Everything we know about trading iron condors on SPX — from first principles to advanced adjustments. Written for real traders, not academics.
What an iron condor is, how it profits from time decay and low volatility, and why SPX is the ideal underlying for this strategy.
How we choose short strikes based on delta targets, standard deviation moves, and the expected range of SPX over the trade duration.
Why we target 30–45 DTE entries, the theta decay curve, and how to time entries around known volatility events like FOMC and CPI.
Why closing at 50% of max profit improves risk-adjusted returns, and how to think about the trade-off between time in market and realized gains.
How to identify when a condor is in danger, the adjustment toolkit (roll, close one side, add a hedge), and the decision framework we actually use.
A practical, trader-focused guide to the four key greeks — what they mean for a condor position, how they evolve over time, and the numbers that matter.