Basically everything John said is why I have never considered using the OTM binaries. Since I am only hoping to get around $15 per contract doing these… A flat all day market would eat into any profits quite often.
This has been a rough week for the overnight Iron Condors. At least with the NQ, there was hardly any premium at the open. When I first started doing these, I was regularly seeing $95, even $120 PER side. I think Wednesday there might of been $110 total at the opening… Also once Europe opened, the market would move in one direction and wouldnt retrace until the US opened . So trying to get a profit in before the US markets opened would be pretty much be impossible. I think
As for todays loss… The only thing I can think of, is that there was a premium reset. Looking at the chart, NQ was trading around 4783 at 6am… not that far off the settlement price. What time did you take the trade??
There probably be at least one premium reset because looking at the scanner now, even though the NQ has fallen like 20 points… the “losing” side of the condor still has premium