Index iron condors
Sell an out-of-the-money put spread and call spread together, seeking to benefit from a range-bound market.
Results unavailable
Historical executable option quotes are unavailable. Daily-bar research proxies do not establish achievable fills or a validated performance record.
Experimental · Alpaca paper only · Fixed settings. Profitability has not been established. Positions can remain held overnight.
Choose your own connected paper account and explicitly confirm the start in Portfolio.
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Entry rules
Short options near 20 delta, with protective wings about 1% of the underlying price away. The four legs share an expiry.
Held overnight, repeated across cycles
Seek entries from 10:00–14:00 ET with at least two full sessions before expiry. Hold overnight; after a close, wait until a later session before entering again.
Check open baskets every 30 seconds during regular market hours. Fresh, usable option quotes are required to price an order.
Exit rules
Seek to take profit at 50% of the entry credit or exit after a loss equal to that credit. Seek to close by 15:30 ET on the session before expiry, or 12:30 on an early-close session. A target does not guarantee a fill.
Capital and risk
Entry risk budget: at most 1% of account equity per basket and 3% across held and pending baskets, with fees reserved. This budget is not a guaranteed loss cap.
The intact spread has a bounded expiry payoff, but early assignment, gaps, unavailable quotes and closing costs can change the realized loss. Overnight exposure remains.