Workflow on FinFr.ee: Financial Freedom for Globally Mobile Investors

Iron Condor Workflow Guide: Daily Routines and Position Management

Mon, 19 Jan 2026 00:00:00 +0000

A good Iron Condor strategy is nothing without a good system. This guide covers my exact workflow—from weekly planning to daily monitoring to adjustment execution. Build the system once, follow it consistently, and the results compound.

Related Resources:

📖 Main Iron Condor Strategy Guide - Complete strategy overview
📋 Iron Condor Entry Checklist - Non-negotiable entry rules
📄 Iron Condor 1-Page SOP - Quick reference for your desk

Part 1: Weekly Planning Workflow
#

Sunday Evening: The Week Ahead (15 Minutes)
#

Before the market opens Monday, I review the landscape.

Check the Economic Calendar
#

Major events create gap risk that can blow through Iron Condor wings.

Events That Matter:

Event	Impact Level	My Action
FOMC Decision	HIGH	No new condors 48h before/after
CPI Report	HIGH	No new condors 48h before/after
Jobs Report (NFP)	HIGH	No new condors 48h before/after
GDP Release	MEDIUM	Reduce size if within 48h
Fed Chair Speech	MEDIUM	Monitor closely
Earnings Season Peak	MEDIUM	Be cautious of sector rotation

Where I Check:

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>This Week's Events (Example):

Monday: ✅ Clear
Tuesday: ✅ Clear
Wednesday: ⚠️ FOMC Decision 2:00 PM ET
Thursday: ❌ No new entries (FOMC aftermath)
Friday: ✅ Clear after 10:00 AM

Decision: Enter new positions Monday-Tuesday only. Skip Wednesday-Thursday.

VIX Structure Analysis
#

Understanding volatility regime is critical for Iron Condor timing.

Check These VIX Metrics:

Metric	What to Look For	Current Status
VIX Spot	14-25 ideal range	____
VIX 30-day vs Spot	Contango = healthy	Contango / Backwardation
VIX 50-day MA	Below = calm regime	Above / Below
VIX/VIX3M Ratio	<0.9 = calm	____

VIX Decision Matrix:

VIX Level	VIX Structure	My Action
14-18	Contango	Full position sizes
18-22	Contango	Normal sizes
22-25	Contango	Reduced sizes (75%)
14-25	Backwardation	Reduced sizes (50%)
>25	Any	Skip Iron Condors
<14	Any	Skip (premiums too thin)

Warning

VIX backwardation (short-term VIX higher than longer-term) signals market stress. Even if VIX is in the "normal" range, backwardation means smart money expects volatility to spike. Reduce position sizes or skip entries entirely.

Review Open Positions
#

Sunday is when I assess all open Iron Condors.

Position Review Template:

Position	Entry Date	DTE	P/L %	Status	Action Needed
IC #1	Jan 6	32	+35%	Neutral	Hold
IC #2	Jan 8	28	+52%	Neutral	CLOSE Monday
IC #3	Jan 12	24	-15%	Put tested	Monitor closely

Questions for Each Position:

Is P/L ≥ 50%? → Close it
Is DTE ≤ 21? → Heightened attention
Is either side being tested? → Prepare adjustment
Has anything fundamentally changed? → Reassess

Plan the Week's Entries
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Based on calendar and positions, I plan new entries.

Weekly Planning Template:

═══════════════════════════════════════════════════════
         WEEK OF: ____________ TRADE PLAN
═══════════════════════════════════════════════════════

CURRENT PORTFOLIO STATUS
Open Iron Condors: _____ / 6 max
Capital deployed: _____% (target: 30-50%)
Cash buffer: _____% (minimum: 20%)

ECONOMIC CALENDAR SUMMARY
Major events: ________________________________
Safe entry days: _____________________________
Days to avoid: ______________________________

VIX ASSESSMENT
VIX Spot: _______
Structure: Contango / Backwardation
Regime: Calm / Elevated / High

PLANNED ENTRIES THIS WEEK
□ Entry 1: _______ (day/time)
   Target expiration: _______
   Contracts: _______

□ Entry 2: _______ (day/time)
   Target expiration: _______
   Contracts: _______

POSITIONS TO CLOSE
□ IC #___: Close when _______
□ IC #___: Close when _______

ADJUSTMENTS NEEDED
□ IC #___: Roll _______ if _______

═══════════════════════════════════════════════════════

Part 2: Trade Entry Workflow
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Step-by-Step Entry Process (10-15 Minutes)
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When I'm ready to enter a new Iron Condor, I follow this exact sequence.

Step 1: Final Market Check (2 Minutes)
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Quick Verification:

□ SPY current price: $_______
□ SPY vs 50 MA: Above / Below (need ABOVE)
□ SPY vs 200 MA: Above / Below (need ABOVE)
□ VIX current: _______ (need 14-25)
□ Any breaking news? NO / YES: _______

All clear? → Proceed to Step 2
Any issues? → STOP, reassess

Step 2: Identify Target Expiration (1 Minute)
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My Standard: 30-45 DTE

Today's Date	Target DTE Range	Look for Expirations
Week 1 of month	30-45	End of current month or Week 2 next month
Week 2 of month	30-45	Week 2-3 next month
Week 3 of month	30-45	Week 3-4 next month
Week 4 of month	30-45	Week 4 next month or Week 1 following

Example: Today is Jan 19. I'm looking at Feb 21 (33 DTE) or Feb 28 (40 DTE) expirations.

