No time like the present to close one of our 3 laddered XBI iron condors for a profit. We collected a 1.20 at the open on our XBI 17 Mar iron condor and can close it now for 50% of max profit. Let’s close it.

TRADE CLOSE

SPDR S&P Biotech ETF (XBI):  82.97

ACTION:  CLOSE the XBI 17 Mar 73 / 78 put and 17 Mar 92 / 95 call for a net debit of around 0.58 to 0.62

STC the XBI 17 Mar 73 put

BTC the XBI 17 Mar 78 put

BTC the XBI 17 Mar 92 call

STO the XBI 17 Mar 95 call

This will result in a net profit of around 0.60 ($300) and a 15.6% return. We will add a new ladder rung in our live trading session on Thursday (3/2) at 10:30 AM Eastern.

Master Portfolio: 5 contracts