Question about proper orders for exiting spreads

Posted by tradertedd on March 02, 2010 (12:15AM)

After I sell an Iron Condor I would like to place orders to buy back each of the vertical spreads separately if and when the premium of each spread falls to a specific price.  Can anyone suggest the proper orders to use and why?  Thanks everyone...

Posted by OldFart on March 02, 2010 (01:56AM)

Limit

Posted by ScottBuck on March 26, 2010 (07:14PM)

You would use a limit order,  but in reality, if you are selling Iron Condors AND closing them out if they fall a certain amount then you are definitely sacrificing a good chunk of profit to commissions.      Even TK's uber low ones will start to add up on Condors that you sell and buy back.

That's 8 tickets total, added up to at least $45 in commission (for 1 contract of Condors)

Posted by OldFart on March 26, 2010 (08:06PM)

Yes, the condor is very trading-intensive - 8 orders to open and close not to mention a few more if one needs to make an adjustment somewhere before it is closed

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