Iron butterfly strategy

Iron butterfly strategyIron Butterfly Strategy

The Iron Butterfly strategy is an advanced option strategy that combines two vertical spreads (one call spread and one put spread) to create a position that is useful for when you expect low volatility, and for when you expect high volatility but are unsure of the direction. As the name implies, the Iron Butterfly is similar to the Butterfly and Iron Condor strategies. It has the same profit and risk profile as the Butterfly, but uses a similar combination of option spreads as the Iron Condor.

The Long Iron Butterfly is the most commonly used version of the Iron Butterfly, and is suitable for stocks that won't move much ( low volatility ). Like the Butterfly and Iron Condor, this strategy also suffers from the problem of prohibitive costs (depending on your broker commissions). The two option spreads consist of a total of 4 individual options, and the resulting commissions to open and close the position may make this strategy not as profitable as it looks on paper.

The position is created by opening two sets of option spreads. The first spread is a call spread which consists of selling an At-the-Money (ATM) call option and buying an Out-of-the-Money (OTM) call option . The second spread is a put spread which consists of selling an ATM put option and buying an OTM put option .

Iron butterfly

Iron butterflyIRON BUTTERFLY

Iron Butterfly Strategy graph

Delta NeutralTrading

Delta neutral trading is the key to success as an options trader.

Learning how to trade delta neutral provides traders with the ability

to make a profit regardless of market direction while maximizing

trading profits and minimizing potential risk. Options traders who know

how to wield the power of delta neutral trading increase their chances of

success by leveling the playing field.

Delta neutral trading strategies combine stocks (or futures) with options,

or options with options in such a way that the sum of all the deltas

in the trade equals zero. Thus, to understand delta neutral trading, we

need to look at delta, which is, in mathematical terms, the rate of change

of the price of the option with respect to a change in price of the underlying

An overall position delta of zero, when managed properly, can enable

a trade to make money within a certain range of prices regardless

Review on option strategies for directionless markets trading with butterflies,iron butterflies,an

Review on option strategies for directionless markets trading with butterflies,iron butterflies,anReview on Option Strategies for Directionless Markets: Trading with Butterflies, Iron Butterflies, and Condors

Ive study lots of publications upon choices as well as many of them possess something in keeping — all of them simply explain the different choices methods however dont supply any kind of information about how to make use of the actual methods successfully to create cash. This Option Strategies for Directionless Markets: Trading with Butterflies, Iron Butterflies, and Condors isnt.

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Review on Option Strategies for Directionless Markets: Trading with Butterflies, Iron Butterflies, and Condors

Ive study lots of publications upon choices as well as many of them possess something in keeping — all of them simply explain the different choices methods however dont supply any kind of information about how to make use of the actual methods successfully to create cash. This Option Strategies for Directionless Markets: Trading with Butterflies, Iron Butterflies, and Condors isnt.

Click Here to Download A NEW Trading Tool and Strategy For FREE

Iron condor strategy

Iron condor strategyIron Condor Strategy

20condor%20strategy. jpg" /% The best way to understand the Iron Condor Strategy is to think in terms of selling two credit spreads - bear call credit spread sold simultaneously with a bull put credit spread, on the same underlying stock. Even though most brokers will allow you to sell both as a single trade, the best way to manage the trade is to think in terms of two trades. The iron condor option strategy is a neutral strategy that is best in a non-trending market, and can be more profitable than credit spread trading.

First, the cautions. Even though iron condor trading is very profitable, and can easily return more than 10% per month on margin, it does have a higher risk-reward ratio than credit spreads. If it tanks, it can hurt! In addition, it is a bit more expensive than credit spread trading, because it involves selling four options, not just two. However, if your broker allows you to trade the position as a single trade, the difference is not too huge. So, here are some tips that will help you trade safely and profitably:

Manage your trade actively, thinking in terms of two credit spread trades;

Set up your trade with a combined probability of success of at least 80%;

Trade on major index products, such as DIA, SPY or IWM. These are good because they do not whip saw as quickly as single stocks, they have a huge trading volume, and give reasonable profits.

