{"id":11216,"date":"2024-08-29T19:58:36","date_gmt":"2024-08-29T11:58:36","guid":{"rendered":"https:\/\/slashtraders.com\/?p=11216"},"modified":"2025-09-29T17:54:45","modified_gmt":"2025-09-29T09:54:45","slug":"iron-condor-vs-iron-butterfly","status":"publish","type":"post","link":"https:\/\/slashtraders.com\/en\/blog\/iron-condor-vs-iron-butterfly\/","title":{"rendered":"Why Are Selling Iron Condors Easier Than Selling Iron Butterflies?"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Options trading allows us to make money even when stock prices remain stable. We discuss the distinctions between two neutral strategies, the Iron Condor and the Iron Butterfly, and share our preference between the two.<\/p>\n\n\n<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-4-3 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<span class=\"YCOgTkm632WESBGn7fJuVNDXl0\"><iframe title=\"What Is the Difference Between an Iron Condor and an Iron Butterfly?\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/z8pOUhrWpLQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/span>\n<\/div><\/figure>\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u4ec0\u9ebc\u662f\u88f8\u8ce3-put\u671f\u6b0a\uff1f\">What Is an Iron Condor?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">The <a href=\"https:\/\/slashtraders.com\/en\/blog\/best-iron-condor-options\/\" target=\"_blank\" rel=\"noreferrer noopener\">Iron Condor<\/a> is an options trading technique aimed at making money when the underlying stock has minimal price changes. It\u2019s seen as a safer strategy with controlled risk and profit possibilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To successfully trade an Iron Condor, we should take the following steps:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">Purchase a lower strike Put option to safeguard against a <a href=\"https:\/\/slashtraders.com\/en\/tools\/bear-call-spread-screener\/\" target=\"_blank\" rel=\"noreferrer noopener\">significant drop in the stock price<\/a>.<\/li>\n\n\n\n<li>Sell a higher strike Put option to earn some premium income from the trade.<\/li>\n\n\n\n<li class=\"translation-block\">Buy a higher strike Call option for protection in case the <a href=\"https:\/\/slashtraders.com\/en\/tools\/bull-put-spread-screener\/\" target=\"_blank\" rel=\"noreferrer noopener\">stock price rises sharply<\/a>.<\/li>\n\n\n\n<li>Sell a lower strike Call option to generate additional premium income.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-condor.png\" alt=\"tsla iron condor\" class=\"wp-image-11326\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-condor.png 1280w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-condor-300x169.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-condor-1024x576.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-condor-768x432.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-condor-18x10.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">An Iron Condor combines buying and selling both Puts and Calls to limit risks to a neutral trade.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u4ec0\u9ebc\u662f\u88f8\u8ce3-put\u671f\u6b0a\uff1f\">What Is an Iron Butterfly?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">An <a href=\"https:\/\/slashtraders.com\/en\/blog\/best-iron-butterfly-options\/\" target=\"_blank\" rel=\"noreferrer noopener\">Iron Butterfly<\/a> is a type of neutral options strategy that focuses on making gains when the price of the underlying asset fluctuates within a narrow band.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When trading an Iron Butterfly, we will execute the following steps:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sell an at-the-money (ATM) Call option to receive a premium. If the stock price rises significantly, the buyer has the right to purchase the stock from us at a lower price.<\/li>\n\n\n\n<li>Sell an at-the-money (ATM) Put option to receive a premium also. If the stock price declines a lot, the buyer has the right to sell the stock to us at a higher price.<\/li>\n\n\n\n<li class=\"translation-block\">Buy an out-of-the-money (OTM) Call option to partially offset the risk of the <a href=\"https:\/\/slashtraders.com\/en\/blog\/naked-call\/\" target=\"_blank\" rel=\"noreferrer noopener\">short ATM Call option<\/a>.<\/li>\n\n\n\n<li class=\"translation-block\">Buy an out-of-the-money (OTM) Put option to offset the risk of the ATM <a href=\"https:\/\/slashtraders.com\/en\/blog\/selling-naked-put-options\/\" target=\"_blank\" rel=\"noreferrer noopener\">short Put<\/a>.