November 2014 Nikkei 225 Iron Condor Adjustment#2

On Oct-29, 

1. I closed the Put Spread at 7 as it reach 50% target credit in just 3 days.  Took in profit of JPY 40,000 (15-7 * 5 * 1000)
2. I also close the Call Spread at 46 as its Delta hit 25.  Took in lost of JPY 150,000 (46-16 * 5 * 1000).
3. I sold 10 Call Spread at 13 at Delta 8.6.  Took in credit of JPY 130,000 (13 * 10 * 1000)
4. I also sold 5 Put Spread at 13 at Delta 8.7.  Took in credit of JPY 65,000 (13 * 5 * 1000)

I sold the 10 Call Spread as part of the adjustment I mentioned earlier.

I sold 5 Put Spread as part of the adjustment.  However, I didn't sell 10 Put Spread because

• I am worried there might be a retracement after today run
• I want to sell Put Spread on a down day
• I want to sell Put Spread when volatility goes up 

So, I leave another 5 contract Put Spread for another day.

The Iron Condor is now 14250/14500/16375/16625.

Credit received : JPY 195,000 (130,000 + 65,000)

Max risk: JPY 2,305,000 (10 * 250 * 1000 - 195,000)

Margin: JPY 1,000,000 (~ USD 10,000)

Days to expiration (DTE): 16

N225 Nov2014 Iron Condor Profit/Loss : JPY -80,000 (30,000 + 40,000 - 150,000)

Related Posts:

Oct-27: November 2014 Nikkei 225 Iron Condor Adjustment

Oct-16: November 2014 Nikkei 225 Iron Condor