$TSLA Iron Condor Traders profit before the Slide

Tesla ($TSLA) stock price has made a very bearish move in the past few days.  Subscribers to the Time Bandit Options Trading Service maxed out profit before the stock price dropped out of the Iron Condor Range.

As we entered the Iron Condor we gave more room to the downside from our closing price of $325.60.  Our downside short strike put was the $295 which was roughly $30 away vs our short calls which were only $17.5 away.  This gave us decent premium and we felt better with the slight lean based off of recent price action with plenty of resistance at the higher levels.

Our long strikes were $10 on either side of our shorts strikes at 285 for the puts and 352.5 for the calls.

In our TBO service we noted the negative news coming out about the company and provided warnings to lock in profit early in case one story managed to spook investors as it has done in the past few days.

Iron Condor Traders were able to lock in profits on this option spread of about $1.93 per IC as it stayed within our range.