FxWirePro: USD/CAD iron condor execution on non-directional trend
With no Canadian economic data to drive moves this week, CAD is beholden to external forces, such as oil.Yesterday's rally in oil has helped underpin CAD, putting more distance between USD/CAD and its 100dma (at 1.2398 t…
With no Canadian economic data to drive moves this week, CAD is beholden to external forces, such as oil.
Yesterday's rally in oil has helped underpin CAD, putting more distance between USD/CAD and its 100dma (at 1.2398 today).
As the trend of this pair perceived to have a non direction trend we recommend executing below strategy.
Short (-1%) Out-Of-The-Money delta put and long deeper (-1.5%) Out-Of-The-Money delta put options + add shorts (1%) Out-Of-The-Money call and long deeper (1.5%) Out-Of-The-Money delta calls with similar maturity on both the sides.
The combined position should have delta close to zero with theta +ve theta value as we have 2 shorts on either side.
The iron condor is a limited risk, non-directional option trading strategy that is designed to have a large probability of earning a small limited profit when the underlying currency is perceived to have low volatility.
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