New Position: ODAX January 2019 Call Spread

Summary

Complementing the Put Spread opened last week, I have opened a 11.400 - 11.800 Call Spread for the January expiration cycle. This effectively transforms the trade into an Iron Condor.
Also, in order to add some upside protection, I have bought a 11.350 - 11.400 Call Spread using February options. Ideally I would like to reuse this Spread again in February.

DAX 30 on December 17th 2018. Source Investing

Five trading weeks to go and an Implicit Volatility of around 21%. I should be able to hold longer before adjusting the trade given the fact that I have a debit Call Spread for February and the credit received from the Put Spread. The Put Spread, on the other hand, will be adjusted at 30 delta.

Trade details

Type	Name	Open Date	DTE	Spot	Max Loss	Max Win
Call Spread	ODAX Jan 2019 11400 - 11800	17/12/2018	32	10865	1.836,80 €	163,20 €
Call Spread	ODAX Feb 2019 11350 - 11400	17/12/2018	60	10865	71,80 €	178,20 €

You can see all the trade details here.

Portfolio

The other two positions in the portfolio are:

• A ODAX 9900 - 9500 January Put Spread 
• The IBEX 35 Systematic Put Write, which will be rolled at the end of this week and it is currently in the money.

See also

• 2018 Trades (so far)
• 2017 Track Record