entered the trade on 8th August, trade: 12th September: x2 193p x`-1 202.5p , at -3.09 credit, but its costs ~ -3.90 to exit now. thought about doing an iron condor, august29th 198.5c 199.5c 192p 191p , opinions?
I'm still short volatility. But, you are turning a short position into a short vol position. Kinda late. Why not reverse and go long?
Yeah, not a good looking position. The strikes are way too wide, IMO. The 202.5P has little TV and so acts like +100s to the downside and for a range to the upside. Thus, your current position is akin to long the 193 straddle. I don't trade SPY so these are purely tactical suggestions. You should have some plan and/or directional sense. There's still considerable time for the position to turn around. You could hold and cross your fingers. Perhaps the simplest solution would be to sell a strangle, perhaps the Sep 12 190P/197 0r 198C. Limited risk to the downside, some risk to the upside. If you sold weeklies, you could narrow the strangle but be willing to trade and roll. There's a myriad of other solutions. I like the idea of selling the long puts and trading the short put by selling weekly calls against it. But if the market tanks or spikes, you're toast. These solutions would require a considerable increase in margin reqs. It's a small loss, shouldn't be a big deal to anyone. You can always make it back. Learn from this trade and plan a better trade. It's the only way to move forward.
I presume the underlying is SPX at 1955- without knowing prices I couldn't comment but I hate back spreads, as your longs will always do less than you think and you have effectively sold a 9.5 spread- unless I misunderstand