bbrady413: Good luck. I opened an iron condor yesterday, 505/510/545/550. I could use a little relief rally. Tight rope walking today!

gwinsto: You bought 540/545 put spreads at the beginning of the week. How has that been working out? Please elaborate....

gwinsto: Opened 540/545 put spreads for credit might be a better way of saying it...

bbrady413: Richard, if I were you I'd go with the 515/510 bull put spread. Less premium, but Apple has held 515 several times today. Intraday support

Ricardo Espinosa: gwinsto, I closed it the same day at a small loss, could´ve taken me to the woodshed.

gwinsto: In light of the recent big moves, you were certainly onto something. You obviously did very well with the 520/515 put spread...

bbrady413: I had to close the condor for a loss when Apple went into free fall. It woulda been profitable in the end, but 100% loss was a risk.

gwinsto: What was the expiration date? What do you mean 100% loss? An Iron condor is a credit transaction and the maximum loss is..

gwinsto: the difference between the strikes on either the call or put spread less the credit received.

gwinsto: of course, that is highly academic and doesn't account for volatility, etc.

gwinsto: Or did you mean you would have lost the entire credit you received when you opened the spread?

bbrady413: The expiration was last Friday. I'm saying I would've lost 100% of the margin requirement (had the stock stayed low).