Step 3: Build the Option Chain View (2 Minutes)
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In your broker platform, set up the chain to show:

Column	Why I Need It
Strike	Navigation
Delta	Find 0.14-0.18 short strikes
Bid	What I receive
Ask	What I pay
Open Interest	Liquidity check (need ≥1,000)
Volume	Activity check

Chain Setup Screenshot Reference:

PUTS                              CALLS
OI    Vol   Bid   Ask  Delta  Strike  Delta  Ask   Bid   Vol    OI
5420  892  0.85  0.88  -0.08   560   0.08   0.45  0.43   445  3210
4890  756  1.08  1.12  -0.10   565   0.10   0.52  0.49   523  2980
6230  934  1.35  1.40  -0.12   570   0.12   0.61  0.58   612  4120
7840 1245  1.72  1.78  -0.15   575   0.14   0.73  0.70   734  5430  ← Target zone
8920 1456  2.15  2.22  -0.18   580   0.17   0.88  0.84   856  6120  ← Target zone
...
                                 594 ← CURRENT PRICE
...
5670  823  0.78  0.82   0.15   610   -0.16  1.95  1.88   912  5890  ← Target zone
4230  712  0.58  0.62   0.12   615   -0.13  1.52  1.46   678  4560  ← Target zone
3450  534  0.42  0.46   0.09   620   -0.10  1.18  1.12   534  3120

Step 4: Select Strikes (3 Minutes)
#

graph TD
    A[SPY @ $594] --> B[Find Put Strikes
4-5% OTM]
    A --> C[Find Call Strikes
3-4% OTM]

    B --> D[Short Put: $570
Delta = -0.15]
    D --> E[Long Put: $565
$5 wide wing]

    C --> F[Short Call: $615
Delta = 0.14]
    F --> G[Long Call: $620
$5 wide wing]

    E --> H[CONDOR STRUCTURE
565/570/615/620]
    G --> H

    style H fill:#0f5132,stroke:#75b798,color:#d1e7dd

Strike Selection Worksheet:

═══════════════════════════════════════════════════════
           STRIKE SELECTION WORKSHEET
═══════════════════════════════════════════════════════

SPY Current Price: $_______

PUT SIDE
Target: 4-5% below current = $_______ zone
Short put strike: $_______ (delta: _____)
Long put strike: $_______ (wing width: $5)
Put spread credit: $_______

CALL SIDE
Target: 3-4% above current = $_______ zone
Short call strike: $_______ (delta: _____)
Long call strike: $_______ (wing width: $5)
Call spread credit: $_______

COMBINED
Total credit: $_______
Credit as % of $5 width: _______%
≥12%? □ YES □ NO (need YES)

═══════════════════════════════════════════════════════

Step 5: Calculate Position Size (1 Minute)
#

Formula:

Max Loss Per Contract = Wing Width - Credit
Max Loss Per Contract = $5.00 - $0.70 = $4.30 = $430

Portfolio Risk Limit = 2% of Portfolio
If Portfolio = $50,000, then Max Risk = $1,000

Max Contracts = $1,000 ÷ $430 = 2.3 → Round DOWN to 2 contracts

Caution

Always round DOWN on position sizing. If the math says 2.3 contracts, trade 2. The extra 0.3 isn't worth the additional risk. Consistent small sizing beats occasional big wins.

Step 6: Execute the Order (2-5 Minutes)
#

Execution Sequence:

Build the order as a single 4-leg spread
- Sell to Open: Put at higher strike
- Buy to Open: Put at lower strike
- Sell to Open: Call at lower strike
- Buy to Open: Call at higher strike
Set limit price at mid-point of natural spread
- Example: Natural = $0.65-$0.75 → Start at $0.70
Submit order
Wait 60 seconds
If not filled: Adjust limit down by $0.01 (to $0.69)
Repeat until filled or you've conceded $0.05
If $0.05 concession still not filled: Cancel and reassess

Step 7: Document the Trade
#

Immediately after fill:

═══════════════════════════════════════════════════════
              NEW IRON CONDOR ENTRY
═══════════════════════════════════════════════════════

Date/Time: ____________
SPY at entry: $_______
VIX at entry: _______

STRUCTURE
Expiration: _______ (_____ DTE)
Put spread: $_____/$_____
Call spread: $_____/$_____
Contracts: _______

PRICING
Credit received: $_______ per contract
Total credit: $_______
Max loss: $_______

TARGETS
50% profit target: $_______
Stop loss (2x credit): $_______
DTE exit target: 21 days

NOTES
_________________________________________
_________________________________________

═══════════════════════════════════════════════════════

Part 3: Daily Monitoring Workflow
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Morning Check (3 Minutes, Before 10 AM)
#

The 3-Minute Morning Check
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Check	Where to Look	Action Trigger
SPY overnight	Futures or pre-market	Gap > 1% = heightened alert
VIX level	Real-time quote	>25 = consider closing all
Open position P/L	Broker platform	Any at 50%+ profit?
Any at stop loss?	Broker platform	Loss ≥ 2x credit?
DTE on each	Broker platform	Any ≤ 21 DTE?

