July ‘10 Butterfly Spread - Iron Condor #2 Closed
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<< July '10 Butterfly Spread - Iron Condor Closed AUG ‘10 OEX BROKEN WING BUTTERFLY - CLOSED >>This was our second RUT Butterfly we put on this month. This trade was placed with RUT trading around 658. Immediately upon placing the trade, the index, along with the rest of the market, started a big down move, eventually traveling more than 10% before bouncing back up some today. Despite the move, thanks to the magic of adjustments, we closed the trade out at a respectable profit yesterday.
See various risk graphs below….
Our position right before starting to close it out
Unwinding position. A guaranteed profit is locked in here, with more future profit possible if RUT makes a significant move either way
Trade initially placed with RUT trading around 658. Trade taken off with RUT trading at 590
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