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ไอรอนคอนดอร์, Iron Butterfly, สแตรงเกิล, สแตรดเดิล, Calendar และ Diagonal Spread

ในบทนี้

1 Iron Condor & Iron Butterfly 2 Strangle & Straddle (Short + Long) 3 Calendar & Diagonal Spreads 4 Jade Lizard & Big Lizard 5 Broken Wing Butterfly

1. Iron Condor & Iron Butterfly

Sell OTM call spread + OTM put spread (condor) or ATM spreads (butterfly). Profit when price stays in a range.

▸ At a Glance

📋 Setup

DTE 30–45IV-Rank > 50Short strikes Delta 0.15–0.20Spread width 5–10 points

⚙️ Mgmt

Manage at ~50% profitadjustment at short delta 16–20close no later than 21 DTEavoid earnings

🎯 Target

Profit ~50% of creditprice stays within rangemax loss = spread width − credit

Structure:

Iron Condor: Short Put (Delta 0.15) + Long Put + Short Call (Delta 0.15) + Long Call
Iron Butterfly: Short Put + Long Put + Short Call + Long Call (all near ATM)
Premium collected, max loss = spread width minus premium
Management at 50% profit or 21 DTE

✅ Defined risk
✅ Profit in sideways-moving markets
✅ High win rate with correct setup

⚠️ Earnings are killers
⚠️ Narrow profit zone
⚠️ Adjustments can be expensive

💡 ตัวอย่างที่เป็นรูปธรรม

Iron Condor (OTM-Spreads)

SPY $540 · Put Spread $515/$520 + Call Spread $560/$565 · Max Profit = Net Credit

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 44

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
5,600	800	18.8	-0.10	-0.80	28.40	28.20	565	0.38	0.50	0.20	-0.08	15.1	340	2,400
8,200	1,200	18.0	-0.14	-0.65	23.60	23.40	560	0.80	0.92	0.35	-0.11	15.4	900	5,800
21,800	4,600	16.2	-0.25	-0.50	7.40	7.20	540	7.20	7.40	0.50	-0.25	16.2	4,600	21,800
12,600	2,100	15.8	-0.18	-0.32	3.75	3.60	530	14.10	14.30	0.68	-0.18	15.2	1,100	7,200
9,400	1,600	15.4	-0.12	-0.18	1.70	1.55	520	22.40	22.60	0.82	-0.12	14.8	600	4,100
5,500	900	15.1	-0.08	-0.09	1.08	0.95	515	26.90	27.10	0.91	-0.08	14.5	300	2,200

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Iron Butterfly (ATM-Spreads)

SPY $540 · Long Put $520 · Short Put+Call $540 · Long Call $560 · Max Profit at $540

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 44

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
6,300	900	18.5	-0.12	-0.80	23.60	23.40	560	0.75	0.88	0.20	-0.09	15.2	380	2,800
11,900	1,800	17.3	-0.20	-0.65	15.50	15.30	550	2.60	2.75	0.35	-0.15	15.7	1,200	7,800
21,800	4,600	16.2	-0.25	-0.50	7.40	7.20	540	7.20	7.40	0.50	-0.25	16.2	4,600	21,800
12,600	2,100	15.8	-0.18	-0.32	3.75	3.60	530	14.10	14.30	0.68	-0.18	15.2	1,100	7,200
8,900	1,500	15.5	-0.13	-0.18	2.35	2.20	525	19.50	19.70	0.82	-0.13	14.9	600	3,900
5,200	850	15.2	-0.08	-0.09	1.60	1.45	520	23.30	23.50	0.91	-0.08	14.6	280	2,000

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▸ Known Methods

Meissner Method

📋 Setup

RUT80–88 DTEShort Put Δ8 / Short Call Δ1230 wideCredit ~$4

⚙️ Mgmt

Adjustment at Short-Delta 16Exit ~3 weeks before exp2–3 rolls max

🎯 Target

Profit target 70–80%Max loss 100–150% of monthly credit

Amy Meissner is regarded as one of the best-known practitioners of systematic Iron Condor trading and is sometimes referred to in the community as the "Queen of Iron Condors". She started with options in the 1990s, initially lost money, and developed her current rule-based system through an options mentor. Her approach differs from the classic high-probability method in several key points:

📋 Classic vs. Meissner — Comparison

Parameter	Classic	Meissner Method
Entry (DTE)	45–60 days	80–88 days — significantly earlier, more time buffer
Short Put Delta	Δ8–10	Δ8 (symmetric with classic)
Short Call Delta	Δ8–10	Δ12 — asymmetric, due to volatility skew on the upside
Spread Width	10 points (10 wide)	30 points (30 wide) — 3× wider, much more credit
Typical Credit	$1.00–$1.50 for 10 wide	~$4.00 for 30 wide
Adjustment Trigger	Short-Delta 20–25	Short-Delta 16 — earlier than classic; Meissner considers 20 "too late"
Max Rolls	2–3	2–3
Exit Timing	~1 week before exp	~3 weeks before exp — for an 80-day condor that means ~day 60
Exit Threshold (per side)	$0.25	$0.40
Profit Target	75% of initial credit	70–80% of initial credit
Contract size "large"	100 contracts	25 contracts — fewer since spread is wider and margin higher
Expected loss months	2 per year	2 per year
Max-loss tolerance	100–150% of monthly credit	100–150% of monthly credit
Capital at trade open	$85,000–$90,000	$52,000–$65,000 — despite wider spread, less capital needed
Target annual return	100%	100%

