Day 7 & 8 — Iron Condor Journal
Day 7 & 8 update — missed yesterday because I had a fever 🤒
So I couldn't post the Day 7 update yesterday, but let me give a quick recap of what happened.
Yesterday, NIFTY opened and my MTM was around -₹5–6k. By the end of the day, the position was around -₹7k.
I made just one adjustment — rolled one of my short CE legs from 23,900 CE → 23,800 CE. I didn't want to over-adjust the position because I still wasn't convinced that NIFTY was going to keep trending aggressively in one direction.
Then came today.
After the gap down, my MTM initially went to around -₹14k 😭. But once the dust settled and the market stabilised, the loss came back to around -₹8k.
And this is actually the interesting part.
VIX levels have increased quite a lot, and despite NIFTY falling roughly 2% from where I entered the position, the current position is sitting at only around -₹1.9k.
This is exactly why I didn't want to judge the strategy just because VIX was relatively low when I entered. A lot of people were saying "this won't work, VIX is too low" — but the whole point is that volatility isn't static. When the market actually moves and IV expands, the behaviour of the position changes too.
Right now the position looks like this:
NIFTY: 23,398
Current P&L: \~ -₹1,950
Expiry breakevens: 23,215 – 23,919
Net Delta: +7
Net Theta: +835
Net Vega: -1,993
We now have three days with the market closed, so NIFTY will directly open on Tuesday.
Honestly, if NIFTY opens flat to positive on Tuesday, I'll probably close this position. The setup is getting tricky because of all the geopolitical uncertainty, and I don't really want to squeeze every last rupee out of this trade.
Even if I manage to close it around breakeven, I'm completely fine with that. No second thoughts.
The goal isn't to prove that this particular iron condor has to make money. The goal is to manage the position properly and learn from how it behaves.
If it gets closed, I'll probably look at the next expiry and build the next one.
Let's see what Tuesday brings. 👀
Day 8 P&L: \~ -₹1,950
Position still alive. 🦅