An in-depth analysis of the SPY lead to the “screaming” conclusion that there was no Bullish argument for it. At best it would be neutral (to unconfirmed Bearish bet); therefore, we looked at one day trade on the S&P cash settled index. The ticker (^SPX for Quotestream) ($INX.X or simply $SPX.X for Trade Station)
Feb 18th SPX Iron Condor= $500 (invested) -125 (credited)= Max Loss 375
Starting with the SPX current price of the SPX 4350 at 8:30 PST
Protection to the upside of 45-points
STO 4395c = obligation to Sell
STO 4300p = obligation to Buy
To conclude, the SPX closed the same day at 4348.87 which is barely only about two points away from our entry, and all strike prices have expired worthless earning the maxim profit of $125 in a day.