The iron condor in silver closed out for a loss of $575 per contract. Iron condors are defined risk trades. Their advantages include knowing the maximum possible loss at order entry and requiring less buying power reduction than undefined risk trades. Many traders like those attributes, but there are drawbacks. Defined risk trades have a lower probability of success compared to undefined risk trades and defined risk trades are more difficult to manage.
Silver prices took off after I put on the trade and never came back in during the trade time window. There wasn’t much that could be done to save this one.