investing

Regular Iron Condor this time (80 days until expiration, 400 points wing width) with the Implicit Volatility at around 16. The DAX has moved around the 12100 support since mid July, no bounce has happened yet. Let´s see if this situation continues for a while...

Trade details

Type	Name	Open Date	DTE	Spot	Max Win	Max Loss
Put Spread	ODAX Nov 2017 11000/10600	28/08/2017	81	12120	158,80 €	1.643,00 €
Call Spread	ODAX Nov 2017 12800/13200	28/08/2017	81	12120	198,50 €	1.643,00 €

The call leg is going to be tight, hopefully the 12800-12900 level will act as resistance as it was the previous maximum levels in June. The put leg sits further away but is risky, considering the other bullish position in October (see below).

Current portfolio

Type	Name	Open Date	DTE	Spot	Max Win	Max Loss
Put Spread	ODAX Oct 2017 11300/10800	02/08/2017	79	12250	178,50 €	2.321,50 €

The October Put Spread is still open at the time of this writing, spot price less than 100 points away from its starting point, almost a month ago. I expect to close it during the second half of September if it does not reach the 50% profit before. Even a lower profit percentage will be acceptable to me.

You can see all the trade details here.

See also

• New Position: October 2017 ODAX Put Spread
• Closed: September 2017 ODAX Iron Condor 
• 2017 trades (so far)