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-butterfly.png\" alt=\"Sell tsla iron butterfly\" class=\"wp-image-11224\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-butterfly.png 1280w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-butterfly-300x169.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-butterfly-1024x576.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-butterfly-768x432.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/tsla-iron-butterfly-18x10.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">An Iron Butterfly profits when the underlying asset's price remains within a narrow trading range.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u4ec0\u9ebc\u662f\u88f8\u8ce3-put\u671f\u6b0a\uff1f\">Differences Between an Iron Condor and an Iron Butterfly<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Iron Condor and Iron Butterfly are popular neutral strategies in options trading. Although they have similar structures, there are important distinctions between the two.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">In trading an Iron Condor, the strategy involves <a href=\"https:\/\/slashtraders.com\/en\/blog\/options-value\/\" target=\"_blank\" rel=\"noreferrer noopener\">selling out-of-the-money (OTM) options<\/a>, which means the strike prices are further from the current market price. This setup boosts the chances of earning a profit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">An Iron Butterfly starts with selling two at-the-money (ATM) contracts, which can lead to a higher maximum profit potential. However, as the <a href=\"https:\/\/slashtraders.com\/en\/blog\/market-volatility-hv-iv\/\" target=\"_blank\" rel=\"noreferrer noopener\">stock price moves<\/a>, one of the sold contracts will always end up in the money, meaning it will be exercised unless it\u2019s repurchased before expiration.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-vs-iron-butterfly.png\" alt=\"Difference between iron condor and iron butterfly\" class=\"wp-image-11227\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-vs-iron-butterfly.png 1280w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-vs-iron-butterfly-300x169.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-vs-iron-butterfly-1024x576.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-vs-iron-butterfly-768x432.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-vs-iron-butterfly-18x10.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">The Iron Condor offers a higher probability of profit, while the Iron Butterfly has a higher maximum potential payoff.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">In contrast, with an Iron Condor, as long as the stock price stays between the strike prices of the contracts, traders can let the <a href=\"https:\/\/slashtraders.com\/en\/blog\/option-greeks\/\" target=\"_blank\" rel=\"noreferrer noopener\">options decay in value<\/a> until they expire worthless. This is why <a href=\"https:\/\/slashtraders.com\/en\/blog\/iron-condor-adjustment\/\" target=\"_blank\" rel=\"noreferrer noopener\">Iron Condor traders typically don\u2019t need to adjust their positions<\/a> very often.<\/p>\n\n\n\n<table id=\"tablepress-60\" class=\"tablepress tablepress-id-60\">\n<thead>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><th class=\"column-2\">Iron Condor<\/th><th class=\"column-3\">Iron Butterfly<\/th><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Maximum profit<\/td><td class=\"column-2\">Low<\/td><td class=\"column-3\">High<\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Range of profitability<\/td><td class=\"column-2\">Wide<\/td><td class=\"column-3\">Narrow<\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Adjustment frequency<\/td><td class=\"column-2\">Low<\/td><td class=\"column-3\">High<\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n<p class=\"wp-block-paragraph\">Both strategies can be profitable when the stock price stays fairly stable, but the Iron Condor provides a broader profit range. This allows it to remain profitable even with a bit more price movement. As a result, many traders tend to favour Iron Condors over Iron Butterflies.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><a href=\"https:\/\/slashtraders.com\/en\/pricing\/?utm_source=blog&amp;utm_medium=banner\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"126\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/05\/blog-trial-banner.png\" alt=\"blog trial banner\" class=\"wp-image-9717\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/05\/blog-trial-banner.png 1280w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/05\/blog-trial-banner-300x37.