Iron Condor Traders Cash in $GOOGL

In our Time Bandit Option Trading Service we discussed the GOOGL Iron Condor as a candidate for the week.

Subscribers jumped into the 997.5-1085 Iron Condor to collect about $1.80 on April 26th.

Stock was moving around but our initial mid price was about $1,043.53 and the straddle was around $30.54.

The straddle provides an estimate of potential future volatility anticipated by the market makers.

Most times we make sure our short strikes are outside of this range.

Subscribers bought the 987.5 puts and 1095 calls as protection against selling the 997.5 puts and 1085 calls.

The stock traded around the 200 day and actually felt that it could test the lower strike.

We had good resistance with the 50 day SMA below our short strike and moving lower.

Subscribers that got nervous were able to get out of the spread early for slightly less profit but those that held on collected the full 100% of the premium collected or $1.80 per Iron Condor or $180 total for each option spread.