An iron condor is one of the most misunderstood options strategies. Many traders fear it because of the "infinite loss potential" reputation. But in reality, it's one of the safest income strategies if you understand the mechanics and optimize for days to expiration (DTE).
Here's the truth: An iron condor is simply two credit spreads stacked vertically — one on the upside (bearish), one on the downside (bullish). Your profit is capped. Your loss is capped. Your probability of profit can reach 70-80% if you manage DTE properly.
This guide shows you exactly how to build, manage, and adjust iron condors—with DTE as your primary optimization lever.
Build your condor legs: Use our Strategy Analyzer to find optimal put and call credit spreads. Analyze each leg separately, then combine them into a complete iron condor position.
What is an Iron Condor? The Core Mechanics
An iron condor consists of four options on the same stock, all expiring on the same date:
- Short call at higher strike (e.g., $50 call)
- Long call at even higher strike (e.g., $52 call)
- Short put at lower strike (e.g., $46 put)
- Long put at even lower strike (e.g., $44 put)
Visual Structure:
MAX PROFIT ZONE
↓
$44 (Long Put) ← | → $50 (Short Call)
$46 (Short Put) ← | → $52 (Long Call)
Profit if price stays between $46 and $50
at expiration
Example Setup (SPY at $450):
Sell 1 SPY $446 put, collect $0.50
Buy 1 SPY $444 put, pay $0.25 (cost basis: -$25 total)
Sell 1 SPY $454 call, collect $0.50
Buy 1 SPY $456 call, pay $0.25 (cost basis: -$25 total)
Net Credit Received: ($0.50 - $0.25) + ($0.50 - $0.25) = $0.50 per share
Maximum Risk: ($450 - $446 - $0.50) × 100 = $350 on 100-share contract
Maximum Profit: $0.50 × 100 = $50 (if SPY stays between $446-$454)
Probability of Profit: ~70% (depends on DTE and width)
Key Insight: Unlike a naked put or naked call, your losses are capped. You know the worst-case scenario before entering. This is why iron condors are actually conservative strategies, despite their complexity.
Iron Condor vs Other Strategies
| Strategy | Max Profit | Max Loss | Capital Required | Probability of Profit |
|---|---|---|---|---|
| Naked call | Limited | Unlimited | Lower | 40-50% |
| Naked put | Limited | Huge | Lower | 40-50% |
| Call spread | Limited | Limited | Lower | 55-65% |
| Put spread | Limited | Limited | Lower | 55-65% |
| Iron Condor | Limited | Limited | Higher | 65-80% |
| Covered call | Limited | Limited | Much higher | 70%+ |
Why Choose Iron Condor?
✅ Two premium collections (call spread + put spread)
✅ Defined risk — you know maximum loss upfront
✅ High probability — 70%+ win rate if structured right
✅ Capital efficient (vs naked puts) — spreads require less margin
✅ Works in flat markets — doesn't need stock to move
✅ Works in volatile markets — adjust and manage by DTE
❌ Requires more management than naked puts
❌ Four legs = more complexity (harder to exit cleanly)
❌ Lower profit per risk than naked put (but capital-efficient)
DTE and Width Selection: The Core Iron Condor Levers
Two decisions dominate iron condor profitability:
- Days to Expiration (DTE) — When should you enter?
- Spread Width — How far apart should your strikes be?
These two factors together determine your probability of profit, capital efficiency, and income potential.
The DTE Decision: When to Enter
The Rule: Enter iron condors 30-45 DTE for optimal risk/reward.
Why?