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/05\/blog-trial-banner-1024x126.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/05\/blog-trial-banner-768x95.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/05\/blog-trial-banner-18x2.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u4ec0\u9ebc\u662f\u88f8\u8ce3-put\u671f\u6b0a\uff1f\">How to Find Profitable Iron Condors<\/h2>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">We use the <a href=\"https:\/\/slashtraders.com\/en\/tools\/options-scanner\/\" target=\"_blank\" rel=\"noreferrer noopener\">Options Scanner<\/a> to find high-probability neutral opportunities.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To allow theta to decay sufficiently, we will filter for stocks that expire next month.<\/li>\n\n\n\n<li class=\"translation-block\">The stock should have an <a href=\"https:\/\/slashtraders.com\/en\/blog\/iv-rank-vs-iv-percentile\/\" target=\"_blank\" rel=\"noreferrer noopener\">IV Percentile<\/a> of at least 67% to indicate that the stock's implied volatility has been higher than most of the past year, suggesting a greater likelihood of IV contraction, which will help reduce vega.<\/li>\n\n\n\n<li class=\"translation-block\">To minimise the <a href=\"https:\/\/slashtraders.com\/en\/tools\/high-implied-volatility-stocks\/\" target=\"_blank\" rel=\"noreferrer noopener\">impact of earnings reports on option prices<\/a>, we will only consider stocks that are more than 30 days away from their earnings release date.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"255\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-filter-settings.png\" alt=\"iron condor filter setting\" class=\"wp-image-11236\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-filter-settings.png 1280w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-filter-settings-300x75.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-filter-settings-1024x255.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-filter-settings-768x191.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/iron-condor-filter-settings-18x4.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">The combination of a 30-day expiration, high IV percentile, and no recent earnings announcements makes it a prime opportunity to select Iron Condors with a high probability of success.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Among the stocks that meet these criteria, we will further rank them based on the Return on Capital (ROC) of Iron Condors to identify potential neutral trading opportunities with the highest expected returns.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"\u4ec0\u9ebc\u662f\u88f8\u8ce3-put\u671f\u6b0a\uff1f\">Best Iron Condor Options to Trade<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">By using the Iron Condor ROC ranking, we can identify the current low-risk Iron Condors with the highest return on investment at 0.20 delta.<\/p>\n\n\n\n<table id=\"tablepress-61\" class=\"tablepress tablepress-id-61\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Symbol<\/th><th class=\"column-2\">Last<\/th><th class=\"column-3\">IV<\/th><th class=\"column-4\">IV<br \/>\nPerc<\/th><th class=\"column-5\">Strangle<br \/>\nDetails<\/th><th class=\"column-6\">Iron<br \/>\nCondor BP<\/th><th class=\"column-7\">Iron<br \/>\nCondor ROC<\/th><th class=\"column-8\">Days To<br \/>\nEarnings<\/th><th class=\"column-9\">Expiration<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">TSLA<\/td><td class=\"column-2\">$220.59<\/td><td class=\"column-3\">52%<\/td><td class=\"column-4\">75%<\/td><td class=\"column-5\">C280 (0.20)<br \/>\nP190 (-0.19)<\/td><td class=\"column-6\">$335<\/td><td class=\"column-7\">49.25%<\/td><td class=\"column-8\">57<\/td><td class=\"column-9\">2024-10-18<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">UNH<\/td><td class=\"column-2\">$580.85<\/td><td class=\"column-3\">21%<\/td><td class=\"column-4\">70%<\/td><td class=\"column-5\">C630 (0.20)<br \/>\nP540 (-0.20)<\/td><td class=\"column-6\">$675<\/td><td class=\"column-7\">48.15%<\/td><td class=\"column-8\">56<\/td><td class=\"column-9\">2024-10-18<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">NOW<\/td><td class=\"column-2\">$838.22<\/td><td class=\"column-3\">34%<\/td><td class=\"column-4\">67%<\/td><td class=\"column-5\">C920 (0.21)<br \/>\nP760 (-0.19)<\/td><td class=\"column-6\">$690<\/td><td class=\"column-7\">44.93%<\/td><td