Name: Iron Condor
Setup: Buy (long) Strike A put and Sell (short) Strike B put and Sell (short) Strike C call and Buy (long) Strike D call
Bias: Neutral
Break-Even: Two break-even points:
- Strike B – Credit received
- Strike C + Credit received
Max Profit: Limited: Credit received
Max Loss: Limited: Strike B – Strike A – Credit received
Margin: Greater of the following:
- Short call spread requirement
- Short put spread requirement
Time Decay: Time decay is your friend as you want all of the options to expire worthless.
Implied Volatility: If the underlying is between Strike B and Strike C you want volatility to decrease. Ideally you want all the options to expire worthless to collect the full credit. A decrease in volatility will increase the value of your position and make the chances of a move outside of these strikes less likely.
Notes: None at this time
Featured in Trade Review: None at this time
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