I had been trying all week to get a new RUT position filled for my personal account. I was finally able to get it. On Friday I put in an order to sell my proposed Iron Condor for a $1.05 credit. After waiting all day, with the market for the position at about $1.20 I couldn’t get a fill. This was rather frustrating, as I thought I had a pretty fair price out there.
For the next couple of days I flirted with prices from the $.95 to $1.05 range and couldn’t seem to get a fill, and finally late yesterday after the market moved a bit I was able to land it for a $0.95 credit.
You have to remember, this is a negotiation! The market has a price, and I’m looking to get a deal, sometimes that takes a while. While I didn’t get as much premium as I would have liked on this position, the risk/reward was still in my favor. Ideally, the rest of the September cycle will be choppy, and I’ll walk away with more profits in my hands. Only time will tell…
- Sept RUT 760/770 650/640 Iron Condor
- Sold for $0.95 Credit
- Expected return ~ 9.5%
- Risk 4% above 760, 9% below 650
Categories: Options Trading
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