Here is an Iron Condor trade 38 days out from expiration with an 85% chance of expiring worthless.
Credit $1.10 X 5 Lots
Total $550 - commissions
Call Side = 83.12% chance of expiring worthless.
Put Side = 92.80% chance of expiring worthless.
Expires in 38 Days
Credit: $1.10 x 5 = $550.00
Below is the Option Chain screen shot. This is showing you the Delta of the underlying.
You are looking for something close to .10 on the Call side and -.10 on the Put side.
Check back in 38 days to see how this trade turned out.
Remember...trading is a marathon, not a sprint. You only need 50% or better annual returns to be an elite trader.
Try not to get caught up in daily or even weekly profits when starting out. Look for high probability setups way out of the money like the one illustrated above. These are super easy to manage with a high winning ratio. This "winning" ratio will keep you in the game and consistent with your trade model. A lower probability set up tends to fall to the wayside because the trader will simply get tired of seeing the loss in his or her account.
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