# Iron Condor Strategy

### What is an Iron Condor Strategy?

* An **Iron Condor** is a **four-leg strategy**
* It is best when you think the market will stay **in a range**
* It works best when you do **not** expect a big move up or down
* The goal is for price to stay between your short strikes

### Step 1: Bot & Strategy

* Choose **Iron Condor**
* Pick your broker
* Name your bot
* Choose the symbol you want to trade, such as **SPY** or **QQQ**
* This is a good strategy if you want a **neutral** setup

### Step 2: Entry Rules

* **Short Strike Delta**
  * Choose how close you want your short strikes to be
  * **Lower delta** = farther away, safer, less premium
  * **Higher delta** = closer, more premium, more risk
* **Spread Width**
  * Choose how wide you want the condor wings to be
  * **Wider spread** = more risk, usually more premium
  * **Narrower spread** = less risk, usually less premium
* **Days to Expiration (DTE)**
  * Choose how far out the options expiration should be
  * Lower DTE = faster trades
  * Higher DTE = more time to manage
* **Min VIX / Max VIX**
  * Set the volatility range when the bot is allowed to enter
  * Use this if you only want the bot trading in certain market conditions
* **Entry Time**
  * Choose what time the bot is allowed to enter trades

### Step 3: Exit Rules

* Set when the bot should close the trade for profit
* Set when the bot should close the trade for protection
* A simple idea:
  * close when enough profit is reached
  * close if price gets too close to one side
* Use exit rules to avoid holding trades too long

### Step 4: Risk

* Set how much risk you want per trade
* Set how many positions the bot can open
* Set daily risk limits if available
* Keep risk smaller if you want a more conservative setup

### Step 5: Review

* Review all your settings before going live
* Make sure:
  * the symbol is correct
  * the delta is what you want
  * the spread width is correct
  * the DTE is correct
  * your risk settings match your comfort level