Iron Condor Command

The core daily income strategy — 1DTE SPX iron condors guided by EDR

📚 From the SPX Mastery Series by Russell Clark

Definition

The core daily income strategy of the SPX Mastery system. A neutral four-leg options setup (bull put spread + bear call spread) on SPX, placed in the 15-minute post-close window using EDR-guided strike selection. Designed for 1DTE (one day to expiration) trades that profit from SPX staying within a defined range, with three risk tiers (High/Medium/Low) producing 78–85% win rates in 2015–2025 backtests.

Formula / Rules

Upper Breakeven = Upper Inner Strike + Net Credit Lower Breakeven = Lower Inner Strike − Net Credit Credit tiers: High $1.30–$2.85 | Medium $0.75–$1.30 | Low $0.55–$0.95

How It Works

Iron Condor Command places 1DTE iron condors on SPX each trading day in the 15-minute post-close window (after 4:00 PM ET). The pre-close scan (5–15 min before close) checks VIX level, EDR output, Expected Move, news headlines, and VWAP position. Based on this scan, the appropriate tier is selected: High for calm/wide markets (VIX < 15), Medium for normal conditions, Low for elevated VIX (15–20) or uncertain setups. Positions are sized at 1 contract per $25,000 of account value, with a maximum of 20 contracts. The strategy uses $2.00 stops to cap losses at $200/contract. Combined with ALVH hedging and Theta Time Shift recovery, the effective win rate rises to 82–84%.

Source

Iron Condor Command (primary); referenced in all SPX Mastery books

Related Terms

Not financial advice. This definition is educational content from the SPX Mastery book series by Russell Clark (VixShield). Past performance is not indicative of future results. Trading options involves substantial risk of loss. Always paper trade first.