Update Consideration on the Iron Condor

Even we can see that at the 2nd Std Dev the Short Call has only a Trigger rate of 3.16% and the Short Put has a trigger rate of 2.18%, we will NOT take this trade due to the fact our trade MUST have a DELTA of 10% or less. This is considered roughly also the possibility to be ITM but it is the rate of change in reality. For every Dollar the underlying moves up or down the option moves by 10 cent. Since we selling a double spread for a collectable premium we dont want the option to move too much since time decay THETA works in our favor.

The DELTA for the 2nd Std Dev is 20% and too high. We close or roll at 30%.

Here we can see what DELTA means. It is always negative for the PUTs and positive for the CALLs. a -0.0947 means 9.47% and -0.02045 means 20.45%. We need the 10% Criteria filled and a 20% is a no, no!

Here are the Strike Levels in the Daily Charts

And there goes the order