IRON CONDOR - Magic Put Adjustment Strikes Again
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<< Iron Condor - Butterfly Adjustment July '10 Iron Condor Open >>In our previous post (May 18) we showed a risk graph of our flattened out iron condor / butterfly position right after we ‘tied it off’ with several adjustments including one of our ‘magic puts’ - in an effort to maintain some control while the markets swing around here wildly.
Today on the 20th - with another big down day - our ‘magic put’ kicked in once again pushing our current P&L line up nicely into profit where we did wind up closing. See risk graphs below…
Above: Our ‘Magic Put’ Adjustment kicks in as the market tanks again
Above: After one of our downside hedges have been removed as
we begin to unwind this position for a closed profit
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