Cabot Options Institute Quant Trader – Alert (SPY)
SPDR S&P 500 ETF (SPY)
With 24 days left until expiration, we have the ability to take off our SPY iron condor for a nice profit. Yes, we could hold on to bigger gains, but with 24 days left until our iron condor is due to expire, it makes sense to simply take off the trade, lock in profits, eliminate all risk and move on to our next opportunity. If you choose to hold on to the trade, please be aware of the risks.
The Trade
Simultaneously:
- Buy to Close SPY April 21, 2023, 430 call strike
- Sell to Close SPY April 21, 2023, 435 call strike
- Buy to Close SPY April 21, 2023, 350 put strike
- Sell to Close SPY April 21, 2023, 345 put strike … for a total of $0.15. (As always, the price of the spread can vary from the time of the alert, so please adjust accordingly if you wish to take on a position.)