Traders,

Coach Tyler here. Last night I joined Coach Greg for Trade Masters on our YouTube channel. We both pitched our favorite three trades, giving viewers six new ideas to consider. Let’s investigate my Theta Round pick of a SPY Iron Condor.

First: SPY has been in a wide, sloppy range for the past year. The bulk of the movement has been between $430 and $370. If this behavior persists for the next 50 days, a June iron condor makes sense.

Second: The past two days saw SPY pull close to the middle of the range ($400) putting it near the optimal spot to deploy a condor

Third: Implied volatility popped over the past two days, inflating options premiums and increasing the payday of an iron condor

Fourth: The trade pitched was a June 370/365 bull put and 430/435 bear call spread for $1 credit.

This morning’s up-gap likely necessitates shifting the strikes higher to keep the trade in balance. 375/370 for the bull put & 432/436 for the bear call might do the trick.

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Chart of the Day: SPY

Home on the range.

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