Our XBI 6 Apr iron condor is profitable. We entered this trade with a 1.31 credit and adjusted it to an iron butterfly adding another 1.14 of credit giving us a total of 2.25. We can close the position today for 1.58 debit and a 0.67 profit or $3.35 of net profit.
Managing this trade early allowed us to ride out the downdraft in the XBI price until it settled and then close at a profit.
SPDR S&P Biotech ETF (XBI): 75.41
TRADE ACTION: CLOSE the XBI 6 Apr 75 / 70 put and 6 Apr 80 / 75 call iron butterfly for a net debit of around 1.55 to 1.60 (1.58)
STC the XBI 6 Apr 70 put
BTC the XBI 6 Apr 75 put
BTC the XBI 6 Apr 75 call
STC the XBI 6 Apr 80 call
Work the trade. You can close it as one block trade or close the puts and call as two separate orders.
Master Portfolio: 5 contracts