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Quant Trader
Expert-Level Options for Sophisticated Traders

March 28, 2023

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.)
Andy Crowder is a professional options trader, researcher and Chief Analyst of Cabot Options Institute. Formerly with Oppenheimer & Co. in New York, Andy has leveraged his investment experience to develop his statistically based options trading strategy which applies probability theory to option valuations in order to execute risk-controlled trades. This proprietary strategy has been refined through two decades of research and real-world experience and has been featured in the Wall Street Journal, Seeking Alpha, and numerous other financial publications. Andy has helped thousands of option traders learn and implement his meticulous rules-driven options trading strategies through highly attended conferences, one-on-one coaching, webinars, and his work as a financial columnist. He currently resides in Bolton Valley, Vermont and when he’s not trading, teaching and writing about options, he enjoys spending time with his wife and two daughters, backcountry skiing, biking, running and enjoying all things outdoors.