💡 Core Philosophy

Longer duration = more buffer: 80–88 DTE gives the market significantly more time to calm down before the trade becomes risky. Theta decay accelerates only in the last 30 days — Meissner wants to be out before then.
Asymmetric deltas: The short call is placed at Δ12 (not Δ8) because the volatility skew on indices is typically higher on the put side. Δ12 on the call is statistically about as "far away" as Δ8 on the put.
30 wide instead of 10 wide: The wider wings bring significantly more credit ($4 vs. $1.50), but also increase the max-loss amount. In return, fewer contracts are needed for the same monthly cash flow.
Early adjustment trigger: Short-Delta 16 instead of 20–25 — a reaction to bad experiences with "adjusting too late". The trade is actively managed as soon as the market approaches one side.
Early exit: Meissner closes the trade ~3 weeks before expiration to avoid gamma risk in the final phase. This costs some credit but eliminates the worst-case scenario just before expiry.

↗ Amy Meissner — Scribd

2. Strangle & Straddle (Short + Long)

Short = sell call + put to collect premium (neutral). Long = buy to profit from large moves (e.g. earnings).

▸ At a Glance

📋 Setup

Short: DTE 30–45IV-Rank > 60Long: before expected volatility events

⚙️ Mgmt

Short: close at ~50% profitroll tested sideLong: buy before volatility eventstrictly risk-manage short

🎯 Target

Short: premium in range-bound marketLong: profit from large moveexit after IV-Crush (Long) or 21 DTE (Short)

Structure:

Short Strangle: sell OTM call + OTM put (Delta ~0.15)
Short Straddle: sell ATM call + ATM put
Long versions: buy instead of sell, profit from high volatility
Short risk is undefined — strict risk management required

✅ Short: High premium
✅ Long: Leverage on volatility
✅ Clear setup logic

⚠️ Short: Undefined risk (margin-intensive)
⚠️ Long: Theta loss in range market
⚠️ Earnings trap

💡 ตัวอย่างที่เป็นรูปธรรม

Short Strangle

SPY $540 · Sell Put $520 Δ -0.18 + Sell Call $560 Δ 0.20 · Profit if $520-$560 at expiry

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 46

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
5,400	780	18.9	-0.10	-0.80	28.50	28.30	565	0.36	0.48	0.20	-0.08	15.2	320	2,300
8,000	1,100	18.1	-0.14	-0.65	23.70	23.50	560	0.78	0.90	0.35	-0.11	15.5	860	5,700
21,600	4,500	16.2	-0.25	-0.50	7.30	7.10	540	7.10	7.30	0.50	-0.25	16.2	4,500	21,600
12,400	2,000	15.8	-0.18	-0.32	3.70	3.55	530	14.00	14.20	0.68	-0.18	15.2	1,050	7,100
8,700	1,400	15.5	-0.13	-0.18	2.30	2.15	525	19.40	19.60	0.82	-0.13	14.9	580	3,800
5,100	820	15.2	-0.08	-0.09	1.55	1.40	520	23.20	23.40	0.91	-0.08	14.6	270	1,950

Short Straddle

SPY $540 · Sell Put $540 + Sell Call $540 · Max Profit at $540 · High Premium, Unlimited Risk

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 46

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
6,300	900	18.5	-0.12	-0.80	23.70	23.50	560	0.75	0.88	0.20	-0.09	15.2	360	2,700
11,800	1,800	17.3	-0.20	-0.65	15.60	15.40	550	2.55	2.70	0.35	-0.15	15.7	1,200	7,700
24,000	5,100	16.2	-0.25	-0.50	7.30	7.10	540	7.10	7.30	0.50	-0.25	16.2	5,100	24,000
12,500	2,100	15.8	-0.18	-0.32	3.70	3.55	530	14.00	14.20	0.68	-0.18	15.2	1,050	7,100
8,700	1,400	15.5	-0.13	-0.18	2.30	2.15	525	19.40	19.60	0.82	-0.13	14.9	580	3,800
5,100	820	15.2	-0.08	-0.09	1.55	1.40	520	23.20	23.40	0.91	-0.08	14.6	270	1,950

3. Calendar & Diagonal Spreads

Sell near-term expiry + buy far-term expiry (Calendar = same strike, Diagonal = different strikes). Profits from theta differential.