| DTE Range | Theta Decay | New Option Premium | IV Crush | Adjustment Flexibility | Best For |
|---|---|---|---|---|---|
| 60+ DTE | Slow | Lower | Risky | Lots of time | Aggressive (wide width) |
| 45-30 DTE | Accelerating | Excellent | Manageable | Good flexibility | Optimal (standard width) |
| 21-14 DTE | Very fast | Lower | High | Limited | Defensive (tight width) |
| 7-0 DTE | Extreme | Minimal | Extreme | Almost none | Assignment imminent |
The Sweet Spot is 30-45 DTE because:
- Theta acceleration is in full effect — Your position loses 1.5-2.5% value daily (in your favor)
- Premium is attractive — New options have rich time value
- Adjustment window is long — 2+ weeks to adjust if price moves
- Not too late — You avoid extreme theta acceleration at 7-10 DTE
Example: Comparing Entry Points
SPY at $450, analyzing 30-DTE iron condor entry
Entry at 45 DTE:
Collect $0.40 credit (less decay built in)
45 days to manage if price moves
Adjustments are easy (lots of time)
Entry at 30 DTE:
Collect $0.50 credit (MORE because theta accelerates)
30 days to manage (still enough time)
Adjustments are medium difficulty
Entry at 14 DTE:
Collect $0.55 credit (even more because more decay)
14 days to manage (getting tight)
Less time for adjustments
If price moves against you, fewer options to adjust
Conclusion:
30 DTE is the sweet spot:
- Good credit ($0.45-0.50)
- Adequate management time (30 days)
- Theta decay working hard (2%+ daily)
- Adjustment window still open (14+ days before expiration)
Spread Width Selection: The DTE Multiplier
Spread width determines how much price movement your position can tolerate before losses mount.
Key Formula:
Probability of Profit ≈ Distance between short strikes ÷ Stock volatility
Example:
SPY at $450, IV at 20% (1 standard deviation = ~$3 daily move)
Tight width (ICY width = $2): $446 puts, $454 calls
Probability of staying in range: ~60%
Medium width (standard = $4): $446 puts, $454 calls
Probability of staying in range: ~70-75%
Wide width (aggressive = $6): $444 puts, $456 calls
Probability of staying in range: ~75-80%
But max loss is $6 × 100 = $600 (vs $400 for tight width)
Width Selection by DTE:
| DTE Range | Recommended Width | Reasoning | Example (SPY @$450) |
|---|---|---|---|
| 60+ DTE | Wide ($5-8) | Lots of time for decay; comfortable with wider range | $442-458 range |
| 45-30 DTE | Medium ($3-5) | Sweet spot for standard condor | $446-454 range |
| 21-14 DTE | Tight ($2-3) | Less time for management; need higher probability | $448-452 range |
| 7-0 DTE | Very tight ($1-2) | Almost no time; maximum probability only | $449-451 range |
Example: DTE vs Width Tradeoff
SPY Trading Scenario:
Entry at 45 DTE with $2 width (tight):
Collect: $0.40 credit
Max risk: $160 (if one side breached)
Win probability: 65%
Entry at 30 DTE with $4 width (standard):
Collect: $0.50 credit
Max risk: $350 (if one side breached)
Win probability: 72%
Entry at 14 DTE with $6 width (wide):
Collect: $0.55 credit
Max risk: $545 (if one side breached)
Win probability: 75%
Which is best?
For conservative traders: 45 DTE, $2 width
For standard traders: 30 DTE, $4 width
For aggressive traders: 14 DTE, $6 width
Most professionals use: 30 DTE, $4-5 width
Iron Condor Setup: Step-by-Step Execution
Step 1: Analyze IV and Volatility
Before entering ANY iron condor, check implied volatility (IV).
IV Percentile Matters:
| IV Percentile | Market Condition | Best Iron Condor Type | Note |
|---|---|---|---|
| 0-25th | Low volatility | Tight width (conservative) | Not ideal; premiums weak |
| 25-50th | Normal | Standard width (50-delta short calls) | BEST for iron condors |
| 50-75th | Elevated | Medium width (45-delta shorts) | Good; higher premium |
| 75-100th | Extreme | Wide width or skip | Risky; IV crush can hurt |
50th percentile IV is the "Goldilocks Zone" — high enough for decent premiums, not so high that IV crush eats your profit.
Step 2: Select Strike Prices
Use the Delta Rule: Short strikes should be approximately 30-40 delta to get 65-75% probability of profit.
What does delta mean?
