Please clarify first:
Your goal... trying to stay delta neutral, or are you bullish/bearish now? Your IC appears to have delta of -10 now, not 108. And the 2nd IC listed would increase, not decrease your delta.
Purchasing a butterfly... call or put, and what strikes? Not sure if you mean to add it in place of, or separate from rolling the calls. That would clarify the delta change. (If it's minimal, probably barely worth doing given commissions, unless you are dealing with huge capital)
Russell is overbought at current levels, but it hasn't shown a sign of breakdown yet, IMO.
--- In OptionClub@yahoogro
>
> Let me start by thanking all of you who give advice and knowledge so freely. This group has been very helpful in my ongoing education.
>
> I am paper trading Iron Condors in my TOS account and have a very basic (some would say dumb) question to ask. I have a position in IWM that needs adjusting due to the IWM bullish movement over the past couple weeks. The position is an IC with Jan 57/58 Puts and 63/64 Calls. The Delta is around 108 and theta is a bit over $5. I could adjust the position by purchasing a butterfly and move the calls out a bit or I could sell another IC with 63/64 Puts and 68/69 Calls that would reduce my delta to less than 15 but would also reduce my theta to under $4. My question is how best to determine the pros and cons of these two adjustment trades and determine the better action. What other things should I consider when making this type of adjustment? Thanks in advance for helping with this very basic question.
>
> Tony
>
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