TOP TIP: You can view an outstanding (free) video that outlines the Iron Condor Strategy by clicking on the link.

How to Trade an Iron Condor

You can enter an Iron Condor Trade simply by selling two credit spreads. Simultaneously sell a Bear-Call Spread and Bull-Put Spread. You will receive credit for both spreads, which is why this is quite a popular trading technique.

XYZ is trading at $100 per share.

Sell a 85/80 Bull Put Credit Spread

BUY July 80 Put for $0.15

Net Credit = $0.20

Sell a 110/115 Bear Call Spread

BUY July 115 Call for $0.20

SELL July 110 Call for $0.50

Net Credit = $0.30

Total Net Credit for the Iron Condor = $0.20 + $0.30 = $0.50

20market. jpg" /%The trade will remain profitable as long as the price of the underlying stock remains within the price range between the two spreads. As long as the stock price remains within this range, you can leave the trade until it expires worthless (and then you get to keep the profit that you made when you sold the position). Alternatively, as time decay takes its effect on the prices of the options, you can buy back the trade for a cheaper price than you sold, and secure your profit.

TOP TIP: The Iron Condor 101 Trading Simulator is an amazing piece of software that you can use to make thousands of practice iron condor trades on real historical data. You even learn first hand some basic techniques used to repair trades that 'go wrong', and still make a profit (Note: advanced repair techniques will be included in later editions of the game). Practice makes perfect - it certainly revolutionised my trading experience. Read my Review

The graph below illustrates the trading profile of an iron condor. It is limit risk, and limited profit, but as long as the underlying stock remains between the two breakeven points, your profit is secure.

For tips on how to use the Iron Condor strategy, including when to trade, how to get the best probability for success, and how to manage the trade, follow this link: Trading Iron Condors

Documentary collection

Documentary collectionDocumentary Collection

DEFINITION of 'Documentary Collection'

Letter Of Credit

Bill Of Exchange

BREAKING DOWN 'Documentary Collection'

A key document in documentary collections is the bill of exchange or draft, which is a formal demand for payment from the exporter to importer. D/Cs can be classified into two types, depending on when payment is sought by the exporter: 1) documents against payment (D/P), which requires the importer to pay the face amount of the draft at sight, or 2) documents against acceptance (D/A), which requires the importer to pay on a specified future date.

In a D/P collection, the exporter ships the goods and then gives the shipping documents to his or her bank (which is also known as the remitting bank). The bank forwards these documents to the importers bank (known as the collecting bank), which will only release the documents to the importer on receipt of payment for the goods. The collecting bank then remits the funds to the exporters bank for payment to the exporter.

A D/A collection differs from a D/P collection because the exporter extends credit to the importer through a time draft in the latter case. Once the importer signs the time draft which becomes a binding obligation to pay by the due date shown on the draft because of the signed acceptance the documents are released to the importer. The collecting bank contacts the importer on the due date for payment, which upon receipt is remitted to the exporters bank for payment to the exporter.

The exporters risk is obviously higher in the D/A collection process, since the exporter has no control over the goods after the importers acceptance and may not get paid for them.

In terms of risk, D/Cs are much safer than an open account but have fewer safeguards than a letter of credit. since the banks neither guarantee payment nor verify document accuracy and authenticity. These features can be exploited by fraudsters posing as either the exporter or importer. As a result, D/Cs are not recommended for exports to nations that are politically or economically unstable. Overall, because of their lower cost and simple process, D/Cs are best suited for established trade relationships in sound export markets, and for transactions involving ocean shipments rather than air or land shipments which are more difficult to control.

