Iron Condor vs. Iron Chicken

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The Liz & Jny breakdown on iron condors:

• Iron Condor
• High IV Rank
• 45 DTE - No earnings
• Collect 33% - 40% of the width of the strikes
• If the strikes look "too close" then they probably are
• Iron Chicken
• High IV Rank
• Earnings, with High vol diff
• Collect at least 50% of the width of the strikes
• If the strikes look "too close" then they probably are

Simple decision tree:

• High IV Rank?
• YES: Earnings?
• YES: Iron Chicken
• NO: Iron Condor