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Traders Gobble up Profits in $CMG with Iron Condors
Chipotle ($CMG) was one of three Iron Condor trades (all with 100% profit) for this week of March 9th expiration. The stock had a pretty large drop after earnings in February but rebounded nicely 5 days later to fill the earnings gap. The stock broke back above the 100 and then the 50 day simple […]
Chipotle ($CMG) was one of three Iron Condor trades (all with 100% profit) for this week of March 9th expiration. The stock had a pretty large drop after earnings in February but rebounded nicely 5 days later to fill the earnings gap.
The stock broke back above the 100 and then the 50 day simple moving averages.
Our option trading subscribers were able to jump in this stock on a support level of the 50 day moving average with the Iron Condor option strategy. We identified support and resistance around the 297.5 and 332.5 levels.
Subscribers bought the 287.5 puts and 342.5 calls and sold the 297.5 puts and 332.5 calls to collect about $1.5 per Iron Condor.
The stock held the 50 day SMA and stayed within a pretty tight range for a relaxing week.
Iron Condor option traders collected the full $1.50 credit to profit $150 per spread entered!
