Reverse Iron Condor Explained

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Reverse Iron Condor Strategy

The Reverse Iron Condor (RIC) is a limited risk, limited profit trading strategy that is designed to earn a profit when the underlying stock price makes a sharp move in either direction. The RIC Spread is where you buy an Iron Condor Spread from someone who is betting on the underlying stock staying stagnant.

Introduction

Reverse Iron Condor Construction

  • Buy 1 OTM Put
  • Sell 1 OTM Put (Lower Strike)
  • Buy 1 OTM Call
  • Sell 1 OTM Call (Higher Strike)

Reverse Iron Condor has a limited gain and a limited loss potential. The maximum gain It is attained when the underlying stock price drops below the strike price of the short put or rise above or equal to the higher strike price of the short call. In either situation, maximum profit is equal to the difference in strike between the calls (or puts) minus the net debit taken when initiating the trade. It will result in a loss if the price doesn’t move far enough in either direction, or if it stays the same.

Compared to a straddle option strategy, RIC has limited gain potential, but it also needs the stock to move less to be profitable. It is basically a combination of bull call debit spread and bear put debit spread. You can adjust the strikes based on your expectation of the move. Constructing the trade with further OTM options will provide a better risk/reward, but lower probability of success (the stock will need to move more to produce a gain).

One of the common uses of the Reverse Iron Condor strategy is betting on a sharp move on one of the high flying stocks after earnings. It can be used on stocks like NFLX, AMZN, GOOG, TSLA, PCLN etc.

Using Reverse Iron Condor through Earnings

GOOG was scheduled to report earnings on April 21, 2020. The At-The-Money weekly straddle ($760 strike) was trading around $41, implying $41 or 5.3% move.

If you believed that GOOG is going to move, you had two options:

Option #1: buy a straddle for $41 debit

  • Buy 1 760 Put
  • Buy 1 760 Call

Option #2: buy RIC (Reverse Iron Condor) for 1.75 debit

  • Buy 1 745 Put
  • Sell 1 740 Put (Lower Strike)
  • Buy 1 775 Call
  • Sell 1 780 Call (Higher Strike)

Straddle would need $41 move just to break even, but would have unlimited profit potential if the stock moved big time. It also would not lose as much if the stock moved less than expected.

RIC would need only $20 move (above $780 or below $740) to make money.

The next day GOOG moved $40 and closed at $719. Since it was below the short put strike, the RIC made a nice 43% gain (2.50/1.75), while the straddle was barely breakeven.

The Risks

The biggest drawdown of the RIC strategy before earnings is that if the stock doesn’t move enough after earnings, IV collapse will crush the options prices. The risk of 80-100% loss is real.

Unfortunately, many options gurus present this strategy as almost risk free money, completely ignoring the risks. Here are two examples.

A Seeking Alpha contributor suggested the following play on GOOG earnings on April 12, 2020 with GOOG at $632:

  • Buy twenty (20) April Week 2 $610.00 put options
  • Sell twenty (20) April Week 2 $600.00 put options
  • Buy twenty (20) April Week 2 $650.00 call options
  • Sell twenty (20) April Week 2 $660.00 call options

Rationale behind the trade:

“Google is a notorious big-mover after reporting. I am completely confident that the trade recommendation I am writing about will work like a charm.

What is completely missing in this comment is the disclosure of the options trading risk. The next day GOOG closed at $624, and the trade has lost 100%.

As our contributor Chris (cwelsh) mentioned in the comments section:

“Earnings are wild and unpredictable. A careful analysis and you can improve your odds, but you always have to factor in position sizing and potential loss into any trade. My entire point of my posts was that I think a discussion of risks should always be included in any article that discusses huge potential gains.”

I recommend reading the comments section of the article, it can tell a lot about different people’s approaches to trading and risk.

The second example is from a website that is using the strategy cycle after cycle. Here is the quote:

“The Debit Iron Condor is used primarily on stocks that have a long history of big moves when announcing their quarterly earnings. We have a very good idea of how big the move will be, in one direction or the other. And the amazing thing about studying history is that history truly repeats itself, and that means a big percentage of wins. The magic works when the Debit Iron Condor is combined with big moves from stocks on earnings day.”

