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The Iron Condor Field Guide

The iron condor is the most-taught and most-mismanaged defined-risk structure in options. This guide covers the part the courses skip: exactly how to pick strikes, size wings, and decide — in advance — what you'll do when one side gets tested.

What's inside

Strike selection by the numbers: short strikes by delta and expected move, not by chart feel
Wing width vs credit — the trade-off table showing how width changes max risk, return on risk and probability of profit
The regime filter: the vol and trend conditions where condors historically bleed, and how to recognize them before entry
A managed-exit decision tree — profit take, tested-side response and time stop, mapped as one flowchart