Closing Out ITM Iron Condors on Expiration Day

When you have an ITM <a href="https://ontt.tv/ABPre" target="_blank">Iron Condor</a> on expiration day, you'll have to close out of the position at a max loss. The first thing to realize is that you only need to close out the tested side, as the untested side will expire worthless in a couple of hours, so there's no need to do anything with that side. But second, it's not uncommon to have to <a href="https://ontt.tv/DfIXt" target="_blank">pay a penny or two over the theoretical max loss</a>, in order to get filled on your closing trade.With our TGT Iron Condor that expires today, we see both of these points in play.