class=\"column-8\">64<\/td><td class=\"column-9\">2024-10-18<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">JPM<\/td><td class=\"column-2\">$214.52<\/td><td class=\"column-3\">23%<\/td><td class=\"column-4\">79%<\/td><td class=\"column-5\">C235 (0.14)<br \/>\nP200 (-0.19)<\/td><td class=\"column-6\">$382<\/td><td class=\"column-7\">31.06%<\/td><td class=\"column-8\">52<\/td><td class=\"column-9\">2024-10-18<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">NEM<\/td><td class=\"column-2\">$51.31<\/td><td class=\"column-3\">36%<\/td><td class=\"column-4\">71%<\/td><td class=\"column-5\">C57.50 (0.20)<br \/>\nP45 (-0.14)<\/td><td class=\"column-6\">$196<\/td><td class=\"column-7\">27.23%<\/td><td class=\"column-8\">71<\/td><td class=\"column-9\">2024-10-18<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">ASML<\/td><td class=\"column-2\">$926.18<\/td><td class=\"column-3\">47%<\/td><td class=\"column-4\">98%<\/td><td class=\"column-5\">C1070 (0.21)<br \/>\nP830(-0.20)<\/td><td class=\"column-6\">$800<\/td><td class=\"column-7\">25.00%<\/td><td class=\"column-8\">57<\/td><td class=\"column-9\">2024-10-18<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">TSM<\/td><td class=\"column-2\">$171.85<\/td><td class=\"column-3\">45%<\/td><td class=\"column-4\">92%<\/td><td class=\"column-5\">C210 (0.15)<br \/>\nP155 (-0.20)<\/td><td class=\"column-6\">$813<\/td><td class=\"column-7\">23.00%<\/td><td class=\"column-8\">58<\/td><td class=\"column-9\">2024-10-18<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">MU<\/td><td class=\"column-2\">$107.98<\/td><td class=\"column-3\">46%<\/td><td class=\"column-4\">83%<\/td><td class=\"column-5\">C135 (0.17)<br \/>\nP92.50 (-0.18)<\/td><td class=\"column-6\">$408<\/td><td class=\"column-7\">22.40%<\/td><td class=\"column-8\">37<\/td><td class=\"column-9\">2024-10-18<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">TXN<\/td><td class=\"column-2\">$202.54<\/td><td class=\"column-3\">37%<\/td><td class=\"column-4\">91%<\/td><td class=\"column-5\">C230 (0.11)<br \/>\nP185 (-0.20)<\/td><td class=\"column-6\">$860<\/td><td class=\"column-7\">16.35%<\/td><td class=\"column-8\">63<\/td><td class=\"column-9\">2024-10-18<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">CMG<\/td><td class=\"column-2\">$51.93<\/td><td class=\"column-3\">32%<\/td><td class=\"column-4\">79%<\/td><td class=\"column-5\">C60 (0.19)<br \/>\nP45(-12)<\/td><td class=\"column-6\">$435<\/td><td class=\"column-7\">14.94%<\/td><td class=\"column-8\">64<\/td><td class=\"column-9\">2024-10-18<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n<p class=\"wp-block-paragraph\">Right now, the Iron Condor strategy with the highest return on investment at a lower risk is TSLA. You can create a 0.20 delta Iron Condor by:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Selling a $190 Put that expires on 10\/18.<\/li>\n\n\n\n<li>Buying a $185 Put for the same expiration.<\/li>\n\n\n\n<li>Selling a $280 Call that expires on 10\/18.<\/li>\n\n\n\n<li>Buying a $285 Call for the same expiration.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This setup will require $335 in purchasing power.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/sell-tsla-iron-condor.png\" alt=\"tsla iron condor\" class=\"wp-image-11266\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/sell-tsla-iron-condor.png 1280w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/sell-tsla-iron-condor-300x169.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/sell-tsla-iron-condor-1024x576.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/sell-tsla-iron-condor-768x432.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2024\/08\/sell-tsla-iron-condor-18x10.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Sell an Iron Condor that expires 10\/18 for a potential 49% return.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">If TSLA's stock price remains within the strike prices of the sold options until expiration, you could potentially see a profit of up to 49%.<\/p>\n\n\n\n<p class=\"has-ast-global-color-4-background-color has-background wp-block-paragraph\"><a href=\"https:\/\/slashtraders.com\/en\/blog\/slashtraders-vs-sp500\/\" target=\"_blank\" rel=\"noreferrer noopener\">SlashTraders vs S&amp;P 500: 450% Outperformance, Verified Trades and How to Copy Every Alert<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>We discuss the distinctions between two neutral strategies, the Iron Condor and the Iron Butterfly, and share our preference between the 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