Trade Rationale: Close 17 Nov

With 0 DTE (tomorrow morning, the Nov, 18th these options expire - these are "AM"). The trade was on spot. As I told you yesterday, I flatten the t0 line and widened the max profit area. With SPX moving down we reached the sweet spot of the trade with huge Theta... the Condor gained today about $700...  I decided to close and keep the huge profits produced! A total of $1855.

The Investment Fund increased heavily its value!

----------------------------------------

Trade Rationale: Adjust 16 Nov

At 2 DTE we collected strong profits today due to high Theta and negative Delta (for which SPX helped move down). We already passed the Profit target, but I am willing to have one more day in the trade to capture additional profits from the high time decay rate (or Theta). The adjustments today had the goal of flatten as much as possible the t0 line to offset high Gamma. I have widened the Condor profit area:
1. Moved up the upper leg
2. Reduced the width of the lower leg to reduce the downside risk - in case the market tomorrow would fall sharply (we never know...).

For the more conservative traders, it is better to close the trade...

Position status:

The trade recovered strongly and surpassed the profit target.

Profit target:

 No profit target; close as soon as the market moves against us.


------------------------------------------

Trade Rationale: Adjust 15 Nov

We are approaching the expiration date and Theta is highly attractive. On the other hand, Gamma (or rate of variation of Delta is very high). I could have closed this trade and moved ahead with a new SPX Best trade. For the more conservative traders closing this trade was a good decision. I decided to have a higher risk and leave the trade until tomorrow or maybe until Friday, capturing more profits. I feel the market is eager to continue its move down and I decided to remove the soft hedge (Short Call Vertical) to avoid having upside risk. Then, I was looking to the trade and thought to capture additional time decay moving the upper wing to the upside and flattering the t0 line. Additionally, if the market retracts and closes in the range of the Condor, I could capture nice profits... I hope the market does not retract fast below 3900. If so, I will close the trade!

Position status:

The trade is now positive.

Profit target:

Let's maitain the PT to $600.

------------------------------

Trade Rationale: Adjust 11 Nov

Again, today is a positive day for SPX. I decided to move the butterfly structure up to capture a bit more premium and increase Theta. Next week is the expiration week of the Nov options and Theta will increase a lot. And if the SPX price continues above the butterfly structure it will protect in case of a selloff. Meanwhile, the 4000 level is not yet broken. We should monitor closely this trade and capture nice profits from Theta, mainly.

Position status:

The trade is now having a small drawdown.

Profit target:

Let's maitain the PT to $600.

-------------------------------------

Trade Rationale: Adjust 10 Nov

What a day! The SPX is now moving up 5.5%! The SPX price is at the short Call strike and the structure has a negative Delta. I feel the market may retract but it was a value too big (-6 at time of adjustment). After the adjustment where I moved up the soft hedge, the Delta reduced to -3. The SPX continues to move up and at this moment the Delta increased its negative value to -4.8... Tomorrow, I will decide if I close the trade or continue to adjust...

Position status:

The trade increased its value and presents a small profit.

Profit target:

Let's decrease the PT to $600.


-----------------------------------

Trade Rationale: Adjust 1 Nov

The SPX is trying to break the strong resistance at 3900 and is retracting a bit. I feel the market is now calmer and it should not go lower than 3640 until the Nov expiration (18NOV) - the SPX is now in a positive trend. Obviously, we never know... This is my judgment. Since the Butterfly structure was too far down and not contributing too much for the trade, I decided to move it higher (added an additional lot as I had available cash). I chose the 3600 strike price for the short Puts of the new Butterfly because they are below the strong support at 3640. 
With this move, I added some positive Delta, increased Theta, and captured additional premium. The Delta ended almost neutral (previously had -2.5). It is expected that the t0 line starts to inflate as we are approaching the expiration deadline turning Delta increasingly negative in case the SPX stays stable.

Position status:

The trade increased its value and is almost at break-even.

Profit target:

Let's increase the PT to $1100.

----------------------------------------------------