Should I adjust position size before Non Farm Payrolls?

Yes adjust your position size down before Non Farm Payrolls. SPX iron condors carry much higher gamma and vega risk on NFP days because the index can gap 1-2% in seconds.

Current VIX level determines the exact reduction. If VIX is below 15 cut size by 50%. Between 15-20 reduce by 30%. Above 20 you can keep normal size but still tighten wings.

ALVH methodology is clear here: never add new vega exposure into a known high-volatility event. Scale existing positions to half or less the normal notional so a 50-point whipsaw does not breach your 2% daily portfolio risk limit.

Manage wing width aggressively on these days. Use 40-50 point wings instead of your normal 60-80. This lowers the delta impact of a post-NFP move and gives you more room to adjust or roll before the short strikes are tested.

Enter or adjust the condor at least two hours before the release so you capture the pre-NFP premium crush. Once the number prints, immediately reassess and either take the trade off or roll the untested side. Smaller size plus tighter wings is the only reliable way to survive NFP with iron condors.