Should I adjust position size before Existing Home Sales?

Before Existing Home Sales, reduce your iron condor position size by 30-50% from normal. This report frequently spikes VIX 1-2 points and widens SPX bid-ask spreads, increasing the chance of your short strikes being tested intraday even if the eventual move is modest.

Under the ALVH methodology, stay flat or very small when VIX is already above 16 heading into housing data. If VIX sits between 13-15, a half-size condor is acceptable provided you keep total wing width at least 80 points on the 0DTE or 1DTE setup. Wider wings (100+ points) give more forgiveness but require even smaller size because gamma risk rises sharply on housing surprises.

Never add to a full-size position within 30 minutes of the 10am release. If you are already in a full condor, tighten both wings by 10-15 points or roll the untested side closer to collect additional credit and reduce delta exposure. Position size is the easiest risk lever before macro data. Cut size first, adjust wings second.