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Iron Condor Traders Gobble Up Profits in $CMG
Iron Condor Option Traders had a relatively relaxing week in $CMG. On Feb. 22nd, our Time Bandit Option service discussed the Iron Condor Option spread in Chipotle ($CMG). We looked at getting into the 297.5-335 Iron Condor with a March 2nd. Expiration. We bought the 287.5 Put and sold the 297.5 Put. We also sold […]
Iron Condor Option Traders had a relatively relaxing week in $CMG. On Feb. 22nd, our Time Bandit Option service discussed the Iron Condor Option spread in Chipotle ($CMG). We looked at getting into the 297.5-335 Iron Condor with a March 2nd. Expiration.
We bought the 287.5 Put and sold the 297.5 Put. We also sold the 335 Call and bought the 345 call.
Traders were able to collect about $1.67 for the total IC option spread.
Technically, the stock had the 20, 50, and 100 day simple moving averages below and the 200 day moving average above. We discussed how these could provide good support and resistance if needed. You can see from the chart that the stock tested the 50 day SMA 3 times, but never broke it.
Iron Condor traders allowed the spread to expire worthless and collect the full $167 per option spread that was traded.