- 30-delta = 30% probability the option expires in-the-money (ITM)
- 40-delta = 40% probability ITM
- For iron condors, use 35-delta shorts (65% prob of profit on each side)
Example:
SPY at $450
Find the 35-delta short strikes (65% probability of staying OTM):
- 35-delta put = $446 put
- 35-delta call = $454 call
Define your long strikes (100% protection):
- Long put: $444 (2 points below short put)
- Long call: $456 (2 points above short call)
Iron Condor Structure:
Sell $446 put
Buy $444 put
Sell $454 call
Buy $456 call
Step 3: Calculate Greeks and Risk
Before entering, verify your position's Greeks:
Full Iron Condor Greeks (SPY example):
Sell $446 put (35-delta):
Delta: -0.35 (bearish, but contained)
Theta: +$0.08/day (decay works in your favor)
Vega: -$0.10 (IV drop helps you)
Buy $444 put (15-delta):
Delta: +0.15 (hedge against put assignment)
Theta: -$0.03/day (decay works against you)
Vega: +$0.04 (IV rise helps you slightly)
Sell $454 call (35-delta):
Delta: +0.35 (bullish bias)
Theta: +$0.08/day (decay works in your favor)
Vega: -$0.10 (IV drop helps you)
Buy $456 call (15-delta):
Delta: -0.15 (hedge against call assignment)
Theta: -$0.03/day (decay works against you)
Vega: +$0.04 (IV rise helps you slightly)
Combined Position:
Delta: -0.35 + 0.15 + 0.35 - 0.15 = 0 (perfectly neutral)
Theta: +$0.08 - $0.03 + $0.08 - $0.03 = +$0.10/day
Vega: -$0.10 + $0.04 - $0.10 + $0.04 = -$0.12 (IV drop helps)
Interpretation:
You're neutral on direction (Delta = 0)
You profit from time decay ($0.10/day = $7 per day, $217 over 30 days)
You profit if IV drops (common into earnings)
Step 4: Execute and Track
Execution Tips:
- Enter as a single order (all 4 legs at once) for best price
- Don't leg in separately (too risky, spreads widen)
- Target net credit of 1/3 to 1/2 of width:
- For $4 width: target $1.50-2.00 credit (37.5-50% of width)
- This gives you 50-67% max profit potential
Tracking:
- Monitor position Greeks daily (especially theta decay acceleration)
- Track DTE countdown (when does management window close?)
- Watch IV changes (does IV crush help or hurt your position?)
Iron Condor Adjustments: Managing by DTE
The iron condor's strength is its adjustability. If price moves against you, you can adjust instead of taking the max loss.
Adjustment Phase 1: 30-21 DTE (First Management Window)
Trigger: When price moves close to one of your short strikes (within 1 delta of 0.50).
Example:
Original Setup (30 DTE):
Short $446 puts (35-delta, 65% prob of profit)
Short $454 calls (35-delta, 65% prob of profit)
Scenario: SPY drops to $448
$446 puts are now 45-delta (only 55% prob of staying OTM)
Need to adjust
Adjustment Option 1: Roll Put Spread Down
Buy to close $446 put short
Sell to open $440 put short (new short strike further OTM)
Collect credit if available
Result: Extended put spread captures downside move
Adjustment Option 2: Collar/Butterfly (Reduce Risk)
Close entire put spread
Keep call spread for income
Free up capital, reduce max loss
Adjustment Option 3: Exit Early (Lock Profit)
Close entire iron condor
If you've already made 50%+ of max profit in 2 weeks:
Why risk the remaining 50%? Take the win.
Best Practice at 30-21 DTE:
- Only adjust if price threatens one side seriously
- Don't over-manage (adjusting costs money in spreads)
- Avoid buying back losing side for huge losses; instead roll to new strike
Adjustment Phase 2: 21-14 DTE (Make-or-Break Window)
Decision Point: Is your position still profitable or now at max loss?
Scenario 1: One side has lost 50%+ of max profit
Original trade: Credit of $0.50 per share
Max profit: $50 on 100 shares
Current loss: -$25 (halfway to max loss of $100)
Options:
A) Close losers, keep winners:
- Exit the losing side (the spread that's breached)
- Keep the winning side for additional decay
- Converts to naked call or naked put (riskier)
B) Exit completely:
- Iron condor has failed
- Take the loss now rather than wait for max loss
- Redeploy capital elsewhere
Best practice: Choose B (exit completely)
Reason: If one side has breached, it's because
volatility spiked or fundamentals shifted.
Holding the winning side exposes you to further
directional move.
Scenario 2: Both sides still look okay; DTE is accelerating
21 DTE analysis:
Call side: 30-delta (still 70% probability)
Put side: 28-delta (still 72% probability)
Combined P&L: Break-even to small profit
Decision: Reduce position size or exit winner
- Close the wider winning side (to reduce capital at risk)
- Keep tighter losing side (for theta decay)
- Or exit both and move to new 30-DTE iron condor
Adjustment Phase 3: 14-7 DTE (Final Decision Window)
The Reality: At 14 DTE, your iron condor is either winning big or losing big. Adjustments are expensive (spreads widen).
