With the recent increase of volatility, I entered a 18DTE (September expiration) SPX Condor yesterday: +3450/-3460/-3550/-3560. For 10 lots, the cost is -$3550 for a max gain at expiration of +$6500 between 3457 and 3556.
I do not plan to adjust on the downside. I will close the trade if SPX breaks its current up trendline. If that happens, I think I will lose less than -$2000.
On the upside, if SPX continues to grind up without stalling or retracing, I plan to keep the trade on, possibly taking full loss of -$3550 but also giving myself a chance for a subsequent retracement. If SPX retraces and shows signs of rebound, I will turn more bullish and I am allowed to adjust on the upside.
Let me know your opinion on the trade.