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Started By
Message
Closing an Iron Condor on Robinhood. How?
Posted on 12/13/19 at 1:04 pm
Posted on 12/13/19 at 1:04 pm
I'm starting to like Robinhood a little better, though I'm not sure I will ever give up TOS. It's been a fun process even with the few issues I have.
I did some Iron condors for .20 credit per.
I am now at 95% profit with it so I want to close. Does anybody have the step by step for me on this platform.
-Select CLOSE condor
-Enter the number of contracts
-Set the limit price
I assume this is where I adjust to close faster. The condor is now a -.01 or a $-1.00. Here is where I'm not following Robinhood.
It's showing me Limit Price of $0.00-$0.03 So for a faster close, I enter $.03
The next question is do I expect a DEBIT or a CREDIT. I assume that since I received a net credit of $.20 per, that this will be a debit or $.03 per.
And the "max cost" is $3.00 per contract.
However, still not closing it.
To any Robinhood user, is this not how we close a position of any kind? Am I missing something?
I did some Iron condors for .20 credit per.
I am now at 95% profit with it so I want to close. Does anybody have the step by step for me on this platform.
-Select CLOSE condor
-Enter the number of contracts
-Set the limit price
I assume this is where I adjust to close faster. The condor is now a -.01 or a $-1.00. Here is where I'm not following Robinhood.
It's showing me Limit Price of $0.00-$0.03 So for a faster close, I enter $.03
The next question is do I expect a DEBIT or a CREDIT. I assume that since I received a net credit of $.20 per, that this will be a debit or $.03 per.
And the "max cost" is $3.00 per contract.
However, still not closing it.
To any Robinhood user, is this not how we close a position of any kind? Am I missing something?
3
Posted on 12/13/19 at 1:48 pm to Jjdoc
You probably won't be able to close it.
You won't be able to sell deep out of the money options close to close with no volume. Best bet is to close the short leg nearest to the money and let the rest expire worthless.
You won't be able to sell deep out of the money options close to close with no volume. Best bet is to close the short leg nearest to the money and let the rest expire worthless.
Posted on 12/13/19 at 1:59 pm to Jjdoc
If I understand you correctly, you’re buying to close? So yes, it’ll be a debit.
If you’re have issues closing it as an iron condor, assuming the long strikes are nearly worthless now anyway, don’t worry about trying to sell to close them, just buy to close the short legs. As long as you close the short strikes first, you don’t have to worry about margin or wasting commissions selling nearly worthless long legs.
Sorry. Can’t help with the ins & outs of Robinhood though.
ETA: Or... what Kama ^^^ said.
If you’re have issues closing it as an iron condor, assuming the long strikes are nearly worthless now anyway, don’t worry about trying to sell to close them, just buy to close the short legs. As long as you close the short strikes first, you don’t have to worry about margin or wasting commissions selling nearly worthless long legs.
Sorry. Can’t help with the ins & outs of Robinhood though.
ETA: Or... what Kama ^^^ said.
This post was edited on 12/13/19 at 2:04 pm
Posted on 12/13/19 at 3:29 pm to Jag_Warrior
All of my active "trading" is only a few hundred dollars so I just use Robinhood instead of a "real" broker. So I'm having to learn the in's and out's of it to keep from the app screwing me out of money.
Also, I knew the answer to the OP's question because I did the same thing earlier today on an ULTA Iron Condor that I opened prior to last weeks earnings call.
One of the most annoying things is that if an option is close to the money and at risk of assignment, RH will automatically market sell the option about an hour before close on expiration day.
Also, I knew the answer to the OP's question because I did the same thing earlier today on an ULTA Iron Condor that I opened prior to last weeks earnings call.
One of the most annoying things is that if an option is close to the money and at risk of assignment, RH will automatically market sell the option about an hour before close on expiration day.
Posted on 12/13/19 at 4:26 pm to KamaCausey_LSU
quote:
All of my active "trading" is only a few hundred dollars so I just use Robinhood instead of a "real" broker. So I'm having to learn the in's and out's of it to keep from the app screwing me out of money.
I have used TOS since late 2009. And if you tell me no fees... even with options. I will learn. LOL! It might be a headache some, but I will learn.
95% of my trading is on TOS. Robinhood is in my future for sure.
quote:
Also, I knew the answer to the OP's question because I did the same thing earlier today on an ULTA Iron Condor that I opened prior to last weeks earnings call.
I appreciate the help too. We will see how it plays out, but they did not close it out until after hours. Clearly I was up the full credit amount. So, I would expect the credit and the collateral to be there.
Here is the message when looking under history/options
quote:
Status
Pending
Your Expiration is pending confirmation by the Options Clearing Corporation. We expect confirmation by Monday at market open.
The stock closed within my sell to open strikes. Pretty much in the middle
Posted on 12/13/19 at 4:34 pm to KamaCausey_LSU
No, that was fine. I just happened to be typing out a reply, laid my phone down to do something and then came back and hit submit. You already had a perfectly good answer. 
Posted on 12/14/19 at 6:10 am to Jjdoc
You trying to do that Robinhood iron condor glitch?
Posted on 12/16/19 at 9:23 am to Upperdecker
There's a glitch?
I know this morning, it would not let me place my IC. My Net Credit was more than my collateral. So I have been lowering it all morning. and it's still a no go.
I know this morning, it would not let me place my IC. My Net Credit was more than my collateral. So I have been lowering it all morning. and it's still a no go.
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