The problem is, once again, complete lack of disclosure of the option trading risk. Even if the “history truly repeats itself” 80% of the time, in 20% of the cases when it doesn’t, the strategy can lose 100%. Big percentage of wins means nothing if your losers are much higher than the winners, and you can do nothing to control the losers due to IV collapse.

One way to reduce the risk is using more distant expiration instead of the weekly options. The closer the expiration, the bigger the impact on trade. There is a trade off with respect to time, move and implied volatility drop. If the stock doesn’t move, the further expiration trade will lose less because there still will be some time value left. On the other hand, if it does move, the gains will be less as well, and you will have to wait longer to realize the full potential.

Unfortunately, we tried this strategy too in 2020, and the results were pretty bad. You can read more here. We don’t hold those trades through earnings anymore, but we do use the strategy before earnings and make sure to be before the earnings announcement.

The Bottom Line

If you expect a stock to move significantly but don’t want to bet on direction, Reverse iron Condor is a good strategy to implement. The maximum profit and the maximum loss are both predictable, and you can adjust the strikes based on your expectation how much you the price will move.

This strategy can be successfully used for trading stocks with history of big moves. GOOG, NFLX, AMZN, TSLA, BIIB are good candidates. However, earnings are unpredictable, and you need to control the risk with proper position sizing. It is definitely possible to lose 100% with this strategy. I would define it as high probability high risk strategy.

One of the members asked me on the forum if we are going to play GOOG and AMZN with RIC. Based on earnings uncertainty and our bad experience earlier this year, I decided to skip. It was a good call. GOOG RIC would be a 100% loser, and AMZN would be a borderline as well, depending on the strikes.

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    How To Trade A Reverse Iron Condor

    A lot of you might know the Iron Condor trade. However if you do exactly the opposite it becomes a Reverse Iron Condor trade.

    Reverse Iron Condor is a slightly risky trade with limited profits and limited loss for the trader. This trade cannot be traded every time as the chances of this trade not making any money is more than the chances of this trade making money. Why? Because time is enemy of the this trade. If what the trade wants does not happen fast, the trade will lose money. We will shortly know why.

    If you trade Reverse Iron Condor 5 times, most likely you will win 1 time out of 5. So the success rate is almost 20%. Therefore timing this trade is very important. We will discuss best time to trade Reverse Iron Condor and a lot more.

    Reverse Iron Condor Explained:

    Reverse Iron Condor as the name suggests is nothing but an Iron Condor traded reversed. An iron condor trade is nothing but doing a short strangle combined with long strangle. The reverse iron condor is also doing a short strangle combined with long strangle. The difference is that in an Iron Condor trade, the trader sells the strangle that is more costly and buys the one that is cheaper (essentially done to save the unlimited loss), but in the Reverse Iron Condor trade the trader buys a more costly strangle near to the money and sells a further away and cheaper strangle. This is primarily to save money buying the costlier option.

    If you did not understand it is OK, we will discuss further. We will also discuss how to be successful trading the Reverse Iron Condor.

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    How To Trade Reverse Iron Condor:

    1. Buy near the money Call options,
    2. Buy near the money Put options,
    3. Sell far out of the money Call options, and
    4. Sell far out of the money Put options.

    Note that for a perfect Reverse Iron Condor all strikes should have the same lot size and done on the same expiry and on the same stock.


    When Should You Trade Reverse Iron Condor?

    This is very important so please read twice: You should trade this when you expect volatility to increase or you expect one sided movement (any side) for some time due to any reason like an upcoming news or any other event on a stock or Nifty. Note that the increase in volatility does help a reverse iron condor, and a drop may hurt – but its the movement any direction that makes it profitable. An increase in volatility will also negatively effect the short options, so overall it decreases the profits. Moreover reverse iron condor is not played with at the money (ATM) strikes where the volatility increase has huge impact. Movement is what is really required to make this trade profitable.

