Closed FSLR Strangle, Opening RUT Iron Condor

This morning at the open I closed my strangle trade on FSLR. I originally put that trade on for $1.01 and I closed it for $.85 +.16 on this one. Not a big winner but I would rather have a handful of winners that make my probabilities better. Plus I am looking at a few new trades, I’d like to get another strangle on, but right now I’m working on an iron condor on RUT.

The RUT IV is around 28 which in normal market conditions is the higher end of the IV range. With the power of mean reverting I would expect IV to fall in to triple witching next week. I hope that we can see a contraction in IV and I can ring the register within 10 days! One thing that I am doing on this trade is KEEPING IT SMALL. By keeping it small I will limit my risk if we have an IV expansion. That helps me take a bit more risk in this trade.

This is the trade! I know I have a similar trade on IWM short strangle, I might be taking that trade off as well, but as of now I will trade both.

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