RUT Update 4-13

For those of you who are not regular followers of SnapTrader (shame on you), I attempt to track a specific trade real-time throughout the expiration month.  That way those learning to trade some of the basic option strategies can follow along and see how I do it.  Not that my approach is the only way, but generally it's profitable over the long haul.  This month's highlighted trade is really more than a single trade.  It's a campaign on the RUT made up of an set of overlayed iron condors, combined with a triple calendar. 

One might ask why I would make the trade so complicated, and while I've covered this all in past posts, here's the quick summary:

• I frequently split condors into parts, usually two or three, and apply them at different times.  This spreads some of the volatility risk, as well as frequently providing a wider range of strikes.
• Adding a calendar to a condor provides some Vega balancing.  In other words, it mitigates some of the volatility risk that condors and other vertical spreads pose.
• The triple calendar simply provides a wider range of profitability and less frequent management.  Sometimes I can put this on and never adjust it until I take it off.  More frequently it only needs one adjustement throughout the month.

Hence this month's ridiculously complicated trade.  Aside from the quick review, this morning I entered an order to replace the Put spread that had closed after hitting it's profit target.  It was executed right away, so we are fairly well balanced now.  Finally, I'll leave you with the current profit picture:

Good Trading...