Our twice adjusted XBI 10 Feb laddered iron condor is now in a solid profit range. The XBI moved against us to the upside and we managed it twice by adjusting the puts from an iron condor into a butterfly. After the initial trade and 2 adjustments, we have a 2.78 of credit. Let’s not be greedy. We can close it today for a net debit of around 2.38 to 2.42 resulting in a 0.38 to 0.40 credit and a 10% net profit.
TRADE CLOSE: 2/10/23 Laddered Iron Condor
SPDR S&P Biotech ETF (XBI): 89.05
TRADE ACTION: CLOSE the XBI 10 Feb 85 / 90 put and the XBI 10 Feb 90 / 95 call for a net debit of around 2.38 to 2.42
STC the XBI 10 Feb 85 put
BTC the XBI 10 Feb 90 put
BTC the XBI 10 Feb 90 call
STC the XBI 10 Feb 95 call
The Master Portfolio is trading 5 contracts.