Mastering High Probability Iron Condor Options Trading

Explore high probability option strategies with a free options 101 course, including call and put basics. Focus on one standard deviation pricing and learn when to buy or sell options.

Explore the iron condor, a non directional strategy using a call credit spread and a put credit spread to profit from a range bound market.

Demonstrates thinkorswim setup for a typical iron condor on spy, selling 240/242 call and 230/228 put credit spreads for about 30–45 days to expiration, with about $100 potential profit.

Explore why the buy leg in a high-probability iron condor is a junk leg that caps risk and reduces margin, while the short leg drives profits.

Compare high-probability and low-probability iron condors, including wide versus narrow spreads, credit, buy legs, and three-set adjustments.

Use the straddle price and one standard deviation to pick the short strikes; sell 230/228 put and 244/242 call spreads for about $57 credit and $143 risk.

Discover how to adjust an iron condor and choose the number of contracts to manage risk, using a next-month long leg for protection in a non-directional strategy.

Explore two common iron condor adjustments, including rolling the threatening call side to the next expiry month and selling a further-month vertical to extend premium collection.

Learn the no adjustment iron condor: close the call side when the spread costs 0.57 to lock in a no-loss outcome across three condors, with commissions as the only cost.

Master a short strangle iron condor by selling a call and put naked, then buying protection to cap risk and collect credit; close out when credit hits about 87 cents.

Explore the unbalanced iron condor, a directional variation of the traditional iron condor leveraging market bias to set asymmetric put and call spreads.

Evaluate volatility before trading iron condors; with low volatility, decay is limited and risk rises if volatility spikes, so downsize, use diagonals or calendars, and set tight stops.

Avoid big market moving events by exiting short strangle two to three days before key events such as the US president election, Brexit, or FOMC, then reposition after the event.

Master iron condor profit targets and loss controls with a $120 profit and $280 risk cap. Hold to expiration when the market stays near center and apply careful adjustments.

Live SPY iron condor with 39 days to expiry, selling 233/231 puts and 244/246 calls for about $1.20 credit, with stop exits and a $120 max profit/$280 max loss.

The call side is stopped out at 60 cents after collecting credit. The put side still has a stop loss at 60 cents, aiming for break-even at expiration.

Adjust the iron condor by adding a call credit spread after the prior leg was stopped out, selling 247 and buying 249 for about 24 cents.

Demonstrates rolling the put side of an iron condor to capture more premium, weighing costs and commissions. Concludes the adjustment isn't favorable, so the trade isn't executed.

An iron condor on SPY expires tomorrow; I won’t close due to commissions, letting it expire worthless unless the market moves toward a side, with stop-loss adjusted to 10 cents.

Open a spy iron condor with put and call credit spreads, collect 60 cents, and adjust through expiration to achieve a net profit of 23 cents per spread.