Weekly Returns of up to 100% using Broken Wing Put Condors 1-3-2

Broken Wing Put Condor 1-3-2 is an amazing weekly trade that has limited risk and massive potential. Today I breakdown how I enter the trade in IBKR and record it in my rolling options record keeper. Using limited loss options strategies is one of the fastest ways to make massive weekly returns by trading options.

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This trade is a variation of the Broken Wing Butterfly BWB 1-3-2 and is a great setup for short duration options.

▬ CONTENTS ▬▬▬▬▬▬▬▬▬▬

0:00 Intro: #drawbridge100k Review This week's results
1:35 Live Trade Notifications
1:58 Iron Condor VS Put Iron Condor
3:21 Broken Wing Put Condor 1-3-2
4:00 Reading a Trade Alert on Discord
5:35 Setting up the Put Condor in IBKR
6:30 How the trade makes money
7:11 Calculating Max Profit/Max Loss
8:10 Entering the trade in the Rolling Options Record Keeper
9:55 How much did I make?

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My primary investment strategy is long term high yield dividend investing, index funds and reducing risk and exposure using options. I have been actively trading the stock market for over 25 years and have built most of my wealth by reinvesting my dividends and following my 14 Personal Rules of investing. I actively trade options on both the American and Canadian Stock exchanges using options strategies and buying and holding high yield dividend paying stocks.

I generate monthly income in two ways. Averaging more than an annual 7% return by collecting dividends on high yield dividend stocks that I hold. The second income stream comes from the selling of option premium and taking advantage of theta decay. I love trading strangles, Iron condors and diagonal spread for maximizing returns. Delta neutral strategies allows me to make money in both bull and bear markets and limits my risk. Both of these strategies are suitable for passive income and create a stable predictable safe passive monthly income.

Let’s Get Rich Together
Levi Woods

Disclaimer: I am not a financial planner and am not offering investment advice. This is an opinion channel only and should not be taken as any form of financial advice. I receive a small commission from the purchase of any item from using the links listed above. There are financial risks involved in taking on any monetary transaction that I discuss in my videos.

#investing #stockmarket #dividends #LetsGetRichTogether

[דודסולומון-טמ]

Hello
What DTE and Deltas do you use?
Thank you

[erichesse]

are you still campaigning this trade? curious if you have any longer term performance/ win rate etc on it. Im looking more closely at this style trade after the 11X blowup a a few weeks ago. Thanks for posting!

[thierrykrick]

Wow. Thanks Levi. I like a lot this strategy. Do you always use it short term or it could also work for the regular 30-45 DTE trades?

[DenisLeskovets]

Thanks Levi. Where can I find the cumulative results for the 100k challenge? I’m not seeing them inside patreon or discord.

[rafaelvelez]

i do understan that if the selling put finish OTM you collect the premium, but what happen to the BUY PUT, i still dont get it, if the BUY stays ITM you have to close before expiring ( to not guet assigned ) or...???? by the way, grat video!!!

[lam]

Greta vídeo and awesome spreadsheet. Did you build it yourself?
On another note, I wanted to ask you how you manage such a trade in case it goes against you. Thanks.

[cluggyahoo]

Greatly appreciate Levi. Unfortunately my broker (IB) does not allow me to place a trade like that because it has 5 legs and they say it's not allowed.

[MoorishBandit]

Whoa I just noticed your cool sword collection in the background. Can you show them off in a video?

[Oscar-omhq]

Great setup. I trade in TOS and Tastyworks, and neither will allow me to assemble more than 4 legs for a trade. Thought or ideas ?

[jiggz]

Greatly appreciate the breadown and walkthrough of your trades! This video and the "How to sell put options for monthly income" where you broke down the etsy trades- thanks so much Levi! Looking forward to your weekly Tuesday Live session tomorrow.

[jeanphi]

Thank you for this great video., I am just concerned by the commissions because you have 6 legs ad if you close early you can have a maximent of 2 X 6 = 12 commissons to pay, in my case it is around $12, which limit seriously the profit ....

[minoffame]

Hi Levi,
The option exchanges won't allow more than four legs so how are you able to place this 5-leg trade? (10/6/22)

[ssykk]

Thank you for the information of BWIC. It much information on YouTube about this option strategy. I just wish you show more clearly how to choose the strikes and why. Anyway I appreciate sharing your knowledge

[donmcdonald]

Great explanation! That helped me understand these trades a little closer.

[witchinghour_om]

i really can´t find a situation in which risk/reward is 1:1 and enter with credit.

[diemesleno]

Wonderful job! Do you have something related with Bitcoin Options on Deribit?

[dofFive]

Any defense/adjustment plan if the trade goes against you?

[lobsterstrange]

What are you trading on? How can I customize spreads?

[pecialFX]

Do you leg out of this trade or close it all at once when you’re happy with the return. Can you close early?

[moolababy]

Man I am bummed. I can’t do this trade in TOS