Iron Condor Spread - What should I do with SPX?

[sss3d]

Tomorrow is close to expiration and during the last hours SPX fell back down.

Graph: http://i51.tinypic.com/2rogcg8.png

Current Positions:
http://i56.tinypic.com/2e17z4j.png

I feel like it may be close to my short put strike of $1285.

What would people recommend me to do if I am risk averse and want to minimize my potential losses and gains?


The next Puts out are at
1275 - $1.10
1280 - $1.85

Then for Calls
1295 - $1.80
1300 - $0.75




Should I close the current put positions and sell the next one lower and then sell the next lower call credit spread after closing the higher ones?

 

[tradermic]

Should I close the current put positions and sell the next one lower and then sell the next lower call credit spread after closing the higher ones?

Your Iron Condor seems to be too narrow. Seems like you are bound to lose money using that range. How much credit did you get from each side?

I would have closed out the put position at the time of posting and gone the back-month to get a much lower price.... maybe 1230 puts... but that's just a guess.

 

[HowardCohodas]

An ITM Options Iron Condor with a 2.3 to 1 win/loss at it's current options prices. I don't know what credit you received when you put it on. Leave it on, close it out or modify it? Anything you do to modify it that I can think of too lower your risk will cost you money. Personally, I'd ride it out if I got a good premium when I put this on.

 

[mas24546]

I don't know if SPX has weeklies, but if it does, try using those in the future to help out with the risk if one of the insides starts to look like it's in serious danger of getting "touched". You should make plans to pass those situations.