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February 7th, 2011 at 12:25 pm
Income Trader: A question regarding how you deal with open positions in the last two weeks before expiry. I have my first February set (put on a few days before your official trade) with the short call at RUT 840 (delta right now 0.135). Obviously this spike above 800 today means there is still an outside shot we push to 840 by next Thurs (Feb 17 expiry). This is a 25 contract iron condor on this position, so in real money is not that big a commitment for me. Just wondering if you would still use your 0.21 delta as rolling guidance, or if you would close half or some other combination. Given I have a lot of margin, I was thinking that if the RUT continues higher for the rest of the week, I will possibly just roll into my March position. Thanks in advance for your thoughts…