Traders Playground

Selling Swing: shorting SLV 40 weekly puts at .49-.48 vertical trough long SLV 39 weekly puts at .24 area 2X OVERSIZED the spread. We still hold the short on SLV 50 and 49 calls so this brings us into an IORN CONDOR . Will cover the 50 and 49 weekly calls if they clear at .04 - .02 to lock in the profits will have the orders out there good till cancel to lock in those profits. Today have already cleared some covering of the 50 calls at .04 from .50 . This will help us lock in the profits step by step while having the flexibility of continuing to hold the long on SLV 45 weekly puts that are now up around 340% pure profit. If we move up then this new short will help offset profit losses but if we fall we would have to fall bellow 40 for the puts short to give us danger but all the time between these long on puts would continue appreciating . With an iron condor where the calls were shorted at a possible high friday and the puts shorted at a much lower stock level it removes a lot of risk and can allow me to go on my 1 week vacation in peace without worrying about this position. Each leg complementing the other with a profit building and simontaniulsy protecting strategy.