Thanks to Mark_Lexus for his input on this trade.
Got a little bounce the past few days. Taking this opportunity to roll this underwater spread to July. Using the same strikes gives me a small credit and buys me another 30 days. ER appears to be just prior to July opex. FFIV’s earnings have been very consistently strong, and the stock tends to not gap too much one way or another (as opposed to say, AAPL or GOOG).
Depending on how things play out, I may look at selling call spreads to condor these again and hedge any losses. Not in a rush to do so however.
Sold FFIV July 12 105/100 put spreads for ($9.14-$6.71) x 100 x 5 spreads = $1,215 premium received
BTC FFIV June 12 105/100 put spreads for ($4.45-$2.05) x 100 x 5 spreads = $1,200 paid
Stock continues to drop. Searching for a bottom down below its 200-day sma after beating earnings last month. Will look to put these back on again, either to offset the cost of rolling the put spreads down, or to continue to hedge and tighten the condor.
BTC FFIV June 12 130/135 call spreads for ($0.25-$0.12) x 100 x 5 spreads = $65 paid vs. $230 received = $165 profit
Redeployed the call side of the iron condor on today's bounce. Keeping the short strike up above the 20- and 50-day smas. Using this to help hedge the put side against more potential selling.
Sold FFIV June 12 130/135 call spreads for ($0.99-$0.53) x 100 x 5 spreads = $230 premium received
Another day, another red bar. Buying to close the call options on this iron condor. Will have my eyes open for opportunities to redeploy them.
BTC FFIV June 12 140/145 call spreads for ($0.29-$0.16) x 100 x 5 spreads = $65 paid vs. $310 received = $245 profit
Continuing with today's theme of closing spreads that could potentially be at risk with a further selloff - I rolled the F5 Network (FFIV) May credit put spreads from this previous post down and out to June. Also sold call option spreads to form an iron condor spread. This has the benefit of allowing me to go further OTM on both sides because I don't use any extra margin. OptionsHouse analysis tool puts the 100% profit probability of both sides to be right around 85%.
Sold FFIV June 12 105/100 put spreads for ($0.90-$0.53) x 100 x 5 spreads = $185 premium received
Sold FFIV June 12 140/145 call spreads for ($1.42-$0.80) x 100 x 5 spreads = $310 premium received
Total credit for the spread is $495.