Scenario A: Position is in profit (80%+ of max profit likely)
Decision: Close and lock profit. Don't hold to expiration hoping for max profit. Take 75-80% of max profit and move on.
Profit target: 50-67% of max credit received
At 14 DTE, you've likely hit this
Exit Cost: Minimal (options are cheap at 14 DTE)
Remaining Risk: Zero (you're out)
Example:
Credit received: $50
Target profit (67%): $33
If current P&L = $33 → CLOSE NOW
Don't risk it for final $17 with 7 more days of uncertainty
Scenario B: Position is at break-even or small loss
Decision: Close and accept small loss or break-even. Theta is decaying your premium, but gaps can happen.
At 7 DTE:
Your short options are almost worthless
But liquidity is terrible (wide spreads, thin volume)
Closing might cost $0.10-0.20 in slippage
Better to hold and hope for max profit? NO
- Gap risk overnight (earnings, news)
- Buying to close at 7 DTE is expensive
- 7 days of management stress for minimal extra profit
Decision: Close at small loss rather than hold for max
Scenario C: Position has breached one side (significant loss)
Decision: Exit immediately. Cut losses.
Why not adjust?
- Adjustments require buying back losing side (expensive)
- At 14 DTE, spreads are wide
- Even if you adjust, new position has less time
- Further moves are likely (volatility clustering)
Example cost:
To adjust put spread at 14 DTE:
Buy to close $444 put: $0.30 (bid)
Sell new $440 put: $0.15 (ask)
Net debit: $0.15 (turns winning trade into loser)
Better to: Take max loss now, move on, learn, adjust
The 50% Rule: Iron Condor's Most Important Principle
The 50% Rule: Close your position when you've achieved 50% of max profit.
Why?
Risk/Reward Analysis:
Scenario A: Hold to expiration
Profit potential: $50 (max)
Current profit (14 DTE): $33
Remaining time value at risk: $17
Gap risk: Significant (7 days of overnight risk)
Scenario B: Close at 50% now
Profit locked: $25
Certain profit: Yes
Time risk: Zero
Gap risk: Zero
Time efficiency:
Scenario A: $50 profit over 30 days = $1.67/day
Scenario B: $25 profit over 20 days = $1.25/day
But capital efficiency:
Scenario B: Frees capital after 20 days
Can redeploy to new position
Over 30 days: $25 + new position profit = better
Real Trading Data: Research shows that iron condor traders who close at 50% profit have:
- ✅ 95%+ win rate (almost never hit max loss)
- ✅ Higher annual returns (due to capital redeployment)
- ✅ Much lower stress (sleeping better at night)
- ❌ Slightly lower per-trade profit
Traders who hold to expiration have:
- ❌ 65-75% win rate (occasional max losses)
- ❌ Gap risk (can wake up to 20% overnight loss)
- ❌ Much higher stress
- ✅ Higher per-trade profit (if they win)
Recommendation: Use the 50% rule when you're starting. Once experienced, you can hold longer.
Real Example: A Complete Iron Condor Trade from Entry to Exit
Setup Phase (Day 1, 45 DTE)
Market: SPY at $450
IV Percentile: 50th (neutral)
Plan: Sell 1 45-DTE iron condor
Strikes Selected:
Short put: $446 (35-delta)
Long put: $444
Short call: $454 (35-delta)
Long call: $456
Premiums:
$446 put: Sell for $0.30
$444 put: Buy for $0.10 (cost: -$10)
$454 call: Sell for $0.30
$456 call: Buy for $0.10 (cost: -$10)
Net Credit: ($0.30 - $0.10) + ($0.30 - $0.10) = $0.40
Total Credit: $40 (on 100-share contract)
Margin Required: $4 × 100 = $400
Max Loss: $400 (if SPY closes between $44-56, not between $446-454)
Greeks:
Delta: 0 (perfectly neutral)
Theta: +$0.12/day (profit from time decay)
Vega: -$0.15 (profit if IV drops)
P&L Target:
50% profit = $20 (lock at this point)
67% profit = $27 (can hold longer)
Max profit = $40 (expiration only)
Management Phase 1: Days 30-20 (Nothing Changes)
Day 15 (30 DTE):
SPY at $451 (up $1, not enough to adjust)
Position Greeks still neutral
Theta has decayed to +$0.10/day (acceleration slowing)
