Iron Condors on ThinkorSwim Web | TOS Web Tutorial
Today we’ll be discussing iron condors and how to trade them within the thinkorswim web app. We’ll start by learning what they are, how they work, and how to manage them throughout the life of the trade.
TOS Web Advanced Orders: • ThinkorSwim Web Advanced Order Types ...
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An iron condor is an options strategy composed of both a short vertical put spread and a short vertical call spread. It is a directionally neutral, defined risk strategy that does best when the underlying stock trades in a tight range.
If the stock remains rangebound, the spread will begin to decay over time. Theta will gradually begin to increase as expiration nears, exponentially increasing the level of time decay. This strategy is meant to capitalize off both time as well as volatility decreasing.
Timestamps
0:00 Intro to butterfly spreads
0:20 How to access tos web
1:05 Option chain explained
3:03 Selling an iron condor
8:14 Closing an iron condor
10:11 Cancel or edit working orders
10:29 Best practices
10:38 Choosing an expiration
11:32 Choosing strike prices
12:20 When to close iron condor
13:57 Iron condor example
15:35 Attach profit taking order (bracket)
17:07 Outro
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