Option Traders Fly Away with Profits in $BA

In our Time Bandit Options Trading Service we identified Boeing ($BA) as a prime candidate for an Iron Condor for the week of expiration of March 23rd.  Subscribers were able to jump into the 317.5-350 IC for about $1.90 with stock at $330.81.

So this means that option traders were able to buy the 307.5 puts and 360 calls while selling the 317.5 puts and 350 calls for $1.90 on the entire option spread.

We chose these strikes to marry up with key resistance levels.  We also had additional resistance from the 20 and 50 day Simple moving averages.  Support should have helped from the 100 day SMA, but that was slightly lower than our short strike and it was never tested.

The low on the stock on expiration, which was a big down day, was only $318.32, above our short strike of $317.5.

Iron Condor option traders were able to lock in 100% of the premium collected as the position expired.  They took in about $1.90 on the option spread or $190 for each option spread entered!