▸ At a Glance

📋 Setup

Front DTE 30–45Back DTE 60–120Strike ATM or slightly OTM

⚙️ Mgmt

Roll front option at expirationhold on IV increaseclose position on range breakmonitor Greeks continuously

🎯 Target

Profit from theta differentialrising volatility helpskeep price near strikeexit at front expiration

Structure:

Sell front-month option (DTE 30–45)
Buy back-month option (DTE 60–90+)
Calendar: same strike — Diagonal: long strike further away
Profits when underlying stays in range AND volatility rises

✅ Defined risk = debit
✅ Volatility increase helps
✅ Low capital requirement

⚠️ Complex Greeks management
⚠️ Profit only in narrow zone
⚠️ Skew sensitivity

4. Jade Lizard & Big Lizard

Short Put + Short Call Spread combined so that the credit ≥ width of the call spread — eliminating upside risk. Premium selling with eliminated upside danger.

▸ At a Glance

📋 Setup

DTE 30–45Short Put Delta 0.20–0.30Call spread width ≤ collected creditIV-Rank > 30

⚙️ Mgmt

Maintain credit ≥ call spread widthclose at ~50%roll put side on selloffcall side remains risk-free

🎯 Target

No upside risk with correct creditProfit from Theta + IV declineExit on put pressure

Structure:

Sell an OTM Put (like the CSP leg)
Also sell an OTM Bear Call Spread (Short Call + Long Call above)
Select strikes so net credit ≥ call spread width → no loss zone to the upside
Big Lizard: ATM Short Straddle + Long OTM Call — tighter ATM variant, the Long Call caps the upside risk

✅ No upside risk with correct credit
✅ Benefits from Theta and falling volatility
✅ Higher credit than a plain Cash-Secured Put

⚠️ Full downside risk of the Short Put (like CSP)
⚠️ Three to four legs = more complex management
⚠️ Large losses on a strong selloff

💡 ตัวอย่างที่เป็นรูปธรรม

SPY $540 · Short Put $525 Δ -0.25 · Short Call $550 + Long Call $560 · Total Credit > $0

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 44

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
7,800	1,100	18.5	-0.12	-0.78	23.60	23.40	560	0.45	0.55	0.22	-0.08	15.2	380	3,000
10,400	1,600	17.8	-0.16	-0.68	18.80	18.60	555	1.10	1.25	0.32	-0.12	15.8	750	5,100
13,900	2,200	17.2	-0.21	-0.58	14.30	14.10	550	2.80	2.95	0.42	-0.17	16.1	1,300	8,600
17,200	3,100	16.6	-0.23	-0.54	10.00	9.80	545	6.20	6.40	0.46	-0.22	15.9	2,400	14,100
22,000	4,700	16.2	-0.25	-0.50	7.10	6.90	540	6.90	7.10	0.50	-0.25	16.2	4,700	22,000
18,300	3,200	15.6	-0.17	-0.24	2.35	2.20	525	19.80	20.00	0.76	-0.17	14.9	900	5,900

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5. Broken Wing Butterfly

Butterfly with unequal wing widths: one loss side is eliminated, often enterable as a net credit. Theta-positive skew trade with defined risk.

▸ At a Glance

📋 Setup

DTE 30–45Center strike near expected price targetunequal wings (e.g. 5 vs. 10 points)ideally net credit

⚙️ Mgmt

Hold credit side without riskclose at ~50%monitor wide loss sidealign center to price target

🎯 Target

Max profit at middle short strikeoften enterable credit-neutralno loss on credit side

Structure:

Classic Butterfly (1 Long / 2 Short / 1 Long) but one wing wider than the other
The wider side shifts the risk profile — the narrow side becomes nearly risk-free
Frequently set up so a net credit remains → no loss on the credit side
Sweet spot at the middle short strike — maximum profit when underlying lands there

✅ One loss direction eliminated
✅ Often enterable credit-neutral
✅ Defined risk and Theta-positive

⚠️ Loss on the wide wing side
⚠️ More complex adjustment than symmetric Butterfly
⚠️ Narrow maximum profit zone

💡 ตัวอย่างที่เป็นรูปธรรม

SPY $540 · Buy Call $530 · Sell Call $545+$550 · Buy Call $565 · Net Credit or Zero

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 41

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
5,600	800	18.9	-0.10	-0.80	28.30	28.10	565	0.40	0.52	0.20	-0.08	15.1	350	2,500
9,200	1,300	17.6	-0.15	-0.65	20.30	20.10	555	1.80	1.95	0.35	-0.13	15.5	900	6,300
12,800	1,900	17.0	-0.19	-0.58	15.50	15.30	550	3.50	3.65	0.42	-0.16	15.8	1,400	9,500
16,400	2,700	16.5	-0.22	-0.54	10.90	10.70	545	6.00	6.20	0.46	-0.21	15.9	2,100	13,600
21,900	4,600	16.2	-0.25	-0.50	7.30	7.10	540	7.10	7.30	0.50	-0.25	16.2	4,600	21,900
12,100	2,000	15.7	-0.18	-0.36	3.75	3.60	530	14.20	14.40	0.64	-0.18	15.2	1,100	7,400

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