Iron Condor Adjustments Tutorial | Options Trading Concepts

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[jasonayala]

I now know why this video has 95k views. I’ve just watched it 4 times in a row and my brain feels fried.
Guys, I’ve been studying Tastytrade material since October and things started coming together for me just a cpl weeks ago.
I never commented or reached out before but after going through this video I just had to let you know how much I appreciate everything that you guys are doing!
Thank you !

[WatkinsFilmSchool]

I've always found adjustments to iron condors to be confusing. Sometimes, I just close out the losing side, take a loss, and wait for the other side to expire worthless. But this is the best explanation of iron condor adjustments I've ever seen. Once an IC has gone against you, you know you're going to take a loss. The goal is to make it a small a loss as possible...

[hameddadgour]

This information is pure gold. Thank you for the great presentation :)

[TamerRashdan]

Thank you, I will just stick to selling covered calls and cash secured puts

[Suraj-civu]

I think break even is wrong at 10:30
Shouldnt it be
80+1.30=81.30 on upside
75-1.30=73.70 on downside
Please clarify

[johnsnead]

I’m a few years behind but Mike’s explantations are phenomenal!!!

[benphillips]

This incredible video is 17 minutes long and taking me about a month to digest.

[DNHarris]

Thank you Mike! I just placed my first IC, having done well on selling net credit vertical put spreads. While I have nearly a month and a half to EXP I wanted to better edumacate myself on what to do if the price of the underlying creeps between or beyond a pair.

[orlandoo]

Hi. Excellent video. One question I have. What can I do if the iron condor turns against the same expiration date?. Thanks

[GeraldOng]

Hmm I'm wondering, what about rolling over iron condors? Is that recommended?

[grantgre]

I have a question about buying back the vertical that’s almost in the money you would lose half of your premium but you wouldn’t have to be bothered about making more trades? And the other question is Something that you mentioned in the video where if the underlying stock goes up the options will go up as well and apparently either day traders that are doing just that they’re buying way out of the money options and they’re waiting every hour to see if those options will go up and apparently making tremendous gains? So what do you think of that?

[benphillips]

So I'm curious, if we start out with an iron condor and adjust it to the point that it is an ironfly, and the stock then ends up blowing out the ironfly by expiration, why don't we close out the side that's worthless and then just keep rolling out the other side? For example, if the stock shoots up, then we can just buy back to close the put credit spread for cheap and then just keep rolling out the call credit spread as if it was an ITM naked call, as long as we are getting a credit. This way we would just keep on pushing out the trade until we win. Thoughts? Am I the only one that does this?

[aokimsuspbr]

Mike, I am writing from Brazil. Huge audience here. I was wondering if a 4th possible adjustment could be roll the entire position to the next month. I am managing a IC, and after 5 days the long call was bleached. I waited for more 5 days and then roll up the untested side. But, the stock is slowly increasing the price. I am planning to roll up the entire position for the next cycle.

[russellfowler]

Hi mike, when adjusting the untested side, wouldn’t there still be considerable premium left, depending on how fast the price moved towards the tested side?

[sekarramaswamy]

An excellent info for learner’s....👍👍...

[ronwarshawsky]

Double down strategy. What about value of the lost time and ability to spend all this time on a better opportunities?!

[Amazinunivers]

Thanks mike for putting out all these effort to tutor us. I learned alot from you

[snafu]

What is the ideal pop for this kind of trade? In tastyworks the default short iron condor is always 24% for pop?

[brucea]

2 questions- with example 2, iv goes up for the puts, but does it go up for the calls? I never see that happen. If stock price drops, iv for calls doesn’t rise much.
Also, if the short option is breached, depending on width of spread and what market looks like, wouldn’t it make sense to buy back the short option (or part of them if you have several) and let the position run toward the long option to realize a possible profit?

[jjseandxcefree]

hi... I was looking at a condor of stock XXXX Oct 30 (sell the 400p x1 and buy the 300p x1, then sell the 500 cx2 and buy the 550c x2)
x2) for about $34 credit. Now what happens if XXXX slips to 380 or 520 before oct 30 - do one of my legs get exercised...and if so what do i do to manage the trade? thanks