Full credit to Davin Goodwin for developing this strategy and Al Dabby for refining it.

Underlying: SPX or /ES

Strategy: 100pt wide Iron Condor 20-25Delta short strikes

You can put this trade on every day of the week. If it’s Monday or Wednesday, use the 2DTE
expiry. If it’s Tuesday or Thursday, use the 1 DTE expiry. If it’s Friday, use the Monday expiry

Trade entry: Enter a position 15-30min after the open (no entries after 11:00AM Eastern)

Exit: Set a resting limit TP (take profit) order to close at 5-7% credit received

Risk Management:

Here’s how Davin Manages Risk:

I believe if a side is tested that he takes off the untested side, rolls the tested side to a further
out expiration, and then sells an opposing spread in that same further out expiration.

Al has a different way of managing risk, it seems kind of complicated, but it seems to be working
for him - you may have to ping him and ask him how he does it.

Here’s what I’m doing:

Resting stop loss at 4-5x the anticipated profit target. If SL or TP doesn’t get hit before the end
of the day, close the position before the market closes that day and put a new position on the
next trading day.