The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (

TheStreet

) --

Strategic Mindset:

Market neutral with possibilities of surges in volatility.

Target:

Apple

(AAPL) - Get Report

AAPL trading at $572.49.

Commit Criteria:

AAPL has been waffling up and down as it sorts out its new price level. After a huge run up earlier this year it looks like it doesn't have the strength to go significantly higher in the short term, nor is it likely to drop too far. This gives us a good opportunity to make some money on an APPL Iron Condor as it goes sideways. AAPL Implied Volatility is overpriced relative to its forecast volatility of 7.67% over the trade period. We are looking for possible price movement but for it to stay within its $510 to $640 price range until the exit of this trade.

Tactic:

Opening 10 AAPL June 2012 Iron Condors (strikes

505/510/640/645) for a $1.04 credit

Tactical Employment of Iron Condor:

Buying to Open 10 AAPL Jun 2012 $645 Calls

Selling to Open 10 AAPL Jun 2012 $640 Calls

Selling to Open 10 AAPL Jun 2012 $510 Puts

Buying to Open 10 AAPL Jun 2012 $505 Puts

Net Credit: $104 per Iron Condor for a total of $1,040

Max Gain: $1,040

Max Risk: -$396 per Iron Condor for a total risk of -$3,960

Mid-Course Guidance:

We will be watching for a price movement near the short strikes. As the short strikes are threatened we will adjust the Iron Condor as necessary.

We don't want trade expectancy dropping below 2%. Based on this we have two price targets at which we need to consider an adjustment. AAPL trading below $542.61 and above $596.05 are triggers for adjustment. These trigger points will actually get wider as we approach the expiration of this trade so we will be adjusting for that.

Profitability Target:

We will wait for this Iron Condor to expire worthless taking the $1,040 credit as profit.

Exit Tactic:

We will wait for this Iron Condor to expire worthless, adjusting as necessary.

Matthew "Whiz" Buckley is the Founder and CEO of

Top Gun Options,

an exclusive provider of options training and practical trading applications for options traders of all skill levels. He is also the founder of Strike Fighter Financial LLC, a business-consulting firm specializing in leadership development, risk management and strategic planning for Fortune 500 companies and related organizations. He�s also a Managing Partner and Chief Financial Strategist at

Wealth Creation Investing.

Buckley flew the F/A-18 Hornet for the U.S. Navy. He's a graduate of TOPGUN, has close to 400 carrier landings and flew 44 combat sorties over southern Iraq. After leaving active duty, he served as a Managing Director at a Wall Street volatility arbitrage options firm and was a founder and the CEO of a financial media company. He is an

internationally recognized speaker

and combined his experiences in the military and corporate America in his first book "From Sea Level to C Level."