Cabot Options Institute Quant Trader – Alert (SPY)
SPDR S&P 500 ETF (SPY)
Okay, it’s time to take some profits. Albeit on the small side, I’ve decided to lock in profits in our SPY iron condor and look to sell another iron condor after the Fed announcement tomorrow. Basically, I want to stay nimble here, especially when profits can be taken. If you wish to hold on to the trade, please be aware of the risks.
We still have 45 days left until the June 16, 2023, expiration cycle ends, so taking profits now will allow us to sell even more premium in June. And if we see a bump in implied volatility tomorrow, we should be able to sell another iron condor at decent prices while still maintaining our 85% to 90% probability of success.
We continue to see success in the Quant Trader service with a win ratio of 27/31 (87.1%) and a total return of just under 130%.
The Trade
Simultaneously:
- Buy to Close SPY June 16, 2023, 435 call strike
- Sell to Close SPY June 16, 2023, 440 call strike
- Buy to Close SPY June 16, 2023, 365 put strike
- Sell to Close to Open SPY June 16, 2023, 360 put strike … for a total of $0.63. (As always, the price of the spread can vary from the time of the alert, so please adjust accordingly.)