Hi Ben, thanks for the video, I am inspired by your other video to trade 0DTE using Iron Butterfly. How is your experience with 0DTE Iron Condor vs Iron butterfly? any practical considerations to use one vs the other, in what conditions etc...
Great video. Just one question. If you get stopped out on your short position what do you do with your long position? Do you just go in and manually close them?
Was just learning how to do Iron Condor’s, so this is exciting. Do you have a link to this other video you had mentioned that also explains this? I want to absorb all I can. Thank you!
@@IncomeOptionsTrading actually for both entry and exit. If i want to ensure that i get that 50 cents credit during entry as bid and ask spread changes too fast. Does ibkr using accumulate and distribute algo or thinkorswim has a feature that can be used so that spread executes when for example 50 cents credit is available between the 2 spreads
Hi Ben I tried to put in a stop limit but didn’t understand how. So I sold 3440/3435 put on SPX today, the short leg was 2.50 so how was I supposed to create a stop limit on it. You mentioned 3x the credit received? So in this case 7.50? I’m confused 🥺
That would be correct in your case. I use the 3x stop on 50 point wide spreads in SPX. A 5 point wide spread is much different. I also did a video on setting stop losses in TW if you need help with that portion of it.
Very helpful Ben, thanks so much for doing this video!
as usual very helpful Thank you
Hi, this is great, just say you put on 4 contracts ? Please help! Does that mean you just multiply the limit by 4
Thankyou
Gracias Ben. Good video.
Thanks for sharing Ben
Hi Ben, thanks for the video, I am inspired by your other video to trade 0DTE using Iron Butterfly. How is your experience with 0DTE Iron Condor vs Iron butterfly? any practical considerations to use one vs the other, in what conditions etc...
Great video. Just one question. If you get stopped out on your short position what do you do with your long position? Do you just go in and manually close them?
I typically sell an option further OTM to create a debit spread.
@@IncomeOptionsTrading so that debit spread would also expire the same day, correct?
Nice video Ben.
@@bid_wacker that is correct
Was just learning how to do Iron Condor’s, so this is exciting. Do you have a link to this other video you had mentioned that also explains this? I want to absorb all I can. Thank you!
if you do 3x credit received stop, then you're saying you'll accept 4x loss right? 1x received plus 3x away totals 4x loss. ??
No, 3x stop loss is 2x net loss (if you do a 1x stop then you are break even, 2x loss equals 1x loss)
@@IncomeOptionsTrading right, i get it. it's day 2 for me learning 0DTE. that's 3x away from me being knowledgeable........
david williams he explained it so well. Try re watching
Do you do market orders or we can do limit orders for iron condor. How do you ensure that all legs gets filled at the same time.
For opening the position?
@@IncomeOptionsTrading actually for both entry and exit. If i want to ensure that i get that 50 cents credit during entry as bid and ask spread changes too fast. Does ibkr using accumulate and distribute algo or thinkorswim has a feature that can be used so that spread executes when for example 50 cents credit is available between the 2 spreads
@@sshetty9683 put the trade on as one order as a limit order and you'll have no issues with entry
Sorry i did not get you. How will the next order execute with desired 50 cents spread difference to be acheived.
Risking $5,000 for a 155 premium?
You use stops to risk less
nice work Ben!
do you let it expire or you close them before end of the day?
Expire
I prefer to buy the position back if it's before 3 PM Eastern time and I've got a decent profit.
Great video, I just learned how to set up stop limit on vertical spreads. So you only do it on the short leg?
That is correct. Plus TW does not allow stops in spreads.
Ok great, thank you so much!
Hi Ben I tried to put in a stop limit but didn’t understand how. So I sold 3440/3435 put on SPX today, the short leg was 2.50 so how was I supposed to create a stop limit on it. You mentioned 3x the credit received? So in this case 7.50? I’m confused 🥺
That would be correct in your case. I use the 3x stop on 50 point wide spreads in SPX. A 5 point wide spread is much different. I also did a video on setting stop losses in TW if you need help with that portion of it.
Thanks Ben
Your screen is red . wtf ?!!! Is that a $2000 year to date loss ?!!
Yeah covid hit my portfolio. Ended up on the year in the end
@@IncomeOptionsTrading i hope so... i just joined your dojifi ?!! dofy ?!! something ... so at least i hope to make more then $ 39 per month 😉