Conservative option strategies, what did you buy or sell today?

[NilesMike]

(09-26-2019, 11:17 PM)fenders53 Wrote:

(09-26-2019, 10:10 PM)NilesMike Wrote: I don't know if the group thinks this is a conservative option trade or not. Let me know.

It's been a staple income generator. SPX Iron Condor. 12 Delta, 25 wide wings. 66DTE. Exit is down 200% of credit received OR 50% of credit received OR 33 DTE. Whichever comes first

I know you have been doing this awhile.  What is your preferred method to remain conservative?  Are you wagering the SPX stays in a reasonably tight range in the near term, or trying to play the likely bounce off over sold or over bought conditions?

I put the trade on with the short wings @ 12 Delta (88% probability of expiring out of the money)

Current open position was initiated 9/23 when SPX was 2985. My short legs are 2735P and 3140C
Just letting the probabilities play out and keep the time decay.