    Lets make this thing very clear – when you expect a huge movement near term in any stock or index either side you should trade reverse iron condor. Aggressive traders like to trade long strangle – a long strangle is nothing but a reverse iron condor minus the short strangle. Prime reason is to benefit fully from the movement (and make a lot more money if right). However when it does not happen a lot of money is also lost. Reverse iron condor is created to limit the losses of a long strangle. Since the losses are already limited taking the stop loss is optional. Another benefit of this trade is we will know exactly where to take profits out. That we discuss later.

    Lets us Trade a Reverse Iron Condor Now:

    Nifty on June 12, 2020 closed at 7983. Now taking 8000 as ATM (at the money) I will try to trade a Reverse Iron Condor.

    Remember that Reverse Iron Condor should be traded closer to the money because we need movement here. Deep out of the money options will not move significantly with the move in Nifty, therefore they are not good candidate of the reverse iron condor (they are good candidate of iron condor though). Still if the movement does not come the trade will lose money.

    So we trade the following:

    1. Buy 8200 CE @ 23
    2. Buy 7800 PE @ 36
    3. Sell 8400 CE @ 6 and
    4. Sell 7600 PE @ 11.

    See the image below to understand the profit and loss of the reverse iron condor:

    An important point here: Don’t think that just if Nifty hits any of the short strike the trade will be in profit. That may not be the case. If Nifty goes up the Call buy and Put sold makes money, but the Call sold and the Put bought will lose money. So there is no guarantee that if any short strike is struck, the trade makes money. And yes volatility also plays some role here if not a major one. If it drops there will not be any significant profit in the option bought and the whole trade can be in loss. However if the sold strikes are struck – in our case the 8400 CE or 7600 PE, the the trade can bring substantial profits.

    For 8400 and the 7600 to be hit every time the chances are low, therefore its much better to trade Iron Condor than a reverse iron condor.

    Now lets calculate our max loss in the trade.

    23+36-6-11 = 42 points

    And lets calculate the maximum profit this trade can make:

    To make the maximum profit on expiry Nifty has to be above 8400 or below 7600.

    If it is at 8400 on expiry day:

    8200 CE will be 200: Profit: 200-23 = 177
    8400 CE expires worthless: Loss: -6
    7800 and 7600 both the puts expires worthless: Loss 36-11 = -25 points.

    Total profit in the trade: 177-6-25 = 146 points.

    The risk reward is great in the trade: 42:146. You either lose 42 points or you make anywhere between 0 to 146 points.

    Read the previous line again – You either lose 42 points or you make anywhere between 0 to 146 points.

    Some traders think that risk reward ratio of 42:146 means either they lose 42 points or make 146 points. This is wrong. To make the max Nifty has to be above 8400 or below 7800.

    As an example if Nifty is at 8300 see what happens:

    8200 CE will be 100: Profit: 100-23 = 77
    8400 CE expires worthless: Loss: 6
    7800 and 7600 both the puts expires worthless: Loss 36-11 = -25 points.

    Total profit: 77-6-25 = 46 points.

    I hope you understand how this trade makes profits or losses. It depends on where Nifty is on the expiry day.

    The trade looks great right? Yes, but the same issue of option buyers will haunt you in this trade as well.
    1. No movement for a long time – the option will lose premium.
    2. Volatility decreasing – again the options lose premium. If volatility decreases significantly, even if a movement comes the trade will be in loss and then you will wonder why such a thing is happening.

    So When does it Work Best?

    Trade the reverse iron condor when you expect a major news is coming in a few days. The volatility will increase – people will either sell or buy stocks creating a movement. Both works in your favor. Just before the news is out you should also close your trade and take profits out.

    Where to Book Profits?

    The trade can make max profit at 8400 or above or 7800 or below. So why wait for further increase or decrease if these levels have been reached? After that you will not make any profit anyway so you should exit when these levels are breached.

    Where to Book Loss?

    Unfortunately there is no definite answer. You can wait till expiry and lose all points if you are comfortable with the max loss or you can take stop loss when you reach a point where you are not comfortable with more loss, or when only a few days are left for expiry and there is no news to come before expiry. Nifty will not move dramatically so you should exit.

