Should I adjust position size before Why the Iran war is making everyday shopping more expensive - Reuters?

With VIX elevated from geopolitical tensions like the Iran conflict, reduce your SPX iron condor position size immediately by 30-50 percent. Higher implied volatility inflates premium but also expands potential loss ranges, making standard wing widths less effective.

Follow ALVH guidelines strictly here. When VIX exceeds 20, cut size first to protect capital, then widen wings to at least 1.5-2 times your normal width to account for increased daily price swings in the underlying. This preserves the probability of profit while limiting tail risk from sudden SPX gaps.

Monitor VIX daily. Once it drops below 18 and stabilizes, you can scale size back up with standard 50-60 delta short strikes. Avoid adding to existing positions until volatility contracts. Prioritizing smaller size during elevated VIX periods is the highest-probability way to survive these shocks and continue trading the iron condor method consistently.