Template:

MORNING CHECK: ____________

SPY Pre-market: $_______ (vs yesterday: +/-___%)
VIX: _______ (vs yesterday: +/-___%)

OPEN POSITIONS
□ IC #1: P/L ___%, DTE ___, Status: _______
□ IC #2: P/L ___%, DTE ___, Status: _______
□ IC #3: P/L ___%, DTE ___, Status: _______

ACTIONS NEEDED TODAY
□ _________________________________
□ _________________________________

Decision Matrix
#

Based on morning check, here's what needs action:

Condition	Priority	Action
P/L ≥ 50%	HIGH	Close today
Loss ≥ 2x credit	HIGH	Close today
DTE ≤ 21 + profitable	MEDIUM	Close today
Short strike within 1%	MEDIUM	Prepare adjustment
VIX > 25	MEDIUM	Evaluate all positions
Gap > 2% overnight	MEDIUM	Reassess tested positions
All neutral	LOW	No action needed

Escalation Triggers
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Normal days: Morning check only (3 minutes).

Check mid-day if:

VIX spiked >20% intraday
SPY moved >1.5% from open
News broke (Fed speak, geopolitical)
Position was already being tested

Check end-of-day if:

Any position is within 2% of short strike
DTE ≤ 14 on any position
Major move occurred today

Part 4: Position Management Workflows
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Closing a Winner
#

When P/L reaches 50% of max profit:

Calculate buy-to-close price
- Received $0.70 credit
- 50% profit = close at $0.35 or less
Build close order
- Buy to Close: All 4 legs as single order
- Limit price: $0.35 (starting point)
Submit and wait
- Give it 60 seconds
- Adjust up by $0.01 if needed
- Willing to pay up to $0.40 to close (still 43% profit)
Document the close
- Entry credit: $_______
- Exit debit: $_______
- Net profit: $_______
- Days held: _______
- Win rate update: _______

Closing a Loser
#

When loss reaches 2x credit received:

Accept the loss immediately
- This is part of the strategy
- Do not hope for reversal
Calculate buy-to-close price
- Received $0.70 credit
- 2x loss = position worth ~$2.10
Build close order
- May need to pay above mid-price
- Priority: GET OUT
Document with lessons
- What went wrong?
- Was entry valid?
- Was stop appropriate?
- Any adjustment could have helped?
24-hour cooling off
- No new entries until tomorrow
- Review what happened

Adjusting a Tested Position
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Tip

Adjustments should improve your position, not just delay the inevitable. Only roll if you can collect additional credit AND the new position makes sense on its own merits.

Rolling the Untested Side Down
#

Scenario: SPY drops toward put strike. Call spread is safe.

graph TD
    A[Original Position
565/570/615/620] --> B{SPY drops to $578}
    B --> C[Put spread tested
Call spread safe]
    C --> D[Buy back 615/620 call spread
for $0.05]
    D --> E[Sell new 600/605 call spread
for $0.25]
    E --> F[Net credit: +$0.20]
    F --> G[New Position
565/570/600/605
Extra cushion on put side]

    style G fill:#0f5132,stroke:#75b798,color:#d1e7dd

Step-by-step:

Identify the safe side (call spread in this example)
Check if roll is profitable
- Current call spread value: ~$0.05
- New call spread value: ~$0.25
- Net credit available: $0.20 ✓
Execute as separate orders or roll order
- Some brokers have "roll" functionality
- Otherwise: BTC old spread, STO new spread
Update position record
- Original credit: $0.70
- Roll credit: $0.20
- New total credit: $0.90
- New max loss: $5.00 - $0.90 = $4.10
- New breakevens recalculated

Rolling the Untested Side Up
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Scenario: SPY rallies toward call strike. Put spread is safe.

Same logic in reverse:

Buy back put spread (cheap now)
Sell new put spread closer to current price
Collect additional credit
Lower your upper breakeven effectively

Part 5: Weekly Review Workflow
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Friday End-of-Week Review (10 Minutes)
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Weekly Performance Log
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═══════════════════════════════════════════════════════
         WEEK ENDING: ____________ REVIEW
═══════════════════════════════════════════════════════

TRADES CLOSED THIS WEEK
Trade 1: _____ result ($_____)
Trade 2: _____ result ($_____)
Trade 3: _____ result ($_____)

Week P/L: $_______
MTD P/L: $_______
YTD P/L: $_______

Win Rate (rolling 20 trades): _______%
Average Winner: $_______
Average Loser: $_______

OPEN POSITIONS END OF WEEK
IC #1: ___% P/L, ___ DTE
IC #2: ___% P/L, ___ DTE
IC #3: ___% P/L, ___ DTE

Total open risk: $_______

═══════════════════════════════════════════════════════

Weekly Reflection Questions
#

What worked well this week?
- Entries that hit 50%?
- Adjustments that saved positions?
- Discipline maintained?
What didn't work?
- Entries that stopped out?
- Missed opportunities?
- Rules I broke?
What will I do differently?
- Adjust parameters?
- Change timing?
- Improve discipline?
Market observations
- VIX behavior this week?
- SPY trend/range?
- Any patterns emerging?

