For This Iron Condor Option Trade We Chose $PCLN – Priceline.
There was a recent high of $1,774.85 on Nov. 22nd, and low of $1,630.56 on Nov. 8th. The low was too far out of our range to collect premium so we found a closer support level around the $1,685 support. Given the distance away we mirrored the upside to around the $1,812.5 strike with a resistance level. The short strikes of Iron Condor were the 1812.5 calls and the 1685 puts. We bought the 1822.5 calls and 1675 puts as protection against the short strikes.
For this option trade our subscribers were able to collect around $1.80. Since the stock did not test either side…our subscribers were able to collect 100% of the credit of $1.80 for each Iron Condor that was put on!