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The Iron Duck Options Spread
Rating: 4.9 out of 5(176 ratings)
6,545 students

The Iron Duck Options Spread

High Probability Trading Strategy
Created byStephen Burnich
Last updated 1/2025
English
English [Auto],

What you'll learn

  • How we structure trades to make money on 90% of our trades
  • How to profit whether the market goes UP, DOWN, or SIDEWAYS
  • The one "special tweak" that eliminates risk to one side of the trade
  • Our favorite setup to maximize profits and minimize risk
  • The most profitable symbols to trade...and which ones to avoid
  • The best way to trade this strategy in a small account

Course content

4 sections • 50 lectures • 4h 44m total length

  • Introduction1:48

    In this section, we will briefly go over what you will learn with this course!

  • Iron Duck Risk Disclosure0:26

    Risk disclosure

  • The Short Delta Dilemma3:14

    Explore the short delta dilemma in delta-neutral premium selling. The Iron Duck strategy preserves theta decay, limits downside risk, and profits as the market rises, without adjustments.

  • Why Weekly Options?2:04

    Understand why weekly options are used, entering 30 to 60 days to expiration to maximize decay, while gamma near expiration can be a strategic benefit and complements monthly income strategies.

  • Our Favorite Iron Duck Symbols3:58

    Explain trading index options with SP and Rut, focusing on cash-settled european style options and the tax benefits of section 1256, plus weekly and monthly settlement notes.

  • The Iron Duck Strategy2:22

    Explore the iron duck strategy, a broken-wing, skewed iron condor with a call vertical in the money, offering defined risk and IRA-eligible trading on SPX.

  • Setting up the Trade6:31

    Set up iron duck spread by selling the 65 delta call and 15 delta puts, buying one higher strike and 10 delta puts; target 85% pop and no upside risk.

  • Platform Setup Example in TOS and tastytrade5:58
  • Closing the Iron Duck5:51

    Close the iron duck by exiting at 100% of initial credit and setting a break-even alert. Avoid hard stop losses; exit manually near expiration and avoid adjustments or rolls.

  • When to Exit Early with Beak Profits4:33
  • Iron Duck - Strategy Backtest8:29

    Backtest a five-year iron duck options spread to show performance through probabilities, not cherry-picking. It covers deltas, expirations, drawdown, and real-money trading across market regimes.

  • Iron Duck - Performance Discussion3:32

    Analyze the iron duck options spread's beak profit zone, ten-day expiry, and large downside buffer, with beak profits around $100 on a $1,900 capital.

  • Managing Portfolio Delta with Iron Ducks4:47

    Learn to manage portfolio delta with the iron duck strategy by beta weighting to spy, balancing long delta and protective downside buffers as expiration approaches.

  • Iron Duck - Probability of Touching2:46

    Calculate the probability of touching as about two times the inverse of the probability of profit, or two times delta, guiding exit stops below break-even in iron duck strategies.

  • Iron Duck - Risk Management2:08

    Master iron duck risk management by sizing no more than 30% of your account, laddering entries across expirations to spread break-evens, and hedging against black swan events with futures.

  • The NavigationTrading Method3:45

    Master the navigation trading method: ladder European options on SPX and Rut with 1-21 days to expiration, spreading entries across dates and expirations to manage risk and target steady profits.

  • Iron Duck Cheat Sheet0:46

    Master the iron duck options spread with a delta adjustments cheat sheet targeting a pop above 85%, while limiting risk to the initial credit and exiting near expiration.

Requirements

  • Basic options knowledge is a prerequisite. We will teach you this specific strategy inside and out!

Description

You may have traded the Iron Condor...or the Iron Butterfly...but have you ever traded an Iron Duck?

Learn to trade the Iron Duck Options Spread for consistent profits!

This is a very high probability options trading strategy that is easy to manage and NO ADJUSTMENTS necessary.

The strategy can be traded in a small account (with as little as a few hundred dollars) with the ability to scale up size for those with 7 figure accounts.

The Iron Duck gives you the ability to completely eliminate risk to one side of the trade, while giving you a HUGE "risk buffer" to the other side.

This strategy can be traded in an IRA or Margin account, and your risk is DEFINED, so you know your max risk at the time you enter the trade.

In this course, we also present back-tested results to show you how different setups would have performed over specific periods of time.

Profits are important...but MANAGING RISK is more important! We show you exactly how to manage risk to provide the optimal strategy performance over time.

We have been trading this strategy for over 5 years...every week...every month...every year!
It's one of our top strategies for creating consistent profits!


Who this course is for:

  • Beginner and advanced traders

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