NDX Condor 3-23

This is one of those months where I should have chosen to highlight a calendar trade, or directional, or ANYTHING but a condor.  In particular this NDX condor is nearing the end of the line with regard to our ability to pull out a profit.  Below I am showing two pictures to describe where we are.  First, is the profit graph of the current open positions, including the past trades.  With today's monstrous move up, I needed to stop the bleeding and added a couple of calls to flatten the deltas.

Second, below is a graph showing what the picture will look like if I sell the calls at a slight loss. The idea would be to sell the calls back if prices drop a bit and deltas are back under control. If that happens we will have one more run at it before calling it quits.

As you can see, if prices were to stablize (or even drop a little) we still have a nice shot at making a profit.  If the rally continues our deltas are slightly long so we can trim our loss a bit, but we'll need to close for a loss before long.  It won't be "max loss", however it will still be distasteful as all losses are. 

Good Trading...