Current P&L: +$12 (30% of max, hold)
Day 10 (25 DTE):
SPY drops to $446 (down $4)
$446 puts are now ATM (delta ~0.50)
Alert: Put side is now threatened
Decision: Monitor but don't adjust yet (still 25 DTE, time for recovery)
Management Phase 2: Days 20-14 (Adjustment Opportunity)
Day 8 (22 DTE):
SPY still at $446 (pinned at your short put)
$446 puts now 55-delta (55% probability of assignment)
$454 calls still safe (35-delta)
Current P&L: +$18 (45% of max)
Decision Point:
Option A: Adjust put side
Buy $446 puts back @ $0.15 = -$15 cost
Sell $442 puts @ $0.08 = +$8 credit
Net debit: $7 to roll down
New position: $442-444 put spread (even tighter)
Option B: Close put side only
Buy $446 puts @ $0.15
Close $444 long put @ +$0.05
Close out put spread for net cost of $10
Keep call side alive (still $400 max risk)
Option C: Close entire position
Buy $446 puts @ $0.15 = -$15
Buy $454 calls @ $0.15 = -$15
Close $444/456 long legs @ +$0.08 = +$8
Total cost: $22 to close (leaves $18 profit)
Best choice: Option C (Close entirely)
Reason: 45% of max profit in just 22 days
= $0.82/day profit rate (very good)
Remaining reward (only $22 more) vs risk (gap overnight)
Not worth holding 9 more days for $22 when you already have $18
Final Exit (Day 8, 22 DTE)
Close all four legs:
Buy $446 puts @ 0.15 = -15
Sell $444 puts @ 0.05 = +5
Buy $454 calls @ 0.15 = -15
Sell $456 calls @ 0.08 = +8
Net Cost to Close: -17 ($17 total debit)
P&L Calculation:
Credits received: $40
Cost to close: -$17
Profit: $23
Profit %: 57.5% of max
Capital Freed: $400 margin
Days Held: 22 days
Daily Profit Rate: $1.05/day
Redeployment:
Close old iron condor (locked $23 profit)
Enter new iron condor at 43 DTE
Collect new $0.40 credit
Over remaining 8 days: Could make $8 on new trade
Total 30-Day Profit: $23 + $8 = $31 (vs $40 max on single trade)
But: $31 on two trades = lower risk, better sleep!
Common Iron Condor Mistakes to Avoid
Mistake 1: Trading During Extreme IV
Problem: Entering iron condors when IV is at 90th+ percentile.
Why it fails:
- High IV means premiums are inflated (you collect too much)
- IV crush is coming (likely to compress your winnings)
- Volatility spike is exhausting itself
Example:
IV at 90th percentile:
Collect $0.60 credit (looks amazing)
But IV drops to 50th percentile before expiration
Position loses value despite theta decay
$0.60 credit becomes $0.20 profit after IV crush
Solution: Only enter iron condors at 40-60th IV percentile.
Mistake 2: Width Too Wide (Chasing Premium)
Problem: Selling 35-delta strikes trying to get max premium, resulting in $6+ width.
Why it fails:
Wide width example:
SPY at $450
Sell $444 puts, $456 calls ($6 width)
Collect $0.60 credit (looks great)
But: SPY moves to $448
$444 puts are now 50-delta (50% probability of assignment)
You're now watching closely, management stress rising
At 14 DTE, $444 is threatened
Adjustment cost is high
Best exit: Take $0.30 profit (50% of credit)
Solution: Use 40-delta shorts ($4-5 width on SPY). Better risk/reward.
Mistake 3: Not Adjusting When Threatened
Problem: Ignoring a breach, hoping it recovers.
Reality:
If one side breaches your short strike and approaches long strike:
- Gamma accelerates (position gets worse fast)
- Management window is closing
- Spreads get wider (adjustment costs more)
- Better to adjust early than wait for disaster
Solution: Adjust when delta hits 0.50-0.60. Don't wait for breach.
Mistake 4: Holding Through Earnings
Problem: Entering 45-DTE iron condor, letting it run through earnings week.
Why it fails:
Iron condor entered 45 DTE:
Expected expiration: 14 days before next earnings
But earnings come early: IV crush hits 3 days later
SPY gaps $5 overnight (both sides breached)
Max loss, no time to adjust
Solution: Check earnings calendar. Plan exits 5+ days before earnings.
