Trade Update: Close XOP; Adjust GLD

We are able to close out of our XOP trade for profits.

Ticker: XOP

Trade Action: Close out of the existing iron condor for a debit of around 1.55 (try to lower).

BTC 20 OCT 160 call

STC 20 OCT 165 call

BTC 20 OCT 144 put

STC 20 OCT 139 put

Contracts: 1
Potential Profits: Entered with 2.05 debit, exited with 1.55 debit, leaving us with close to a 25% return.




GLD continues to head lower and while I think we may find support soon enough, we need to adjust our existing position. 


Ticker: GLD

Trade Action: Roll the call spread down to create an iron fly position for a credit of around 0.82.  

BTC 20 OCT 181 call

STC 20 OCT 186 call

STO 20 OCT 175 call

BTO 20 OCT 180 call

Contracts: 1

Note: This brings our position delta of +33 down to +11.  That means for every dollar GLD moves up, we can potentially make $11.  If you have a stronger sense of GLD coming back up from here, you may not want to make this adjustment and leave your position delta higher.


Related Articles


Your email address will not be published. Required fields are marked *