Prepare for Next Week
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Update position tracker spreadsheet
Note key dates for next week
- Economic events
- Position expirations
- Adjustment deadlines
Set alerts
- Price alerts for short strikes
- VIX alert at 25
- Profit target alerts
Review capital allocation
- Available for new entries?
- Cash buffer maintained?

Part 6: Monthly Review Workflow
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Important

The monthly review is where real improvement happens. Skip it and you're just gambling. Do it consistently and you'll compound both profits AND skills over time.

End-of-Month Deep Dive (30 Minutes)
#

Monthly Statistics
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═══════════════════════════════════════════════════════
              MONTH: ____________ REVIEW
═══════════════════════════════════════════════════════

PERFORMANCE SUMMARY
Total trades: _______
Winners: _______ (____%)
Losers: _______ (____%)

Gross profits: $_______
Gross losses: $_______
Net P/L: $_______
Return on capital: _______%

TRADE ANALYSIS
Average credit received: $_______
Average profit (winners): $_______
Average loss (losers): $_______
Profit factor: _______ (gross profit ÷ gross loss)

POSITION METRICS
Average DTE at entry: _______ days
Average hold time: _______ days
Adjustments made: _______
Adjustment success rate: _______%

CONTEXT
Average VIX during month: _______
SPY monthly return: _______%
Market regime: Trending / Range-bound

═══════════════════════════════════════════════════════

Monthly Optimization Questions
#

Are my delta targets appropriate?
- Win rate vs. expectation?
- Premium sufficient?
Is my timing working?
- 30-45 DTE optimal?
- Exit timing (50% rule)?
Are adjustments helping?
- Net benefit or just delaying losses?
Is position sizing correct?
- Any trade hurt too much?
- Any trade too small to matter?

Spreadsheet Template
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Here's the essential tracking spreadsheet structure:

Column	Description
Trade ID	Sequential number
Entry Date	When opened
Expiration	Option expiry date
DTE at Entry	Days to expiration
SPY at Entry	Underlying price
VIX at Entry	Volatility level
Put Spread	Short/Long strikes
Call Spread	Short/Long strikes
Contracts	Number
Credit	Per contract
Total Credit	Credit × Contracts
Max Loss	Per contract
Exit Date	When closed
Exit Price	Debit paid
P/L	Net result
Days Held	Duration
Exit Reason	Profit/Stop/Adjustment/Expiry
Notes	Lessons learned

Related Resources
#

Complete Your System:

📖 Main Iron Condor Strategy Guide - The complete strategy and research

📋 Iron Condor Entry Checklist - Non-negotiable rules for every trade

📄 Iron Condor 1-Page SOP - Everything on one printable page

Disclaimer: This workflow guide reflects my personal trading process. Options trading involves significant risk. Develop your own system based on your risk tolerance and experience level.

CSP Watchlist Structure and Daily Workflow Guide

Thu, 15 Jan 2026 00:00:00 +0000

A good CSP strategy is nothing without a good system. This guide covers how to structure your watchlists, execute your option chain workflow, and manage positions daily in under 15 minutes. Build the system once, follow it forever.

Related Resources:

📖 Main CSP Strategy Guide - Complete strategy overview
📋 CSP Entry Checklist - Non-negotiable rules for every trade
📄 1-Page CSP SOP - Quick reference for your desk

Part 1: Watchlist Structure
#

Tip

The most important trading decision you make happens before you open an option chain. Your watchlist determines your universe of opportunity. Get this right and everything else gets easier.

A well-organized watchlist system eliminates decision fatigue. Set it up once, maintain it weekly.

The 4-Watchlist System
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Create 4 watchlists in your brokerage platform:

Watchlist 1: CSP Core ETFs
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Purpose: Lowest risk anchor positions. Your "always on" list.

Symbol	Description	Why It's Here
SPY	S&P 500 ETF	Diversified, ultra-liquid, represents the market
QQQ	Nasdaq 100 ETF	Tech-heavy, excellent option chains
IWM	Russell 2000 ETF	Small-cap, higher vol = better premiums

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>Use for: Market regime assessment + steady base premium. These ETFs are always tradeable, always liquid.

Why Core ETFs Matter
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Never go to zero - Diversified across hundreds of companies
Always liquid - Tight bid-ask spreads, easy to get filled
Benchmark - If you can't make money on SPY puts, the market is hostile

Watchlist 2: CSP Mega Caps
#

Purpose: Primary income engine. Quality companies that aren't going anywhere.

Symbol	Sector	Why It's Here
AAPL	Technology	Cash machine, loyal customers, steady earner
MSFT	Technology	Cloud king, enterprise dominance
GOOGL	Technology	Search monopoly + Cloud + AI
AMZN	Consumer/Tech	E-commerce + AWS = diversified revenue
NVDA	Semiconductors	AI leader - trade smaller size due to volatility

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>Note on NVDA: Higher volatility means higher premiums but also higher risk. Use 50% normal position size.

Mega Cap Advantages
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Too big to fail - These companies have survived crashes, recessions, pandemics
High liquidity - Excellent option chains with tight spreads
Analyst coverage - No surprises, well-documented fundamentals

Watchlist 3: CSP Defensive
#

Purpose: Lower beta names for smoother equity curve. Diversification outside tech.