Zup v135harmonic patterns indicator

Zup v135harmonic patterns indicatorZUP v135 Harmonic Patterns Indicator

Harmonic Trading is a methodology which uses the recognition of specific structures that possess consecutive Fibonacci ratio alignments that validate harmonic patterns. These patterns calculate the Fibonacci facets of these price structures to recognize probable reversal points in the financial markets.

When put on the financial markets, this analysis of Fibonacci measurements can define the extent of price action with regards to natural cyclical growth limits of trading behavior.

The collective entity coming from all buyers and sellers inside a particular market continue with the same universal principles exhibiting cyclical behavior.

Harmonic Trading identifies repetitive situations from the chaos from the stock and forex markets.

Essentially, these patterns are price structures that have mixtures of distinct and consecutive Fibonacci retracements and projections.

This is actually the latest version in the ZUP v135 indicator that identifies the pattern dragon .

ZUP V135 ALL Mq4 (97.2 KiB, 6791 downloads)

Forex trading days

Forex trading daysYearly Performance Charts

Changes For 2015

In 2015 we started trading 4 currency pairs (EURUSD, GBPUSD, USDJPY and USDCAD) . We also introduced optional exit strategies that can be traded with the signals (Targets, Timed Close and Advanced). March was the first full month we reported for each of these strategies. The graph and results below reflect these changes:

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Stock trading strategy software

Stock trading strategy softwareThis short video shows you how to generate a monthly income with stock options.

The Investment Disaster that Didn't Happen

Many people got clobbered recently in the market. Maybe you were one of them. What if there were trading strategies that gave outstanding results in both up, down and sideways markets? Smart traders have been doing just this by using option trading strategies for a consistent monthly income.

My Option Master Income software will help you do just that. I've looked at all the software out there and concluded that the only way to get the data that I needed to apply the strategies correctly was to program it myself. Since doing so, I've decided to share this software with a few fellow investors at a reasonable price.

Here's what this software can do.

Invest Without Fear Even in

THESE Anxious Times

Find high probability debit spread option trades that work month in and month out. This simple strategy produced a 24% annual return while only being invested in the market 7 days at a time. The Option Income Master software finds these trades fast and easy. I'll tell you how to get the complete rules for this strategy in a minute, but let me first mention the iron condor strategy.

Trading the Iron Condor for 16% Monthly Income

The iron condor is a popular one for trading options for income. The problem is that most software doesn't give you the information you really need to make these trades successful. The Option Income Master does, and does so with just one click. You'll instantly have all the information you need to make a good iron condor trade. One simple strategy that I'll show you produced a 16% MONTHLY return. This is explained in my free bonus.

Premium collecting with nadex spreads iron condor

Premium collecting with nadex spreads iron condorPremium Collecting With Nadex Spreads: Iron Condor

With Nadex spreads, traders who think the underlying market might not go anywhere and just oscillate around where it is can trade whats called an iron condor as a neutral strategy.

Two previous articles in this series covered how to collect premium (credit spreads) in an upwards or flat market and how to collect premium in a downwards or flat market using Nadex Spreads.

Traders can do this every day, even multiple times a day. Doing both is called the iron condor and can help traders combine both for a larger potential profit and a larger break-even distance. Traders sell the upper spread and buy the lower spread.

One tool that traders can use for trading iron condors is the APEX Nadex Spread Scanner. The APEX scanner is free to use and an excellent way to look through all the Nadex spreads for a particular instrument. Users can quickly see the risk/reward, time to expiration, width of the spreads and proximity to the underlying market for comparison enabling them to pick the most advantageous trades.

To start, traders should know exactly what a Nadex spread is. It has a floor and ceiling level, and time limit to expiration. Nadex offers intraday two hour and 8.25 hour as well as daily spreads. They can be traded anytime during the trading hours of the particular spread up until expiration.

Their width and distance can be from 100 ticks to 1000 ticks depending on the market and expiration. All of the Nadex markets move in ticks with the smallest increment being one, and every tick is worth $1.

