LinkedIn Iron Condor Gone bad.

I entered a LINKEDIN IRON CONDOR position expiring second week of Feb (FEB2 2016). LNKD was trading around 190ish and my strategy had a 90 % profit potential. Strikes for the condor position(150-155-225-230). This morning lnkd open at 112 and closed around 108. I have a loss of about 400$ per contract. How best to get out of this without a loss?

 

Are you being serious?
Why did you enter an IC when you knew there were earnings this week?
I hate to tell you there is not much hope for you. Take your loss and get out while you still have some money
Just be happy you didn't sell those options naked, consider it a lesson learned and move on.

Here is a tip: Don't sell deep OTM options, especially on tech or biotech stocks

 

LNKD's drop wasn't earnings related. I would consider it a black swan event.

 

Dude, they had an earnings report Thursday night after close. This news was part of the earnings report

http://www.cnbc.com/2016/02/04/linkedin-reports-q4-earnings.html

Since you are the OptionGuru what advice do you have for him?

 

A stock moving 45 % is unusual. How to best correct it. Yes I have learnt my lesson and I will think hard next time. But what can I do to get out of this trade.

IF a miracle happens and the stock goes up on Monday, that is a gift..

 

Lol guru.

 

I always consider the maximum risk to be your stop on option trades at time of entry. The OP has been stopped out - time to move on to the next trade.

 

So.... exactly what I just told him....

 

He's not stopped out, he has an open position loss as he stated.

 

My positions expire next week. I do have a loss at the moment. But is there any way to bring it down.