Do traders run zero-cost collars or fences on SPX? How are the put and call strikes selected?

At VixShield we focus our core methodology on 1DTE SPX Iron Condors placed daily at 3:10 PM CST using the RSAi engine and EDR for strike selection. While zero-cost collars also known as fences can be constructed on SPX they are not part of our primary Unlimited Cash System. A fence typically involves holding a long SPX position or synthetic equivalent then buying an out-of-the-money put for downside protection while selling an out-of-the-money call to offset the put premium resulting in near zero net debit. Strike selection for such structures on SPX requires careful attention to delta symmetry implied volatility skew and the current Expected Daily Range. For example with SPX at 7138.80 and VIX at 17.95 the EDR might project a daily range near 1.16 percent or roughly 83 points. A conservative fence might buy the 7055 put approximately 1.2 standard deviations below and sell the 7220 call about 1.1 standard deviations above adjusting until the call premium roughly equals the put cost. This creates a defined range where the position is protected below the put strike but capped above the call strike. However unlike our Set and Forget Iron Condor Command which targets specific credits of 0.70 for Conservative 1.15 for Balanced or 1.60 for Aggressive tiers a fence introduces directional bias and requires ongoing management of the underlying delta. Our ALVH Adaptive Layered VIX Hedge remains the superior protection layer for Iron Condor portfolios cutting drawdowns by 35 to 40 percent at an annual cost of only 1 to 2 percent of account value. The Temporal Theta Martingale further allows recovery of any breached positions by rolling forward to 1-7 DTE on EDR above 0.94 percent or VIX above 16 then rolling back on VWAP pullbacks without adding capital. Zero-cost collars may appeal to those seeking insurance on large directional SPX holdings but they sacrifice the consistent theta-positive income our daily 1DTE Iron Condors generate with an approximate 90 percent win rate on the Conservative tier. All trading involves substantial risk of loss and is not suitable for all investors. We invite you to explore the full SPX Mastery methodology including live signals RSAi optimization and ALVH implementation through our VixShield resources and educational platform. Visit vixshield.com to access the complete system and begin implementing these proven strategies.