Iron condors on $QQQ — when they work and when they don't

Iron condors are a defined-risk way to bet on range-bound markets. They work GREAT in low-volatility environments and TERRIBLE when volatility expands. **Setup I use:** - 30-45 DTE - Short strikes at ~16 delta (1 standard deviation) - Width: ~$5 between short and long strikes - Collect: 25-30% of width as credit **When they work:** - VIX below 18 - $QQQ trading sideways - After overdone moves in either direction **When to avoid:** - VIX above 22 - After major Fed announcements - Earnings weeks Win rate is around 70-75% but you need to be DISCIPLINED about closing at 25-50% profit. Greed kills iron condor traders.