Result Day Strategy 16 May 2014

Dear all
Being an iron condor trader for quite a while I have been making slow but steady money for last few months. Though last few months were a condor trader's nightmare due to insane VIX spikes and one sided bullish ralley, but sticking with rules still returned as 2% monthly returns. I just closed my current condor position today of Short7500CE-Long7700CE and Short 6400PE-Long6200PE with some profit because of sudden fall of VIX in last two days.
Now I have freed my capital for Thursday-Friday trade. Though exit poll says its NDA and market may see another 5+% if it's true. But with a VIX so high I am still afraid of going for Strangle or Straddle as we all witnessed today; as it was showing loss even after market was 2% high.
My second option is going Long May Futures; but it may turn in huge loss if no clear majority is seen in election result. My third option is Long Futures and Long Strangle for uncertain moves. My last option is to Short in the money Puts in case its a falling VIX and results are as per exit poll.
I am still not sure which strategy to go ahead, please suggest if anyone has got a better idea with best risk/reward ration as I don't want to miss this opportunity . I will be highly thankful.:thumb::thumb::thumb:

-instead of 2 credit spreads of Iron condor , you can consider 2 debit spreads for direction neutral position.
-for directional bet , you can skip any one of these debit spreads
-I have also been trading condors for last many months , but decided to skip this month because of event risk.Good to see someone making money in condors this month too.

good luck

Me too second the opinion of not selling till friday as gain will be very limited but loss can be huge.
Iron condor should be avoided on major events. Market gives opportunity daily so why play as a gambler.
Safe strategy will be to buy credit spreads for directional neutral stratagy but there also chances are very less because volatility is very high and expectation of majority is already factored in.

Anyway 2%/month is not a very big deal but one wrong move can give heavy loss.

Guys many of my HNI friends who consistently making money options designed following strategy. See if this works for you

Sell 7100 both put and call with cover by same quantity on both up and down side with buy at 7500 call and 6700 put.

Market tend to oscillate between +/- 200 points on either side on friday and monday but any movement more than tht not anticipating atleast by big players who actually drive the market.

As always trade with full care for upcoming event

Oh my god!! What a thrill we get because of volatility though I was in good profit.
Yesterday I purchased 6400 PE 5000 nifty at avg price of 37.1 and sold them today at avg price of 46.8.
total = (46.5-37.1)*5000=Rs 47000:thumb:
Though yesterday I was really scared but thought of volatility increase which happen before exit poll and was hoping same today and it happened.

Did anybody else took volatility based call/put today?