Symbol	Sector	Dividend Yield	Notes
KO	Consumer Staples	~3.0%	60+ years of dividend increases
PEP	Consumer Staples	~2.8%	Food + beverage diversification
PG	Consumer Staples	~2.5%	Essential products, recession-resistant
JNJ	Healthcare	~3.0%	Diversified pharma + consumer health
XOM	Energy	~3.5%	Oil major with strong dividend

Why Defensive Names?
#

These stocks typically:

Drop less in crashes - Lower beta = less volatility
Recover faster - Dividends attract buyers
Sleep well at night - You won't panic if assigned

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>Strategy: When market is uncertain, shift allocation toward defensive names. Lower premiums but lower stress.

Watchlist 4: Active CSP Candidates
#

Purpose: Rotating list of current opportunities. Changes weekly based on conditions.

This is your working watchlist. Names move in and out based on:

Criteria	Requirement
IV Rank	≥ 30 (elevated volatility = better premiums)
Earnings	No earnings within 10 days
Trend	Above long-term trend (200 MA)
News	No pending negative catalysts

Weekly Maintenance
#

Every Sunday (10 minutes):

☐ Remove any stocks that traded/closed
☐ Remove stocks with upcoming earnings
☐ Scan Watchlists 1-3 for elevated IV Rank
☐ Add qualifying candidates to Watchlist 4
☐ Note support levels for top candidates

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>Important: Remove symbols immediately after you close a position. This keeps the list clean and actionable.

Watchlist Setup Checklist
#

Use this when initially setting up your watchlists:

WATCHLIST SETUP CHECKLIST
═══════════════════════════════════════════════════

☐ Create Watchlist 1: CSP Core ETFs
   → Add: SPY, QQQ, IWM
   → Label: "CSP - Core"

☐ Create Watchlist 2: CSP Mega Caps
   → Add: AAPL, MSFT, GOOGL, AMZN, NVDA
   → Label: "CSP - Mega"

☐ Create Watchlist 3: CSP Defensive
   → Add: KO, PEP, PG, JNJ, XOM
   → Label: "CSP - Defensive"

☐ Create Watchlist 4: Active Candidates
   → Start empty
   → Label: "CSP - Active"

☐ Add columns to each watchlist:
   → Last Price
   → % Change
   → 52-Week High
   → 52-Week Low
   → IV Rank (if available)

═══════════════════════════════════════════════════

Part 2: Option Chain Workflow
#

This is your step-by-step process for selecting and executing CSP trades. Follow it exactly.

Daily Market Check (2 Minutes)
#

Important

Never skip the market check. Two minutes of preparation prevents hours of regret. If the market environment is hostile, the best trade is no trade.

Before opening any option chains, assess the market environment.

graph TD
    A[Open SPY Chart] --> B{Above 50-day MA?}
    B -->|YES| C{Above 200-day MA?}
    B -->|NO| D[CAUTION: Reduce size 50%
or skip today]
    C -->|YES| E{VIX < 25?}
    C -->|NO| F[WARNING: Defensive mode
ETFs only, small size]
    E -->|YES| G{Any major events today?}
    E -->|NO| H[ELEVATED RISK
Skip or minimal size]
    G -->|NO| I[GREEN LIGHT
Proceed to stock selection]
    G -->|YES| J[WAIT
Trade after event passes]

    style I fill:#0f5132,stroke:#75b798,color:#d1e7dd
    style D fill:#664d03,stroke:#ffc107,color:#fff3cd
    style F fill:#664d03,stroke:#ffc107,color:#fff3cd
    style H fill:#842029,stroke:#ea868f,color:#f8d7da

Quick Market Check Template
#

DAILY MARKET CHECK - Date: ___________

SPY Analysis:
☐ Above 50 MA?    YES / NO
☐ Above 200 MA?   YES / NO

VIX Level: _____ (Target: < 25)

Economic Calendar:
☐ Fed meeting?       YES / NO
☐ CPI release?       YES / NO
☐ Jobs report?       YES / NO
☐ Major earnings?    YES / NO

DECISION: ☐ TRADE / ☐ REDUCED SIZE / ☐ SKIP

Stock Selection (3 Minutes)
#

From your Active Candidates watchlist (Watchlist 4):

Selection Criteria:

Check	Requirement
☐	Price above 200-day MA
☐	Clear support zone identified
☐	Would buy shares today at discount
☐	No earnings within 10 days
☐	IV Rank ≥ 30 (preferred)

Support Level Identification
#

graph LR
    A[Open Daily Chart] --> B[Look for horizontal zones
where price bounced]
    B --> C[Mark 2-3 support levels]
    C --> D[Choose strike BELOW
the nearest support]
    D --> E[This is your target zone]

    style E fill:#0f5132,stroke:#75b798,color:#d1e7dd

Example:

AAPL at $185
Support 1: $180 (recent bounce)
Support 2: $175 (major support zone)
Support 3: $170 (52-week reference)
Target strike zone: $170-$175

Option Chain Analysis (5 Minutes)
#

Step 1: Open Option Chain
#

Navigate to the stock's option chain and configure:

Setting	Value
Expiration	30-45 DTE (select the closest in this range)
Display	Puts only (hide calls)
Columns	Strike, Bid, Ask, Delta, Volume, Open Interest
Sort	By strike (descending)

