GLD Iron Condor Ken Hodor

Iron Condor close cancelled Used OCO instead of 1st then OCO

Order Confirmation for D-10401977 (margin) #1 Order Description SELL -1 IRON CONDOR GLD 100 JUL 11 152/154/146/144 CALL/PUT @.99 LMT GTC OCO #2 Order Description BUY +1 IRON CONDOR GLD 100 JUL 11 152/154/146/144 CALL/PUT MKT GTC OCO #2 Order Conditions GLD MARK AT OR ABOVE 151.75 #3 Order Description BUY +1 IRON CONDOR GLD 100 JUL 11 152/154/146/144 CALL/PUT MKT GTC OCO #3 Order Conditions GLD MARK AT OR BELOW 144.25 Break Even Stock Prices N/A Max Profit $100.50 Max Loss $101.00 (not including possible dividend risk) Cost of #1 Order including commissions credit $99.00 - $11.80 = credit $87.20 Cost of #2 Order including commissions $99.50 + $11.80 = $111.30 Cost of #3 Order including commissions $99.50 + $11.80 = $111.30 Cost of Trade including commissions $99.50 + $11.80 = $111.30 Buying Power Effect ($101.00) Resulting Buying Power for Stock $198,109.96 Resulting Buying Power for Options $99,054.98

GLD Price Action

Why 100% GLD IC loss Original intent Exit if within $0.25 of short strike This would have exited with a small loss 6/24 However, this ballistic trade set up incorrectly Used a OCO for entire order Should have been 1st triggers OCO

What would have been better? Exit short trades when they are below $0.05 Leave long trades alone Would have netted a 200% gain vs 100% IC expected max gain This turns a concave down Risk Profile to a concave up Risk Profile Lock in profits Ride a winner for even more gains

IC Ballistic Trade Modifications Exit short strikes early at 5-10% of initial price Only exit early if dramatically moves against position—loses 25% of value. Build a trade template to do this to minimize errors in future.