Iron Condor on SPY — Weekly Income Strategy
r/thetagangoptionsWeekly (Mon-Fri)by reddit_community
Weekly SPY iron condors at 1 SD (16 delta), $3 wings. Open Monday, close Friday. ~75% WR. Active management: roll tested sides early.
ENTRY RULES
Open every Monday (or Tuesday if Monday is a holiday) | Sell call spread and put spread at 16 delta (1 SD) | Wing width $3 | Collect minimum $0.50 per condor | Avoid opening on FOMC or CPI weeks unless IV is very high
EXIT RULES
Close at 50% of max profit | Close entire position if SPY within $1 of either short strike | Roll untested side if one side is tested | Maximum loss = width of spread minus premium collected | Close by Thursday if not at target
INDICATORS
DeltaStandard DeviationIVVIX
ORIGINAL POST
342
r/thetagangposted by reddit_community
Iron Condor on SPY — Weekly Income Strategy
Sell weekly iron condors on SPY every Monday, close Friday. Place short strikes at 1 standard deviation (16 delta), wings $3 wide. Collect roughly $0.50-$0.80 per condor. Win rate around 75%. Key: manage early — if SPY approaches either short strike, roll the tested side or close the entire position for a small loss. Never let a losing condor go to max loss.
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