Step 2: Filter by Delta
#

Target Zone: Delta 0.20 - 0.30

Scan the delta column and identify strikes in this range:

Delta	Probability of Profit	Risk Level
0.15	~85%	Conservative (lower premium)
0.20	~80%	Sweet spot
0.25	~75%	Sweet spot
0.30	~70%	Maximum (higher premium, higher risk)
0.35+	<65%	Too aggressive - skip

Step 3: Apply Selection Criteria
#

For each strike in your delta range, check:

Criteria	Target	Check
Strike below support?	YES	☐
Premium ≥ 1% of strike?	YES	☐
Open Interest ≥ 500?	YES	☐
Bid-Ask spread ≤ 10%?	YES	☐

Premium Calculation Quick Reference
#

Premium % = (Mid Price / Strike) × 100

Target: ≥ 1.0% per month

Examples:
$170 strike, $1.70 mid = 1.00% ✅
$170 strike, $2.50 mid = 1.47% ✅
$170 strike, $1.20 mid = 0.71% ❌ (too low)

Step 4: Make Your Selection
#

Decision Rule:

If multiple strikes qualify → Choose the LOWER strike

Being conservative on strike selection keeps you in the game long-term.

Order Execution (2 Minutes)
#

Once you've selected your strike, execute with discipline.

Order Entry Checklist
#

ORDER EXECUTION CHECKLIST
═══════════════════════════════════════════════════

Position Details:
☐ Underlying: _______________
☐ Strike: _______________
☐ Expiration: _______________
☐ DTE: _____ days

Order Settings:
☐ Action: SELL TO OPEN
☐ Quantity: _____ contract(s)
☐ Order Type: LIMIT
☐ Limit Price: _____ (use mid-price)
☐ Duration: Day

Cash Required:
☐ Strike × 100 × Contracts = $___________
☐ This is ≤ 7% of total capital? YES / NO
☐ Cash buffer still ≥ 20%? YES / NO

Final Confirmation:
☐ All checklist items passed
☐ Review order preview
☐ SUBMIT ORDER

═══════════════════════════════════════════════════

Limit Order Strategy
#

Always use LIMIT orders, never MARKET orders.

Find the mid-price: (Bid + Ask) / 2
Start at mid-price: Place your limit order there
Wait 1-2 minutes: Good fills often come quickly
If no fill: Move toward the bid by $0.05
Maximum adjustment: Never go below 90% of mid
Never chase: If it doesn't fill, wait for another day

Example:

Bid: $2.40
Ask: $2.60
Mid: $2.50
Your limit: $2.50 (start here)
If no fill: $2.45, then $2.40
Don't go below: $2.25 (90% of mid)

Part 3: Position Management Workflow
#

Note

Position management is where amateurs lose money and professionals make it. The entry is just the beginning - how you manage determines your results.

Daily management takes less than 5 minutes when you have a system.

Daily Review Process
#

graph TD
    A[Open Positions Tab
Morning Check] --> B{Any position at
50%+ profit?}
    B -->|YES| C[Close position
Take profit]
    B -->|NO| D{Any position at
≤ 21 DTE?}
    D -->|YES| E[Close position
regardless of P/L]
    D -->|NO| F{Any position
tested?}
    F -->|YES| G[Monitor closely
Check fundamentals]
    F -->|NO| H[No action needed
Continue holding]

    style C fill:#0f5132,stroke:#75b798,color:#d1e7dd
    style E fill:#664d03,stroke:#ffc107,color:#fff3cd
    style H fill:#1e3a5f,stroke:#60a5fa,color:#e2e8f0

Position Review Template
#

DAILY POSITION REVIEW - Date: ___________

For each open position, record:

Position 1: _______________
  Current Profit %: _____%
  DTE Remaining: _____ days
  Action: ☐ HOLD / ☐ CLOSE / ☐ MONITOR

Position 2: _______________
  Current Profit %: _____%
  DTE Remaining: _____ days
  Action: ☐ HOLD / ☐ CLOSE / ☐ MONITOR

Position 3: _______________
  Current Profit %: _____%
  DTE Remaining: _____ days
  Action: ☐ HOLD / ☐ CLOSE / ☐ MONITOR

Total Open Positions: _____
Total Capital Deployed: $___________
Cash Buffer: $___________

Notes:
_________________________________
_________________________________

Profit Taking Rules
#

When to Close for Profit
#

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>Close the position when EITHER condition is met:

Condition	Action
50-70% of max profit achieved	Close immediately
≤ 21 DTE remaining	Close regardless of profit

Whichever comes FIRST.

