Your entire Iron Condor trading system on one printable page. No explanations. Just the rules. Print this. Tape it to your monitor. Follow it.
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IRON CONDOR STANDARD OPERATING PROCEDURE #
CAPITAL & POSITION RULES #
| Rule | Value |
|---|---|
| Recommended Capital | $25,000+ for SPY |
| Max Deployed | 50% of portfolio |
| Cash Buffer | 20%+ always |
| Max Per Position | 2% of portfolio risk |
| Max Open Condors | 6 positions |
| Wing Width | $5 standard on SPY |
ENTRY RULES (ALL MUST BE TRUE) #
Market Context
- VIX: 14-25 (not below, not above)
- SPY above 50-day MA
- SPY above 200-day MA
- No FOMC/CPI/Jobs in 48 hours
- VIX term structure in contango
Position Setup
- DTE: 30-45 days
- Short strike delta: 0.14-0.18 per side
- Wing width: $5
- Total credit ≥ 12% of width ($0.60+ on $5)
- Open interest ≥ 1,000 per leg
- Bid-ask spread ≤ $0.05 per leg
Risk Check
- Max loss ≤ 2% of portfolio
- ≤ 6 open positions
- Not revenge trading
STRUCTURE TEMPLATE #
SPY @ $594 Example:
Long Put: $565 ─┐
Short Put: $570 ─┘ Bull Put Spread (below market)
Short Call: $615 ─┐
Long Call: $620 ─┘ Bear Call Spread (above market)
Credit: ~$0.70 ($70/contract)
Max Loss: $5.00 - $0.70 = $4.30 ($430/contract)EXECUTION RULES #
| Step | Action |
|---|---|
| Order Type | LIMIT only (4-leg spread) |
| Start Price | Mid-point of spread |
| Adjustment | -$0.01 every 60 seconds |
| Max Concession | $0.05 from mid |
| Avoid | First/last 30 min of day |
MANAGEMENT RULES #
Take Profit
- Close at 50% of max profit
- OR close at 21 DTE if profitable
- Whichever comes FIRST
Stop Loss
- Close at 2× credit received
- Example: $0.70 credit → stop at $2.10
Rolling (If Needed)
- Only roll untested side
- Only roll for NET CREDIT
- Max 2 adjustments per trade
- Max 60 DTE total duration
DAILY CHECK (3 MINUTES) #
| Check | Action |
|---|---|
| P/L ≥ 50% profit | CLOSE |
| Loss ≥ 2× credit | CLOSE |
| DTE ≤ 21 + profit | CLOSE |
| Strike within 1% | Prepare adjustment |
| VIX > 25 | Consider closing all |
HARD NO RULES #
| Never Do This |
|---|
| ❌ Trade when VIX > 25 or < 14 |
| ❌ Enter 48h before FOMC/CPI/Jobs |
| ❌ Use market orders |
| ❌ Leg into trades (all 4 legs together) |
| ❌ Have > 6 open condors |
| ❌ Risk > 2% per trade |
| ❌ Add to losing positions |
| ❌ Hold through expiration if tested |
| ❌ Trade to “make back” a loss |
EXPECTED RESULTS #
| Metric | Target |
|---|---|
| Win Rate | 75-85% (with 50% profit exit) |
| Average Winner | ~$35/contract |
| Average Loser | ~$140/contract (with stop) |
| Monthly Return | 0.5-1.5% of portfolio |
| Annual Return | 5-15% |
ADJUSTMENT QUICK REFERENCE #
SPY drops toward put strike: → Roll call spread DOWN for credit
SPY rallies toward call strike: → Roll put spread UP for credit
Can’t roll for credit? → Close entire position at defined loss
THE GOLDEN RULE #
I’m not predicting where SPY will go.
I’m betting it won’t go as far as options prices suggest.
Collect premium. Manage risk. Stay in the game.
QUICK REFERENCE LINKS #
- 📖 Full Strategy Guide - Complete research and examples
- 📋 Entry Checklist - Detailed criteria
- 📊 Workflow Guide - Daily/weekly routines
Print this. Follow it. Every. Single. Trade.
Last Updated: 2026-01-19