When long, a traders max profit is the distance between their entry and the ceiling. When short, a traders max profit is the distance between their entry and the floor. The max loss when going long is the distance between your entry and the floor. When short, the max loss is the distance between entry and the ceiling.

Should the market move past the ceiling or floor, traders cannot lose additional money or make additional money.

Typically, iron condors are excellent for when the market is flat or oscillating in a specific range. Therefore, its called a “neutral” strategy.

For example, consider a crude oil iron condor. When buy and sell crude oil spreads are put together, it is an iron condor premium collection trade. For this setup, traders would sell the upper spread, Crude Oil (Apr) 103.00-108.00 and buy the lower spread, Crude Oil (Apr) 98.00-103.00.

Putting the two together, the top of the iron condor is 108.00, the middle of the iron condor is 103.00 and the bottom of the iron condor is 98.00. In this example, there is a max profit of 54.2 for the buy and 22.2 for the sell.

What makes this a premium collection Iron Condor is the inverted proximity to the underlying market. Proximity means the distance of the price of the spread to the underlying market.

For the long spread, the price is 23 ticks below the underlying market. So, there are 23 ticks of premium built in there. The market could fall 23 ticks and the option would still be at break even on the trade because it was bought at 23 ticks below market.

Now looking at the sell spread, its price to sell is 56 ticks above the underlying market. The market could move up as much as 56 ticks and the trade would still be at break-even on the sell side.

This particular iron condor has premium in it to collect. However, it is not necessary for there to be premium to profit with an iron condor.

To view image click HERE

When both spreads are put into an excel spreadsheet as shown below, it becomes easy see what the potential profits and losses are on both sides and where the break-even points would be. In this case, the underlying market is trading right around 102.65. If the market moved up 54 ticks to 103.19, the trade would profit $54.

The sell price of the upper spread was 56 ticks above the underlying market; therefore, the underlying could go up that much before the trade would start to lose money on the sell side. Actually, the buy spread caps out at 103.00. So, as soon as the market reaches 103.00, the trade has reached its max buy side profit of 54.

If the market continues up though, it could go up by 56 ticks without losing on the sell side. It could go up another 54 ticks, which would be the max profit amount on the buy side, before reaching the break-even point. It could go up a total of 110 ticks to 103.75 to reach the high break-even point.

To view image click HERE

If the market moved down, it could go down to 102.43 for 22 ticks of max profit on the sell side. Again, the buy price of the lower spread was 23 ticks below the underlying market; therefore, the underlying could go down that much before it would start to lose money on the buy side.

If the market continues down though, it could go down 23 ticks without losing on the sell side. It could go down another 22 ticks, the max profit amount on the buy side, before reaching the break-even point. It could go down a total of 45 ticks to 102.20 to reach the low break-even point.

This was an example of a premium collection iron condor because of the inverted proximity to the underlying. Normally, the price proximity to underlying is not negative for buy side spreads, or positive for sell side spreads. The spread we sold was deep in the money and the spread we bought was in the money. Inverted proximity to underlying is not needed to be profitable doing an iron condor.

To learn more about the best times to use iron condors, please visit: apexinvesting. APEX provides the free Nadex spread scanner and will have an iron condor calculator tool coming soon.

To learn more about how to trade binary options in-depth and for binary options signals, trading strategies, tools and trade rooms see ApexInvesting.

© 2015 Benzinga. Benzinga does not provide investment advice. All rights reserved.

Anatomy of an iron condor option trade

Anatomy of an iron condor option tradeAnatomy Of An Iron Condor Option Trade

Using an Iron Condor to Trade the SPX (SP 500) index, allows you to generate profits on a large slow moving index.

An iron condor trade is a combination of two vertical credit spread trades. This option trade generates a profit by selling both call options and put options, thereby taking in premium. Protection is provided by purchasing a slightly further out-of-the-money call and put to hedge your short options.

When the trade is opened, you will receive a cash credit in your account. That credit represents the maximum profit you can earn on the trade.

