1. Think or Swim software Simulation of how an Iron Condor works from day 1 to expiration (approximately 45 days) April 23, 2012

2. The Options Trade SPY ETF – 10 POSITION IRON CONDOR 128/130/149/151 Underlying stock price at open of trade - approximately $139/share Cost of trade - $640 Potential profit if stock stays in between 130 and 140 - $295

3. PROFIT/LOSSACTIVE TRADE POTENTIAL PROFIT AT EXPIRATION UNDERLYING STOCK PRICE

4. The next slides will transition as a slideshow every 3 seconds. You can click the slides if you want to go faster through the 6 week trade. Pay attention to the P/L Open column, center cell, to see the change in profit for the trade.