    Whatever be your stop loss strategy you should stick with it for all trades you take in life.

    Whats the max loss where you should be comfortable? This depends from person to person. But for me I am not comfortable if the max loss is 30 points or more.

    Points to Remember Before You Trade Reverse Iron Condor

    Never trade this if you are not comfortable with the max loss. If you still want to go ahead and trade you can stick to a max loss. If there is no movement in few days just get out of trade.

    In fact most professional traders take this trade for 10 days before any news is expected. If they make a considerable profit, they exit but they stick to the 10 day or before exit rule. Which means they exit if the stop loss is hit or exit when the trade hits its 10th day. Whichever comes first.

    I hope this article will help those traders who love to buy both call and put option (long strangle or long straddle), and think that every time Nifty moves they will be in profit. When it does not happen they scratch their heads thinking why they did not make a profit.

    Buying long straddle or strangle makes profits rarely, else we all can trade long strangle or straddle and make a lot of money. �� However reverse iron condor is a better trade than long strangle because it limits the losses.

    Have you ever traded this strategy? If yes please share your experiences or ask any question on reverse iron condor. I will be happy to answer.

    Iron Condors Explained

    Iron Condors are defined risk strategies with two break-even-points. They are one of the most commonly used option strategies.

    Video Breakdown:

    Short Iron Condor Strategy

    Market Assumption:

    When trading Short Iron Condors you should have a neutral/range bound market assumption. This means you hope for relatively small or no move at all in the underlying. Short Iron Condors can be very slim (just a few strikes apart) or very wide (far apart strikes) depending on your assumption. Many people including me use Short Iron Condors with two high probability strikes as a high probability strategy.

    Setup:

    • Buy 1 OTM Put
    • Sell 1 OTM Put (higher strike)
    • Sell 1 OTM Call
    • Buy 1 OTM Call (higher strike)

    This should result in a credit (You get paid to open).

    Profit and Loss:

    As you can see on the payoff-diagram a Short Iron Condor isn’t just a defined risk trade, but also a defined profit trade. The maximum profit is achieved when the underlying price is somewhere between the two short strikes. The maximum loss occurs when the price is anywhere outside of the two long strikes. It doesn’t matter if the price is $10 or $100 outside of the profitable range because the two long options on both sides act as a hedge. The maximum loss is higher than the maximum profit.

    Maximum Profit: Premium received – Commissions

    Ex. $20 Premium – $3 Commission = $17 (max profit)

    Maximum Loss: Width of Call Strikes * 100 – Premium Received + Commissions Paid

    Ex. (Call Strikes: 50 and 52) => $2 Width * 100 – $20 Premium + $3 Commissions = $183 (max loss)

    (a normal option contract controls 100 shares, therefore *100)

    Implied Volatility and Time Decay:

    A Short Iron Condor profits from a drop in Implied Volatility (IV), because the options sold then lose value. Therefore, it is best to use this strategy in times of high IV (IV rank over 50).

    Time Decay also works in favor of this strategy. The more time goes by the more the sold options lose in their extrinsic value. The time decay for each day increases the closer you get to expiration.

    Long Iron Condor Strategy/Reverse Iron Condor

    Market Assumption:

    When trading a Long Iron Condor (aka. Reverse Iron Condor) you would expect a relatively big move in a short period of time, but you don’t quite know in which direction this move will be. The bigger a move you expect, the further the long strikes have to be apart. This strategy isn’t used that often but can be quite profitable when used correctly. But keep in mind it is much harder to predict an unusual big move than predicting something to stay range-bound.

    Setup:

    • Sell 1 OTM Put
    • Buy 1 OTM Put (higher strike)
    • Buy 1 OTM Call
    • Sell 1 OTM Call (higher strike)

    This should result in a Debit (You pay to open)

    Profit and Loss:

    This also is a defined risk/profit strategy. Maximum profit is achieved when the price of the underlying asset moves further than one of the short positions. It doesn’t matter if it’s above the highest strike or below the lowest. Maximum loss, on the other hand, occurs when the price stays at the same position or just moves a little (stays between the two long options). For long Iron Condors, the max profit exceeds the max loss.