Trading In A Consolidating Stock Market

An iron condor is best suited for stagnant or sideways markets. So long as the market stays flat, or within an identified range, all of the options will expire worthless allowing you to keep the credit generated when the position was originally opened. Trading a large index like the SPX takes advantage of its tendency to move slowly, within defined ranges.

Trading The SPX And Other Large Index Products

It is possible to trade iron condors on individual stocks. However, we prefer to trade the position on large stock indexes such as the SP 500. These indices tend to move more slowly than individual stocks, are less prone to large gaps up or down as compared to individual stocks, and carry highly liquid option chains.

Our goal is to construct an opening position that provides a wide profit zone, giving the index ample room to move over the life of the trade.

The graphic above displays a "risk curve" for an iron condor. The dark black line outlines our "maximum profit zone." So long as the SP 500 stays within that wide profit zone, a maximum return is realized by the end of each month.

Wide Profit Zone Increases Probability Of Success

By creating a wide profit zone on a slow moving index, we have developed a high probability approach that can generate consistent profits .

During a June 16, 2005, chat session we have constructed an iron condor position. We did not try to predict where the market was going, but simply asked ourselves where the market was not likely to go. Market support for the SP 500 had held at 1,200, without being breached. We identified likely resistance at 1,220, but provided ourselves even more room by selling the 1,245 call.

On the put side of the trade, we sold the 1,145 put option. So long as the SPX (SP 500) stayed above 1,145 and below the 1,245 price level, we were poised to realize a maximum profit!

This trade was constructed with less than 30 days to the expiration date of the options being traded, for which we received a cash credit in our account of $175 for each spread we chose to sell. That translated into a 13.2% return on risk over the 30 day period. That's better than 150% per year!

Don't Stop There! - Learn To Manage The Iron Condor

Even though the SP 500, and other large indices, are 'slow moving monsters," we have gone even further to protect against losses by refining the basic option trading strategy, incorporating conservative trade management principles . Those trade management guidelines are designed to keep you, and your money, safe!

Our trade management principles allow you to "adjust" your position in the market to preserve profits or limit losses when the market makes an unexpected move.

We want to adjust our position before our short options are in the money. The adjustment involves closing the side of the iron condor that is threatened, then open a further out-of-the-money spread. This will result in a debit. However, we will also move our profitable side closer to the money to further increase our credit on the trade. The intended result is to preserve a credit and profit potential.

To learn more about the Iron Condor option strategy, how our subscribers trade the position, and more about options and option strategies, subscribe to our free newsletter.

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The options trading course blog

The options trading course blogComparison of Option Trading Strategies: Closing PCLN short straddle vs Russell Index Iron Condor

As part of The Options Trading Course well compare to option trading strategies in regards to closure of the position. This is a case study of a Russell 2000 Index Iron condor and a PCLN short straddle. Both positions were opened prior to the weekend to take advantage of time decay over the weekend and an expected fall in volatility .

Iron Condor Option Strategy on Russell 2000 Index

Iron condors are composed of two vertical spreads . The components are a bull credit spread and a bear credit spread . Each of these vertical spreads are in turn composed of both long and short option positions. You can already see that this is quite a cumbersome strategy due to the large number of options positions involved!

Numerous options contracts also means lots of revenue for the brokerage firms! At $1.50 per contract and trading a 10 contract iron condor this will add up to $120 in commissions for a round trip trade.

In this particular trade of a Russell 2000 index iron condor . option liquidity and wide bid-ask spreads made this a challenging position to close. With a spread of approximately fifty cents to one dollar, closing a position like a vertical spread which involves more than one option position is a challenge. I found that I had to move my ask price closer to the natural price in order to get a fill. This is all despite the index having large trading volumes and high open interest.

In all, the iron condor strategy can be useful where you expect volatility to fall and to benefit from a high theta (time decay). Additionally iron condors are attractive due to limited potential loss and the ability to adjust option positions.