Why Not Hold to Expiration?
#

Reason	Explanation
Gamma risk	Last 2 weeks = highest risk of sudden moves
Diminishing returns	Most profit captured by 50-70%
Capital efficiency	Free up capital for next trade
Sleep better	Remove uncertainty

Profit Taking Example
#

Original Trade:
- Sold $170 put for $2.50 premium
- Max profit: $250

Day 15 (30 DTE remaining):
- Put now worth $1.00
- Profit: $1.50 ($250 - $100 to close)
- Profit %: 60%

Action: CLOSE POSITION ✅
- Capture $150 profit
- Redeploy capital to new trade
- Remove remaining risk

When to Roll (Rare)
#

Rolling should be the exception, not the rule. Only consider if:

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>Roll ONLY IF all conditions are met:

Condition	Requirement
☐	Underlying fundamentals unchanged
☐	Roll generates net credit
☐	New DTE ≤ 45 days
☐	New strike still acceptable for ownership
☐	Not rolling to avoid an inevitable loss

How to Execute a Roll
#

Step 1: Calculate current position value
  - Original credit: $2.50
  - Current cost to close: $3.00
  - Current loss: -$0.50

Step 2: Find new position
  - Same underlying
  - 30-45 DTE out
  - Same or lower strike
  - Premium: $3.80

Step 3: Execute as single order (if possible)
  - Buy to close current: $3.00
  - Sell to open new: $3.80
  - Net credit: $0.80

Step 4: Verify
  - Net credit received? YES ✅
  - New strike acceptable? YES ✅
  - Proceed with roll

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>Never Roll For:

A debit (paying money to roll)
A stock you no longer want to own
A stock with broken fundamentals
Hope that it will "come back"

Managing Assignment
#

If the stock closes below your strike at expiration, you'll be assigned.

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>Assignment Response Process:

Confirm assignment - Check your positions next morning
Calculate cost basis - Strike - Premium received
Reassess thesis - Still want to own this stock?
Decide next action - Hold, covered calls, or exit

Post-Assignment Decision Matrix
#

Thesis Status	Stock Trend	Action
Still bullish	Recovering	Hold shares, wait for target
Still bullish	Sideways	Sell covered call above cost basis
Still bullish	Dropping	Hold, possibly sell more puts lower
Neutral	Any	Sell covered call at cost basis
Bearish	Any	Sell shares immediately

Covered Call After Assignment
#

If you decide to sell covered calls on assigned shares:

Parameter	Target
Strike	ABOVE your cost basis
DTE	30-45 days
Delta	0.20 - 0.30

Assignment Example:
- Assigned 100 shares AAPL at $170 strike
- Premium received: $2.50
- Cost basis: $167.50

Covered Call Setup:
- Current price: $165
- Sell $170 call (above $167.50 cost basis)
- 30 DTE
- Delta: 0.25
- Premium: $2.00

Outcome if called away:
- Sell at $170
- Plus $2.00 CC premium
- Total: $172.00
- Profit: $172.00 - $167.50 = $4.50/share

Weekly Workflow Summary
#

Here's your complete weekly schedule:

Weekly CSP Trading Schedule

Day	Time	Task	Duration
Sunday	Anytime	Update Watchlist 4, note support levels	10 min
Monday	Market open	Market check, review positions	5 min
Monday	Mid-morning	Scan for new CSP opportunities	10 min
Tues-Thu	Morning	Position review, manage winners	5 min each
Friday	Morning	Close positions at 21 DTE or 50%+ profit	5-10 min
Friday	Afternoon	Week review, log trades	10 min

Total Weekly Time: ~45 minutes

Trade Log Template
#

Keep a log of every trade. This is how you improve.

CSP TRADE LOG
═══════════════════════════════════════════════════════════════

Entry Date: ___________
Underlying: ___________
Strike: $___________
Expiration: ___________
DTE at Entry: _____ days
Delta at Entry: _____
Premium Received: $___________
IV Rank at Entry: _____%

Exit Date: ___________
Days Held: _____
Reason for Exit: ☐ Profit target / ☐ 21 DTE / ☐ Roll / ☐ Assignment
Profit/Loss: $___________
% of Max Profit: _____%

Notes:
_____________________________________________
_____________________________________________

═══════════════════════════════════════════════════════════════

Common Workflow Mistakes
#

Mistakes That Cost Money:

Mistake	Problem	Solution
Skipping market check	Trading in hostile environment	Always check VIX and MAs first
Using market orders	Gives up edge to market makers	Always use limit at mid
Not tracking DTE	Holding too long into expiration	Daily position review
Ignoring sector exposure	Concentrated risk	Max 2 positions per sector
FOMO on missed trades	Forcing bad entries	Missed trade = free trade
Revenge trading	Trying to "make back" losses	Follow the system, not emotions

Final Workflow Reminder
#

The System Is the Edge

Your workflow isn't just a convenience - it's your competitive advantage.

Institutions have teams of analysts
You have a simple, repeatable process

When you follow the workflow:

Emotions are removed
Decisions are pre-made
Execution is mechanical

Build the habit. Trust the system. Let it compound.

Disclaimer: This is educational content. Options trading involves significant risk. Always do your own research.

