If you love Iron Condors as much as we do in the Time Bandit Option Trading Service then you should the check out the profits our subscribers just collected in Alphabet($GOOGL).
On April 5th, in our webinar, we discussed what was going on it Facebook with the data mining issues and how this push up in implied volatility is to our benefit. We showed the risk of the Iron Condor short strikes at 977.5 and 1085 and felt these were good levels to play against. We bought cheaper 0ptions on the outside of the shorts calls and puts by $10 to complete the options spread. This allowed us to collect about $1.65 per IC spread. This was all with stock around $1,035.
Some pressure developed and pushed the stock down to a support level that was an upward sloping trend line. This trend line brought the stock back up to where we put on by expiration.
Our Iron Condor traders were able to lock in the $1.65 without ever testing a support or resistance short strike. That is 100% profit.
Congrats to our option traders on the profits!!