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Question about proper orders for exiting spreads
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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...
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)
That's 8 tickets total, added up to at least $45 in commission (for 1 contract of Condors)
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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