Double double on SPY

SPY 0.02% was up .70% and I expect a pull back to the 200 EMA eventually. In the meantime I wanted to make a neutral to bearish trade using a ratio iron condor or what is recently called by the tastytrade guys a "Double double".

I am selling the -240/+243 -230/+223 Iron condor for $2.60.

Using the SPY 0.02% skew of the calls and puts I can sell twice as many of the credit spreads (240/243) using less buying power and increasing my credit received.

With 52 days to expiration my break evens are: 242.60 227.40

Giving me a 66% probability of profit if I buy it back at 50%. On chart: http://ift.tt/2nMj74f

Submitted March 29, 2017 at 12:33PM by FB_XIII http://ift.tt/2oyBAhC