Should I adjust position size before ECB Press Conference?

Before an ECB Press Conference reduce your iron condor size by at least 50 percent or exit entirely. ECB events regularly produce 1.5 to 2.0 point VIX spikes that expand SPX implied volatility across the curve and crush short premium values within minutes.

At current VIX levels above 18 the risk of a 40-60 point SPX gap on the headline is elevated. Standard 10-15 delta iron condors with 30-45 DTE lose 25-40 percent of their credit on a one-point VIX pop, turning a 1 percent portfolio risk into 3-4 percent in seconds.

ALVH methodology is clear here: when scheduled macro risk is present and VIX is not sub-15, position size must drop to preserve the edge. Use the smaller size only if you are already in a well-placed trade with wings wider than 80 points; otherwise flatten before the 1:15 pm ET statement. Re-enter 30-60 minutes after the press conference once VIX mean-reverts and the 1-minute SPX chart shows a clear range. This single rule has protected the portfolio far more than any intraday adjustment during the event itself.