Iron Condor Pro v6 – Full Engine

IronCondor Engine v6.6 is a multi-mode options strategy tool for planning and managing iron condors, straddles, strangles, and butterflies. It supports both setup planning and live trade tracking with modeled delta, risk-based strike selection, IV rank estimation, and visual breach alerts.

Use Setup Mode to preview strike structures based on IV proxy, ATR, delta targeting, and risk tier (High/Mid/Low/Delta). Use Live Mode to track real trades, enter strike/premium data, and monitor live P&L, delta drift, and range status.

This script does not connect to live option chains. Volatility and delta are modeled using price history. All strikes and premiums must be confirmed using your broker before placing trades. Best used with strong support/resistance levels and high IV rank (30%+).

For educational purposes only.

Workflow Guide
Use this flow whether you're setting up on Sunday night or any day before placing a trade.

Step 0: Pre-Script Preparation
Before using the script:
Identify major support and resistance zones on your chart. Define the expected range or consolidation area. Use this context to help evaluate strike placement

1. Setup Phase (Pre-Trade Planning)
Step 1 – Load the Script
Add: IronCondor Engine v6.6 – Full Risk/Decay Edition to your chart

Step 2 – Set Mode = Setup
This enables planning mode, where the engine calculates strike combinations based on:
Your selected risk profile (High, Mid, Low, or Delta)
Historical volatility (20-day log return)
ATR (Average True Range)
Target short delta (adjustable)

Step 3 – Review Setup Table
Enable Show Setup Table to view calculated strikes and width by risk tier.
Adjust any of the following as needed:
Target Short Delta
Strike Interval ($)
Width multipliers (High/Mid/Low)
Risk tier under Auto-Feed Choice

Step 4 – Evaluate the Setup
Is the net credit at least 1.5–2.0x your max risk?
Are the short strikes clearly outside support/resistance zones?
Are the short deltas between 0.15 and 0.30?
Is the range wide enough to handle normal price movement?

Step 5 – Prep for Execution
Enable Auto-Feed Setup → Live to carry Setup strikes into Live mode
Or disable it if you prefer to manually enter strikes later

2. Trade Execution (Live Tracking Mode)
Step 1 – Place the Trade with Your Broker
Use your brokerage (TOS, Tasty, IBKR, etc.) to place the iron condor or other structure

Step 2 – Set Mode = Live
In Live mode:
If Auto-Feed is ON, the Setup strikes auto-populate
If Auto-Feed is OFF, manually enter:

Short and long strikes (Call and Put)
Premiums collected/paid per leg
Total net credit (Entry Credit)

Optional: Input current mid prices for each leg in the "Live Chain" section to track live mark-to-market P&L

Once all required fields are valid, the script activates:
Real-time profit/loss tracking
Max risk estimate
Delta monitoring on short legs
IV Rank estimate
Breach detection system
Chart visuals (if enabled)

3. Trade Management (During the Week)
While the trade is active, use the dashboard and visuals to monitor:

Key Metrics:
Unrealized P/L %
Mark-to-market value vs entry credit
Daily decay (theta)
Days until expiration

Breach status:
In Range
Near Breach
Breached

Alerts:
Price near short strike → suggests roll
Price breaches long strike → breach alert
50% or 75% profit → optional exit signal
Delta exceeds threshold → exposure may need adjustment

Management Tips:
At 50–75% profit: consider closing early
If price nears a short leg: roll, hedge, or manage
If nearing expiry: decide whether to hold or close
If IV collapses: may accelerate time decay or reduce exit value

4. End-of-Week or Expiration Management
If Profit Target Hit
Close early to reduce risk and lock gains
If Still Open Near Expiry
Close the position or

Hold through expiration only if you're fully prepared for pinning/gamma/assignment scenarios

Avoid holding open spreads over the weekend unless part of a defined strategy

Reference Notes
Strike Width

Defined as:
Width = Distance between Short and Long strike
Used for calculating max loss and breach visuals

Delta Guidelines
0.15–0.20 = safer, wider range, lower credit
0.25–0.30 = more aggressive, tighter range, higher credit
Use Target Short Delta input to adjust auto-selected strikes accordingly

Credit Example
Sell Call: $1.04
Sell Put: $0.23
Buy Call + Put wings: $0.14
Net Credit = $1.13 = $113 per contract (max profit)

This is the max profit if price stays between short strikes through expiration
IV Rank (Estimated)
This script does not use options chain IV data.
Instead, it calculates a volatility proxy:

ivRaw = ta.stdev(log returns, 20) * sqrt(252)


IV Rank is then calculated as the percentile of this value within the last 252 bars.
High IV Rank (30%–100%) → better premium-selling conditions
Low IV Rank (<30%) → lower edge for condors
Ideal to sell premium when IV Rank is above 30–50%

Disclosures and Limitations

This script is for educational use only
It does not connect to live option chains
All strikes, deltas, and premiums must be validated through your broker

Always confirm real-time IV, delta, and pricing before placing a trade