SPX Weekly Iron Condor, defend tested side

Every Monday at 10:00 ET this sells an SPX iron condor on the Friday weekly: short call at about 0.12 delta and short put at about -0.12 delta, each protected by a long option 25 points further out. The long wings are bought first and the shorts are sold right after, so the position is never naked. If SPX comes within 10 points of a short strike, that side's spread is closed and re-opened at 0.12 delta on the same expiry (once per side). The whole position closes at 50% of the opening credit, at a loss of 2x the opening credit, or at 15:30 ET on expiry day (or at the next session if a shortened expiry day closes before then). 1 contract per leg; capital $2,500, the Reg-T margin for the condor (one 25-point wing; the credit received lowers it slightly). Times are US Eastern daylight time; from November to mid-March Tradetron's US clock (fixed UTC-4) runs one hour early, so the same rules fire one hour earlier Eastern (entry at the 09:30 open, exit an hour before the stated time).

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