Workflow on FinFr.ee: Financial Freedom for Globally Mobile Investors

Iron Condor Workflow Guide: Daily Routines and Position Management

Part 1: Weekly Planning Workflow #

Sunday Evening: The Week Ahead (15 Minutes) #

Check the Economic Calendar #

VIX Structure Analysis #

Review Open Positions #

Plan the Week's Entries #

Part 2: Trade Entry Workflow #

Step-by-Step Entry Process (10-15 Minutes) #

Step 1: Final Market Check (2 Minutes) #

Step 2: Identify Target Expiration (1 Minute) #

Step 3: Build the Option Chain View (2 Minutes) #

Step 4: Select Strikes (3 Minutes) #

Step 5: Calculate Position Size (1 Minute) #

Step 6: Execute the Order (2-5 Minutes) #

Step 7: Document the Trade #

Part 3: Daily Monitoring Workflow #

Morning Check (3 Minutes, Before 10 AM) #

The 3-Minute Morning Check #

Decision Matrix #

Escalation Triggers #

Part 4: Position Management Workflows #

Closing a Winner #

Closing a Loser #

Adjusting a Tested Position #

Rolling the Untested Side Down #

Rolling the Untested Side Up #

Part 5: Weekly Review Workflow #

Friday End-of-Week Review (10 Minutes) #

Weekly Performance Log #

Weekly Reflection Questions #

Prepare for Next Week #

Part 6: Monthly Review Workflow #

End-of-Month Deep Dive (30 Minutes) #

Monthly Statistics #

Monthly Optimization Questions #

Spreadsheet Template #

Related Resources #

CSP Watchlist Structure and Daily Workflow Guide

Part 1: Watchlist Structure #

The 4-Watchlist System #

Watchlist 1: CSP Core ETFs #

Why Core ETFs Matter #

Watchlist 2: CSP Mega Caps #

Mega Cap Advantages #

Watchlist 3: CSP Defensive #

Why Defensive Names? #

Watchlist 4: Active CSP Candidates #

Weekly Maintenance #

Watchlist Setup Checklist #

Part 2: Option Chain Workflow #

Daily Market Check (2 Minutes) #

Quick Market Check Template #

Stock Selection (3 Minutes) #

Support Level Identification #

Option Chain Analysis (5 Minutes) #

Step 1: Open Option Chain #

Step 2: Filter by Delta #

Step 3: Apply Selection Criteria #

Premium Calculation Quick Reference #

Step 4: Make Your Selection #

Order Execution (2 Minutes) #

Order Entry Checklist #

Limit Order Strategy #

Part 3: Position Management Workflow #

Daily Review Process #

Position Review Template #

Profit Taking Rules #

When to Close for Profit #

Why Not Hold to Expiration? #

Profit Taking Example #

When to Roll (Rare) #

How to Execute a Roll #

Managing Assignment #

Post-Assignment Decision Matrix #

Covered Call After Assignment #

Weekly Workflow Summary #

Trade Log Template #

Common Workflow Mistakes #

Part 1: Weekly Planning Workflow
#

Sunday Evening: The Week Ahead (15 Minutes)
#

Check the Economic Calendar
#

VIX Structure Analysis
#

Review Open Positions
#

Plan the Week's Entries
#

Part 2: Trade Entry Workflow
#

Step-by-Step Entry Process (10-15 Minutes)
#

Step 1: Final Market Check (2 Minutes)
#

Step 2: Identify Target Expiration (1 Minute)
#

Step 3: Build the Option Chain View (2 Minutes)
#

Step 4: Select Strikes (3 Minutes)
#

Step 5: Calculate Position Size (1 Minute)
#

Step 6: Execute the Order (2-5 Minutes)
#

Step 7: Document the Trade
#

Part 3: Daily Monitoring Workflow
#

Morning Check (3 Minutes, Before 10 AM)
#

The 3-Minute Morning Check
#

Decision Matrix
#

Escalation Triggers
#

Part 4: Position Management Workflows
#

Closing a Winner
#

Closing a Loser
#

Adjusting a Tested Position
#

Rolling the Untested Side Down
#

Rolling the Untested Side Up
#

Part 5: Weekly Review Workflow
#

Friday End-of-Week Review (10 Minutes)
#

Weekly Performance Log
#

Weekly Reflection Questions
#

Prepare for Next Week
#

Part 6: Monthly Review Workflow
#

End-of-Month Deep Dive (30 Minutes)
#

Monthly Statistics
#

Monthly Optimization Questions
#

Spreadsheet Template
#

Related Resources
#

Part 1: Watchlist Structure
#

The 4-Watchlist System
#

Watchlist 1: CSP Core ETFs
#

Why Core ETFs Matter
#

Watchlist 2: CSP Mega Caps
#

Mega Cap Advantages
#

Watchlist 3: CSP Defensive
#

Why Defensive Names?
#

Watchlist 4: Active CSP Candidates
#

Weekly Maintenance
#

Watchlist Setup Checklist
#

Part 2: Option Chain Workflow
#

Daily Market Check (2 Minutes)
#

Quick Market Check Template
#

Stock Selection (3 Minutes)
#

Support Level Identification
#

Option Chain Analysis (5 Minutes)
#

Step 1: Open Option Chain
#

Step 2: Filter by Delta
#

Step 3: Apply Selection Criteria
#

Premium Calculation Quick Reference
#

Step 4: Make Your Selection
#

Order Execution (2 Minutes)
#

Order Entry Checklist
#

Limit Order Strategy
#

Part 3: Position Management Workflow
#

Daily Review Process
#

Position Review Template
#

Profit Taking Rules
#

When to Close for Profit
#

Why Not Hold to Expiration?
#

Profit Taking Example
#

When to Roll (Rare)
#

How to Execute a Roll
#

Managing Assignment
#

Post-Assignment Decision Matrix
#

Covered Call After Assignment
#

Weekly Workflow Summary
#

Trade Log Template
#

Common Workflow Mistakes
#

Final Workflow Reminder
#