Triple Calendar on SPY (Circus Calendar)

Here is a calendar spread on SPY. Its a triple calendar (aka Cirus Calendar). By using a triple calendar I can get a wider breakeven while still maintaining a decent profit. One negative thing about calendars is that it is positive vega (implied volatility). So IV has to increase or stay the same to make money.

BTO 4 SPY Jun/Jul 97 Call for $.70
BTO 4 SPY Jun/Jul 85 Put for $.94
BTO 4 SPY Jun/Jul 91 Put for $1.12

Max loss is $1104
Current breakeven is $83.41-$98.16

First profit target is 12%.

RUT Iron Condor Hi Prob

The market has retraced the last few days from it's incredible bullish run. Maybe it's time to place an Iron Condor for the June expiration.

STO 3 RUT JUN 570/580 Call $0.80
STO 3 RUT JUN 410/400 Put $0.85

Potential Profit = $495
Max Risk = $2505

Current delta of the short strikes are ~10. Once price reaches near ~20 its time to adjust. Also if at anytime the profit reaches $380 its time to take the profit.

Why I love Thinkorswim!

I use the Thinkorswim (TOS) platform exclusively to trade options because it has the best tools to get the job done. The Analysis tab is the best part of the software which allows one to see a profit and loss graph in real time. It also has an awesome charting package that allows for custom indicators. It also recently introduced the backtrader module that is good for testing strategies.

I have also tried Optionvue in the past. It has a great backtrading module that is best around but I felt the yearly subscription fee was not worth the additional benefit.

For those that are interest, I'm conducting a free live demo of Thinkorswim software. I'll go over some tricks and tips on using the software. Contact me for info.