{"slug":"how-to-adjust-an-iron-condor","qid":"credit_ladder","label":"credit_ladder","post_title":"how-to-adjust-an-iron-condor","post_url":"/blog/lang/mr/how-to-adjust-an-iron-condor#q-credit_ladder","columns":["otm_distance","spread_credit","capped_loss","credit_pct_of_width"],"rows":[{"otm_distance":"0.5%","spread_credit":1.1,"capped_loss":3.9,"credit_pct_of_width":21.9},{"otm_distance":"1%","spread_credit":0.68,"capped_loss":4.32,"credit_pct_of_width":13.6},{"otm_distance":"1.5%","spread_credit":0.43,"capped_loss":4.57,"credit_pct_of_width":8.6},{"otm_distance":"2%","spread_credit":0.28,"capped_loss":4.72,"credit_pct_of_width":5.5},{"otm_distance":"2.5%","spread_credit":0.18,"capped_loss":4.82,"credit_pct_of_width":3.5},{"otm_distance":"3%","spread_credit":0.11,"capped_loss":4.89,"credit_pct_of_width":2.3},{"otm_distance":"3.5%","spread_credit":0.08,"capped_loss":4.92,"credit_pct_of_width":1.6},{"otm_distance":"4%","spread_credit":0.05,"capped_loss":4.95,"credit_pct_of_width":1.1}],"shape":"ranking","sql":"WITH legs AS\n(\n    SELECT\n        date,\n        expiration_date,\n        toFloat64(strike_price)                                                         AS strike,\n        toFloat64(strike_price) - 5                                                     AS long_strike,\n        toFloat64(option_close)                                                         AS premium,\n        round(abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) * 200) / 2 AS dist_pct\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'SPY'\n      AND lower(substring(toString(option_type), 1, 1)) = 'p'\n      AND date BETWEEN '2026-08-03' AND '2026-08-28'\n      AND iv_converged = 1\n      AND volume > 0\n      AND days_to_expiry BETWEEN 2 AND 9\n      AND strike_price < underlying_close\n)\nSELECT\n    concat(toString(s.dist_pct), '%')         AS otm_distance,\n    round(avg(s.premium - l.premium), 2)      AS spread_credit,\n    round(5 - avg(s.premium - l.premium), 2)  AS capped_loss,\n    round(avg(s.premium - l.premium) * 20, 1) AS credit_pct_of_width\nFROM legs AS s\nINNER JOIN legs AS l\n    ON s.date = l.date\n   AND s.expiration_date = l.expiration_date\n   AND s.long_strike = l.strike\nWHERE s.dist_pct BETWEEN 0.5 AND 4\nGROUP BY s.dist_pct\nORDER BY s.dist_pct","computed_at":"2026-09-30T15:23:57.794559+00:00","elapsed":0.003960182}