Control the legs delta in Iron Condors
Due to popular demand, we've added the ability to control the iron condor strategy legs when scanning the entire market. The filters are easy to understand, but they have a unique concept, so it's worth diving in.

There are four filters, allowing us to control each leg's delta: The short call and short put delta filters control the delta of the SOLD options. The long call and long put filters control the delta of the BOUGHT options. When activated, we will use only the options with the delta that is closest to the input and answer all other filters (such as profit ratio, expected value, the delta of strategy, etc.)

While these filters are straightforward to understand and use, they operate in a different concept from all of the other filters: Looking for the most optimal trade. Usually, we don't know the options we want to trade, so we give the scanner some parameters, and it returns the most optimal trade. Activating these filters will force the scanner to use specific options, and it might 'clash' with the other filters, so we suggest to keep all other filters loose when activating those filters. Under normal conditions - the filters are very tight: we only present a handful of trades out of hundreds of millions of possible trades. With the use of delta legs filters, we increase the possibility of not getting any results. This is why, when using these filters, other filters need to be very loose.

Example use cases:

Sell delta 30 options, and pick optimal protective legs.
Predefined link: [coming soon]
In this scan, we force the strategy to sell a 30 delta call, and a 30 delta put. We then sort by Expected Value (read more here) to pick the best protective options.
The benefit is that we use a measurement of the statistical edge to pick the best protective legs. However, please note that the edge itself can be negative.
Tip: Changing the sold legs delta can create a 16 delta iron condor or any variation.

Sell delta 30 options, buy delta 15 options, and sort by profit ratio.
In this case, you can set the legs for the IC you want - Sell 30 delta options and buy 15 delta options as protection. Because this filter is pretty limiting and we are creating the same IC on all stocks - we can increase our expiration date or scan a specific list of stocks we are interested in and compare the same iron condor across different stocks.

Read More:

Iron Condor main article in the knowledgebase [Coming Soon]
Expected Value article in the knowledgebase

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