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Running an Iron Condor scan

[Read the updated version of this article here: https://samurai.froged.help/docs/en/86029613-iron-condor-scanner ]


Iron Condor is one of the more popular option trading strategies. It became very popular due to the limited risk profile while maximizing the time value derived from selling options in both directions.
There are many advantages to run an iron condor and we discussed them lengthy.
In this article we will understand how to run a scan and how to read the results.

First thing you can try one of our two predefined scans that are based on Iron Condor:

How to find an Iron Condor in Option Samurai

On the dashboard, main screen select "compose scan" or edit a saved scan or predefined scan. In the scan, edit the window, select the iron condor strategy and configure the values to your preference.



Reading the Iron Condor results

To execute an Iron Condor you need to trade 4 legs. The order of strike prices indicates the actions to take:

1. Buy a protective put
2. Sell put for a credit
3. Sell call for a credit
4. Buy a protective call.



Looking at the row above we will buy put 155, sell put 160, sell call 192.5 and buy call 195.


 


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