Iron Condor vs Other Strategies: When to Use Each
| Scenario | Best Strategy | Why |
|---|---|---|
| Flat market, low IV | Iron Condor | Profits from range + time decay |
| Flat market, high IV | Skip or wide iron condor | IV crush eats profits |
| Bullish expectation | Long call or call spread | Directional profit potential |
| Bearish expectation | Short put or put spread | Directional profit potential |
| Extreme volatility | Wide iron condor | Collect big premium, tighter management |
| Very low volatility | Covered call | Simpler, less margin, good income |
| Want max capital efficiency | Iron condor | Less margin than naked puts |
| Learning options | Call/put spread | Single direction is simpler |
Tools and Metrics for Iron Condor Management
Key Metrics to Monitor Daily
-
Delta Sum — Total directional exposure
- Iron condor should be near-zero (neutral)
- If delta > 0.20, bullish bias increasing
-
Theta Decay — Daily profit from time
- At 45 DTE: +$0.10-0.15/day per condor
- At 21 DTE: +$0.20-0.30/day (accelerating)
- At 7 DTE: +$0.35-0.50/day (maximum)
-
Break-Even Price Levels
- Upper break-even: Short call strike + credit received
- Lower break-even: Short put strike - credit received
- Monitor how close price gets to these levels
-
Days to Next Management Trigger
- When will one side hit 50-delta (management trigger)?
- Calculate expected move: 1 standard deviation of daily moves
- Forecast when price might hit management threshold
Spreadsheet Tracking Template
Iron Condor Tracker:
Trade ID | Entry Date | Exit Date | Exp Date | DTE Entry | Stock |
Short Put | Short Call | Credit | Max Loss | Days Held | Profit |
Profit % | Exit Reason | Notes
Example:
CONDOR-001 | 11/3 | 11/10 | 12/20 | 45 | SPY-450 |
446 | 454 | $40 | $400 | 7 | $20 | 50% | Profit target hit |
Closed early to redeploy
The Bottom Line: Mastering Iron Condors by DTE
Iron condors are more accessible than most traders think—if you manage them by days to expiration.
Key Principles:
✅ Enter at 30-45 DTE — Sweet spot for theta acceleration + adjustment time
✅ Use 35-delta shorts — 65-75% probability of profit
✅ Width selection by DTE — Wider at entry, tighter as expiration nears
✅ Adjust or exit at 50-delta — Don't wait for breach
✅ Take 50% profit and go — Risk/reward is best early
✅ Skip earnings weeks — Plan exits 5+ days before earnings
✅ Close at 14-7 DTE — Don't hold to expiration hoping for max profit
With DTE-based management, iron condors become a reliable income machine—not a risky gamble.
Next Steps
Ready to trade iron condors systematically?
First: Backtest this strategy on your favorite stock using Days to Expiry's iron condor analyzer.
Second: Paper trade 2-3 iron condors using the DTE framework above. Track your management decisions.
Third: When comfortable, go live with small size and one position at a time.
Iron condors aren't for beginners, but if you understand DTE and follow this framework, they're one of the most reliable income strategies in options trading.
Start with the 50% rule, and build your confidence from there.
Related Articles
Within Cluster 2 (Advanced Spreads):
- Put Credit Spreads: Risk-Defined Income Strategy - Understanding the bullish side of iron condors
- Call Credit Spreads: Bearish Income with Defined Risk - Understanding the bearish side of iron condors
- Iron Condor Strategy: Profit from Range-Bound Markets - Alternative beginner-friendly iron condor entry point
- Call Credit Spreads vs Put Credit Spreads: Which to Trade - Decision framework for building spreads
- Bear Put Spread: Bearish Income Strategy Guide - Standalone bullish spread alternative
- Best Stocks for Iron Condors: Selection Criteria & Screening - Stock selection for iron condor trades
Cross-Cluster Links:
- Cash-Secured Puts Playbook: DTE Optimization & Assignment Risk - Compare risk-defined spreads vs naked puts
- Covered Calls by Expiration: Weekly vs Monthly Income Comparison - Income strategy comparison across DTEs
- Options Greeks Explained: Income Trader's Guide - Master delta, gamma, and theta in spreads
- Theta Decay in Options: DTE Curves, Strategies & Time Value Optimization - Theta acceleration in iron condors
- Options Greeks Cheat Sheet: DTE-Specific Reference Guide - Greeks reference for spread construction
- Wash Sale Rules for Options Traders: The Complete Guide - Tax considerations when rolling spreads