Condor Options

Our second move is to enter simultaneous orders for the positions with the highest delta risk (in opposite directions):

Order #1
Day limit order
Buy to close 4 JNJ Dec 65 calls
Sell to close 4 JNJ Jan 65 calls
for a net credit of $0.13 or better.

Once again, note that this order closes our position in CS#1, but we’ll still have open contracts in the 65 calls from the 62.5/65 double-calendar.

Order #2
Day limit order
Buy to close 6 JNJ Dec 60 puts
Sell to close 3 JNJ Dec 62.5 puts
for a net credit of $0.32 or better.

Here, too, we’re closing the remaining December hedge position (leaving the long 57.50 puts to expire worthless), but will still have a position at 65.50 from the 62.5/65 double-calendar.

Also note, once again, that Supplemental Trades are not autotraded, and that anyone who did not participate in this series of Supplemental Trades would not, or course, place the above orders.