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You can think of this strategy as simultaneously running an out-of-the-money short put spread and an out-of-the-money short call spread. Some investors consider this to be a more attractive strategy than a long condor spread with calls or puts because you receive a net credit into your account right off the bat.
Typically, the stock will be halfway between strike B and strike C when you construct your spread. If the stock is not in the center at initiation, the strategy will be either bullish or bearish. The distance between strikes A and B is usually the same as the distance between strikes C and D. You want the stock price to end up somewhere between strike B and strike C at expiration.
An iron condor spread has a wider sweet spot than an iron butterfly. In this case, your potential profit is lower.
One advantage of this strategy is that you want all of the options to expire worthless. You may wish to consider ensuring that strike B and strike C are around one standard deviation or more away from the stock price at initiation.
That will increase your probability of success. However, the further these strike prices are from the current stock price, the lower the potential profit will be from this strategy. As a general rule of thumb, you may wish to consider running this strategy approximately days from expiration to take advantage of accelerating time decay as expiration approaches. Of course, this depends on the underlying stock and market conditions such as implied volatility. Some investors may wish to run this strategy using index options rather than options on individual stocks.
Margin requirement is the short call spread requirement or short put spread requirement whichever is greater. The net credit received from establishing the iron condor may be applied to the initial margin requirement. Keep in mind this requirement is on a per-unit basis. After the strategy is established, the effect of implied volatility depends on where the stock is relative to your strike prices.
If the stock is near or between strikes B and C, you want volatility to decrease. In addition, you want the stock price to remain stable, and a decrease in implied volatility suggests that may be the case. If the stock price is approaching or outside strike A or D, in general you want volatility to increase.
An increase in volatility will increase the value of the option you own at the near-the-money strike, while having less effect on the short options at strikes B and C. So the overall value of the iron confor will decrease, making it less expensive to close your position.
Options involve risk and are not suitable for all investors. For more information, please review the Characteristics and Risks of Standardized Options brochure before you begin trading options. Options investors may lose the entire amount of their investment in a relatively short period of time. Multiple leg options strategies involve additional risks , and may result in complex tax treatments. Please consult a tax professional prior to implementing these strategies.
Implied volatility represents the consensus of the marketplace as to the future level of stock price volatility or the probability of reaching a specific price point. The Greeks represent the consensus of the marketplace as to how the option will react to changes in certain variables associated with the pricing of an option contract.
There is no guarantee that the forecasts of implied volatility or the Greeks will be correct. Ally Invest provides self-directed investors with discount brokerage services, and does not make recommendations or offer investment, financial, legal or tax advice. System response and access times may vary due to market conditions, system performance, and other factors. Content, research, tools, and stock or option symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy.
The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results.
All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. The Options Playbook Featuring 40 options strategies for bulls, bears, rookies, all-stars and everyone in between.
The Strategy You can think of this strategy as simultaneously running an out-of-the-money short put spread and an out-of-the-money short call spread. Options Guy's Tips One advantage of this strategy is that you want all of the options to expire worthless.
Options have the same expiration month. Break-even at Expiration There are two break-even points: Strike B minus the net credit received. Strike C plus the net credit received. The Sweet Spot You achieve maximum profit if the stock price is between strike B and strike C at expiration.
Maximum Potential Profit Profit is limited to the net credit received. Ally Invest Margin Requirement Margin requirement is the short call spread requirement or short put spread requirement whichever is greater.
As Time Goes By For this strategy, time decay is your friend. You want all four options to expire worthless. Implied Volatility After the strategy is established, the effect of implied volatility depends on where the stock is relative to your strike prices.
Use the Probability Calculator to verify that strike B and strike C are approximately one standard deviation or more away from the stock price.