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Converting the ADBE Iron Condor into a Vertical Spread

ADBE’s volatility has dropped and its share price has sagged. I am taking off the call side of the iron condor since it is cheap to do so.

  • Bought ADBE 02/19/21 Call 510.00 @ 2.90
  • Sold ADBE 02/19/21 Call 515.00 @ 2.22

This adjustment cost .68. The new position is

ADBE Feb 480P/-500P for a credit of 7.61.

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