    Maximum Profit: Width of Call Strikes * 100 – Premium Paid + Commissions Paid

    Ex. (Call Strikes: 50 and 52) => $2 Width * 100 – $20 Premium + $3 Commissions = $183 (max profit)

    Maximum Loss: Premium paid + Commissions

    Ex. $17 paid to open + $3 commission = $20 (max loss)

    Implied Volatility and Time Decay:

    Just like in the other categories a Long Iron Condor also here is just the opposite of a Short Iron Condor. It profits from a rise in IV, therefore should be bought in times with relatively low IV (IV rank under 50).

    Time decay works against a Long Iron Condor because the Long options lose a bit of value every day. They lose more and more value the closer you get to expiration.

    Trader’s Note:

    Iron Condors are a very useful, popular and profitable option strategy. Together with Credit Spreads, Short Iron Condors make up the easiest and best strategies for high probability trading. Short Iron Condors are a range bound strategy, profiting from no or small moves in the underlying price. If you set your strikes out far enough, these spreads will have a high chance of being profitable. The further you go OTM with your strikes, the higher your probability of success will become. But your max loss will rise and your max profit will decrease. When used correctly, Iron Condors can be very profitable and that is the reason why I use them and do recommend them in my training as well (check out my training here).

    A Long Iron Condor, on the other hand, is more of a directional strategy. Even though it is not bullish or bearish, it needs the price to move to be profitable. You don’t care in which direction as long as the price moves far enough. Long Iron Condors are best used in times where a big move may stand ahead, but it is unclear in which direction this move will be. This could be the case for special events like earnings, elections, referendums, big market announcements… The further you set your strikes away from the underlying trading price, the lower your probability of profit will become, but your profit potential will rise.

    How To Set Up Iron Condors In A Broker Platform:

    You Can Read More About Tastyworks By Reading My Tastyworks Review here!

    9 Replies to “Iron Condors Explained”

    Wow!! I have traded stocks before and have never understood this. That was explained very well. I will be watching your sight in the near future to understand it better. Thanks for sharing this knowledge

    Hey Kim,
    So so glad that you are learning more and enjoying my site.

    So I see the iron condor is a strategy that involves the combination of two vertical spreads. So in the case of a short iron condor, rather than saying that you believe a stock will move in a direction, are we saying that we think the stock will stay within certain upper and lower limits? And visa versa for the long? Rather than stay in a range, we want it to go up or down. Either one would be fine, right? What kind of probabilities are you shooting for when you apply an iron condor?

    Thank you for your help!

    That is correct. The short iron condor is a range bound strategy, whereas the long iron condor is a price indifferent strategy (you don’t care where the price moves, as long as it moves). I only trade short iron condors and usually aim at a probability of ITM of 70%.

    I like it! Thanks for being responsive to comments as well. So a 70% probability of being in the money. How many days until expiration do you usually like to sell at? Do you stick with monthly or do you use weeklies?

    Hey once again,
    I normally stick to monthly contracts and enter iron condors around 30 days before expiration. But I actually trade much more credit spreads than iron condors. If you want to learn my entire option strategy (option premium selling), you could also check out my intermediate course here. In there I thourougly explain how I make money with options.
    If you have any further questions, I would be happy to answer them.

    Glad found your website here to learn option. Do u think to trade Iron Condor we should find 30% Prob ITM instead of 70% Prob ITM as taught by Sky View Trading?. Please help me to explain this.Thanks.

    Hi Harry,
    Thanks for your question. I recommend focusing on the probability of profit (POP) instead of the probability of ITM. The probability of profit tells you what the probability of actually making money is, whereas the probability of ITM doesn’t. Your overall POP on a short Iron condor should ideally be over 50%.
    I recently wrote an entire article about the different options trading probabilities. So make sure to check that out for a more detailed explanation of all the different probabilities.
    Hopefully, this helps. Please let me know if you have any other (follow-up) questions or comments).

    Glad I found your website to lear Option. hmmm do you think we should find 30% Prob ITM instead of 70% Prob ITM taught by Sky View Trading. Please help me explain about this.Thanks

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