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training_data/curated/text/f64c1f4c1b752befbfd8172a2af57c63e4724255747f02e3f7e53d1129a460b7.txt

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+Three Looks at the Condor
+Strike selection is essential for a successful condor. If strikes are too close
+together or two far apart, the trade can become much less attractive.
+Strikes Too Close
+The QQQs are options on the ETFs that track the Nasdaq 100 (QQQ). They
+have strikes in $1 increments, giving traders a lot to choose from. With
+QQQ trading at around $55.95, consider the 54–55–57–58 iron condor. In
+this example, with 31 days until expiration, the following legs can be
+executed:
+In this trade, the maximum profit is 0.63. The maximum risk is 0.37. This
+isn’t a bad profit-to-loss ratio. The break-even price on the downside is
+$54.37 and on the upside is $57.63. That’s a $3.26 range—a tight space for
+a mover like the QQQ to occupy in a month. The ETF can drop about only
+2.8 percent or rise 3 percent before the trade becomes a loser. No one needs
+any fancy math to show that this is likely a losing proposition in the long
+run. While choosing closer strikes can lead to higher premiums, the range
+can be so constricting that it asphyxiates the possibility of profit.
+Strikes Too Far
+Strikes too far apart can make for impractical trades as well. Exhibit 10.7
+shows an options chain for the Dow Jones Industrial Average Index (DJX).
+These prices are from around 2007 when implied volatility (IV) was
+historically low, making the OTM options fairly low priced. In this
+example, DJX is around $135.20 and there are 51 days until expiration.
+EXHIBIT 10.7 Options chain for DJIA.