28jan - earnings couple days ago and had a couple profitable premium selling trades. want to get into an iron condor while IV is still a bit higher than average. the Mar opex is 52days out so better premium received. goal is always to collect about a third the width of the strikes if possible. so today with stock near 350ish.
Sold the 305/315 credit put spread (18delta for 315 strike)
Sold the 380/390 credit call spread (25delta for 380 strike)
Total credit for this Iron condor is $3.42 per lot , IV was at 30ish
probably get some movement based on Disney earnings next week. the 305/315 strikes.. worked out to match the delta I was looking for AND being right under the 50day moving average.
Exit targets are between 25-50% of max profit and / or about 21 days left to opex. about 21 days is the optimum exit point since you have the meat of the time decay and IV crush vs trying to milk for every last cent.
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