Iron Condor

Track

Mechanics

Each single leg and spread in depth: how it is built, what it costs, and how it behaves.

  1. 01 The long call, deep When a long call is the right tool, how to pick the strike, how to size it, and the one trap that costs beginners more than direction ever does. 11 min
  2. 02 The long put, deep The mirror of the long call, mechanically. Pricing skew, hedging use, and the cost of running a permanent insurance policy. 11 min
  3. 03 The short call: naked and covered Selling a call collects premium and accepts an obligation. The shape of that obligation changes by an order of magnitude depending on whether you own the stock. 10 min
  4. 04 The short put: cash-secured and naked Selling a put collects premium for the obligation to buy at the strike. With cash backing it, the worst case is owning shares cheap. With margin, the worst case is operational. 10 min
  5. 05 Bull call spread (debit) Buy a call, sell a higher-strike call against it. Bullish, defined risk, defined reward. Pays less for the same direction. 9 min
  6. 06 Bear put spread (debit) The bullish call spread, reflected. Long a higher put, short a lower put. Same risk-defined logic, opposite direction. 8 min
  7. 07 Bull put spread (credit) Sell premium with a defined-risk floor. The neutral-to-bullish income trade that pays you on day one. 10 min
  8. 08 Bear call spread (credit) The bull put spread's mirror. Sell a call, buy a further call. Neutral-to-bearish income with defined risk. 8 min
  9. 09 The iron condor A bull put spread and a bear call spread stacked on the same underlying. Defined-risk neutral premium selling. The named product after this app. 12 min
  10. 10 Calendar spreads Same strike, different expirations. Theta arbitrage with a vega tilt. The only easy way to be short time and long volatility at the same time. 9 min
  11. 11 Diagonal spreads A vertical spread and a calendar in one structure. Asymmetric exposure with theta financing. The "poor man's covered call" lives here. 9 min
  12. 12 The strangle and the straddle Two ways to buy or sell volatility itself. Direction-blind structures that pay on motion, not vector. 10 min
  13. 13 Ratio spreads Unbalanced spreads: more shorts than longs (or vice versa). Designed for specific target zones, with a tail you cannot ignore. 9 min
  14. 14 The collar Long stock with a long put for protection and a short call to finance it. Cheap insurance, capped upside. The position long-term shareholders run through quiet periods of nerves. 9 min
  15. 15 The wheel Cash-secured put becomes assignment becomes covered call becomes assignment becomes cash-secured put. A systematic loop for income on names you want to own. 10 min