It would be preferable to trade stock options or index options which have narrower bid-ask spreads and with higher liquidity. The SPY (SP 500 ETF) is a better choice, with bid-ask spreads of only two cents or so.

PCLN short strangle

PCLN options also have wide bid-ask spreads. This varies from $0.50 to $1.00 or more. However this trade was easier to close since PCLN options have wildly varying implied volatility.

In order to close the trade I entered a bid prior to market open. The price I offered was calculated according to the theoretical price taking into account time decay and expected changes in volatility. The open of trade showed an initially elevated volatility level which crashed after about five minutes and allowed me to fill by trade at the price I set.

This particular trade was closed in a staggered manner. Having followed European and Australian markets prior to the NYSE open I anticipated a general tendency for the share price to rise. My initial priority was to close out the short call leg which would be threatened by a rising stock price.

In all the PCLN short straddle was much easier to close than the Russell 2000 iron condor since it wsa a much less complex position.

Overall it is harder to fill orders for iron condor trades however this option trading strategy is more forgiving since the position is relatively easy to adjust and has limited loss.

PCLN options exhibited marked volatility swings which make trading this stock option hard to manage.

In all it is important to select assets to trade which are as liquid as possible since this will directly affect profitability.

Forex traders leads

Forex traders leadsForex Traders Leads

Forex Traders Leads : would our list of Forex traders includes their first and last names and telephone numbers e-mail addresses website opt in information and much more. This list was extremely expensive to come by and includes a downloadable e-mail list of Forex stock traders. Marketing to a list of Forex traders just got easier with our brand-new Forex traders e-mail list for sale. Includes thousands of records that contain vital data and information regarding recently signed up Forex currency exchange traders e-mail addresses. A current list of currency exchange traders and Forex traders are now available for immediate download in our members only area. We also have other investor lists available such as our CBS Market Watch Investor List, Our Day Trading Stock Investor List and our High Net worth Investor Lists as Well.

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10percent per month review

10percent per month review10 Percent per Month Review

10 Percent per Month is an options advisory newsletter that specialises is Iron Condor Trading. Their stated objective is to earn 10% per month on their whole profile, through an average of 3-5 trades per month. Starting with a basic capital of $25,000, they suggest that you can earn up to $3,000 per month. Most of their trading is carried out using the DIA, SPY, RUT and IWM Index Exchange Traded Funds. As these funds representa a very broad sector of the market, their volatilities are typicially lower than those for stocks. This means that risk is reduced somewhat.

Performance

The service has a very detailed performance record, showing the exact trades that have been made. The records are easily accessible, and easily understandable, and appear to be an accurate reflection of performace. The performance records have been verified at Pro Trading Profits. The website also gives examples of the relative advantages of compounding versus non-compounding, using actual data. You can see the performance data here

The 10 Percent per Month service costs US$125 per month

Autotrading

The service is autotraded on ThinkorSwim, E-Options, TradeMonster, TradeKing ( ), Global Auto Trading and TradeBlock. Email notifications are sent out for each trade.

Conclusion

10 Percent per Month appears to be reasonably successful, but does not fulfil it's goal of monthly gains. Here are the average gains for the last 6 years:

2007 Average 8.3% per month (One losing month)

2008 Average 6.7% per month (two losing months)

2009 Average 8.7% per month (no losing months)

2010 Average 1.7% per month (four losing months)

2011 Average 8.4% per month (two losing months)

2012 Average 6.5% per month (two losing months)

You could rely on a service, or you could learn how to do it for yourself. Get an overview of Iron Condor Trading . as well as Credit Spread Trading . Invest in a trading course that covers Iron Condors and Calendar Spreads, and practise your skill with the Iron Condor Simulator .

Have you used this Service?

If you have used, or are currently using this service, please insert your comments below for the benefit of other readers. We would all benefit from your personal experience!