Iron Condors – Love 'em or Hate 'em? They seem like a safe bet, but I've had mixed results. Are they worth the hassle, or are there better neutral strategies out there?
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I don't like using these type of super elaborate option combinations. Maybe if you have software build the order for you it is more practical otherwise it is starting to feel like real work on an activity that is meant to be largely passive income for me. I prefer to work the wheel strategy alternating between selling cash secured puts, being issued shares, selling covered calls and returning to cash for puts.
It amounts to an hour or two a month to keep that cycle running long term.
The Options Trader’s Hedge Fund is a great resource for this strategy.
I don’t run iron condors, but there’s a lot of detail in that book about trading in general. It might be a little out of date with the rise of 0DTE but it’s still worth your time.