Iron Condor in the Black - but two legs have no bids

[motterpaul]

I have an IC in AVGO worth almost $200, but two of the legs on the call side have a spread close to $1.00 with $.00 at the bid. I can't seem to close these so I am leaving money on the table. I can close other trades in AVGO - but these never close.

Any ideas?

 

[stepandfetchit]

any details? - provide your position, to promote response (strikes, expiry, etc)

 

[motterpaul]

Broadcom... currently $272.59

Jun7 exp.

+2 calls @ $312.50 spread = .05 to $1.85 (the has been bid=0 for days)
+1 Call @ 320 spread = $.00 to $1.60

My portfolio shows I have $38 profit for the 312.5 and a $114 profit for the 315

 

[deltastrike]

Broadcom... currently $272.59

Jun7 exp.

+2 calls @ $312.50 spread = .05 to $1.85 (the has been bid=0 for days)
+1 Call @ 320 spread = $.00 to $1.60

My portfolio shows I have $38 profit for the 312.5 and a $114 profit for the 315

Why not just ride it to expiry? There likely won't be a decent bid in these strikes since they're so far OTM.

 

[tommcginnis]

Broadcom... currently $272.59

Jun7 exp.

+2 calls @ $312.50 spread = .05 to $1.85 (the has been bid=0 for days)
+1 Call @ 320 spread = $.00 to $1.60

My portfolio shows I have $38 profit for the 312.5 and a $114 profit for the 315

If you have an iron condor (no matter long or short), you have four strikes -- 2+2 vertical spreads of equal width -- on in puts, and one in calls, one being bullish, the other bearish.

You have not given enough facts, nor identified whether you're long or short... you're quoting 312.50, 315.00, and 320, all in calls. Whut?

But a bottom line:
If you're short at #312.50, and don't even have a bid elsewhere, and you have a month to go:
GTFO of your short positions, and consider keeping your (further off, and unsalable) longs.
If the market pops to 2950 in the next month, you can always resell the 312.50s (re-using the farther away insurance strikes).

But your instinct (and now I'm a mind reader ) is correct: there is no reason to tie up the margin for the next two weeks if the majority of your available profit is done.

 

[motterpaul]

I am sorry, you are right. I did not have an IC, it was two vertical Call spreads. I screwed up because I was writing the post by memory instead of looking at the actual position - sorry.

I only mentioned the two legs that had no bids because I thought it was obvious the other two both had value with a decent bid/call spread.

My first line about the contracts with no bids read:

+2 calls @ $312.50 spread = .05 to $1.85 (the has been bid=0 for days)

that means:

LONG two $312.50 CALLS contracts where the spread is $.05 to $1.85 (that one had been $.00 bid for several days).

Plus I was long one call contract where the spread is $.00 t0 $1.85

With no bids on the ask side I could not sell these positions.

The other two legs are OTM but are easy to deal with:

2 long Calls at 280
2 long Calls at 292.50

But I don't really need advice on how to deal with the upper two legs - I just wondered what people do when they have a ZERO bid long call at any price, one that has value for the seller but no price for the buyers.

I guess I will just have to wait until I see bids on those.

 

[tommcginnis]

I am sorry, you are right. I did not have an IC, it was two vertical Call spreads. I screwed up because I was writing the post by memory instead of looking at the actual position - sorry.

I only mentioned the two legs that had no bids because I thought it was obvious the other two both had value with a decent bid/call spread.

My first line about the contracts with no bids read:

+2 calls @ $312.50 spread = .05 to $1.85 (the has been bid=0 for days)

that means:

LONG two $312.50 CALLS contracts where the spread is $.05 to $1.85 (that one had been $.00 bid for several days).

Plus I was long one call contract where the spread is $.00 t0 $1.85

With no bids on the ask side I could not sell these positions.

The other two legs are OTM but are easy to deal with:

2 long Calls at 280
2 long Calls at 292.50

But I don't really need advice on how to deal with the upper two legs - I just wondered what people do when they have a ZERO bid long call at any price, one that has value for the seller but no price for the buyers.

I guess I will just have to wait until I see bids on those.

Those $1.85 ASK are place-holders -- even, Hail-Marys.
If you want to have fun a bit of fun, and learn something about the market, put up a DOM and one of those longs up for sale at $1.80. Then $1.70, then $1.68 or $1.64 if you can do pennies -- but just walk it down to $0.05 in some random way. Take a minute or two, or an hour, or an entire day. Watch for any responses -- whether by volume or by price. If you've not done it before, there are lessons to be learned in watching a micro-thin market.

 

[deltastrike]

two vertical Call spreads.

+2 calls @ $312.50 spread = .05 to $1.85 (the has been bid=0 for days)

Plus I was long one call contract where the spread is $.00 t0 $1.85

2 long Calls at 280
2 long Calls at 292.50

This doesn't make any sense.