Opened MGM iron condor

I've opened an iron condor for April on MGM, with maximum profit in the range $10 to $12. The shares were trading at $12.31 when I opened the position for a premium credit of 46¢

The structure of the position is p9/-p10/-c12/c13.


My risk is to the upside, because the upper limit of maximum profit is below the top of congestion. However, there is profit at expiration all the way up to $12.47, so it's a risk I can live with.

I analyzed this stock in yesterday's scan.

Abbreviations:
psar - Parabolic Stop and Reverse
adx - Average Directional Index
pps - Person's Proprietary Signal
ma20 - 20-day moving average
macd - Moving Average Convergence-Divergence
mfi - Money Flow Index
sto - Fast Stochastic

Disclaimer

Tim Bovee, Private Trader tracks the trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.


No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.