Spy has been trading in an upward moving channel for some time.
June 19th options maximum pain is 210. I am betting for SPY to stay inside the channel
for at least another week. Playing this with an iron condor
+206put -209put -213call +216call , my breakeven points are 208 and 214 .
2:1 risk to reward , but I will stop out if we close below 208 or 214.
Something else that I like is there is a very high open interest for the 210 puts which is
why I am leaning more to the upside. I think MMs will expire them. On the other hand , the 213.75 high
should provide resistance in case we go higher.
June 19th options maximum pain is 210. I am betting for SPY to stay inside the channel
for at least another week. Playing this with an iron condor
+206put -209put -213call +216call , my breakeven points are 208 and 214 .
2:1 risk to reward , but I will stop out if we close below 208 or 214.
Something else that I like is there is a very high open interest for the 210 puts which is
why I am leaning more to the upside. I think MMs will expire them. On the other hand , the 213.75 high
should provide resistance in case we go higher.