Stock / Symbol: ProShares Ultra S&P 500 / SSO
Option Strategy: [private_monthly]iron condor[/private_monthly]
Trade entry date: Apr 23
Trade exit date: May 19
Price at trade entry: $54.96
Price at trade exit: $49.32
Position Details:
[private_monthly]
Short -7 May12 60 calls
Long 7 May12 61 calls
Long 7 May12 47 put
Short -7 May12 48 put
for a net credit of $0.15 per contract
[/private_monthly]
Analysis: We came a bit close to our downside breakeven of $48, but with SSO finishing last week at $49.32, we were able to allow this trade to expire worthless for the full yield on the trade.
Max Risk: $595
Max Reward: $105 or 17% by May 18
Profit Range: between $48 and $60 by May 18
Suggested Downside Stop @ $48
Suggested Upside Stop @ $60
Profit / Loss on trade: $105 or 17% (pre-commission)
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