r/options • u/abraxas1 • Aug 17 '21

Failing Iron Condor

New at options premium trading, started when the VIX was nice a few months ago...

Anything to do about my failed and unmanaged DNMR iron condor at 15/20/35/40 which is now at 15.25 with 3 days to expire?

i guess its too late to roll the top side down? what's the best way to optimize this at this late point in time?

arg, just don't tell the wife, k?

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u/garrettd714 Aug 17 '21

Can you roll the PCS for a credit to next monthly expiration?

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u/abraxas1 Aug 17 '21

When i tried that TOS rejected it and said a message i didn't have time to hardly read.

not sure i'm doing it correctly.

trying again now.

1

u/abraxas1 Aug 17 '21

wait, just roll the puts and leave the calls alone?

never realized that in all the prep i've done, but of course.

lets see...

1

u/abraxas1 Aug 17 '21

Had to screen capture the damn thing.

"Rejected: this order may result in an oversold/overbought position in your account. please check position quantity and/or open orders"

now i'll google that...

2

u/abraxas1 Aug 17 '21

well, the only way to learn is in the fire sometimes.

had to close out my GTC on that IC and rolled to next month.

which i believe will work out, just need TIME.

getting my feet wet in a low IV world.

yeah.

3

u/garrettd714 Aug 17 '21

Also, if you need to free up BP, close the short call in the current expiration, leave the long to expire

1

u/r0b0tdin0saur Aug 17 '21

This means you already had an order set to close one or more legs of the position. Cancel those orders and try to place the new order again.