Hi Mark, Thank you for your recent comments to my questions, please don´t take them as I try to discredit your opinions see me as a pupil triynt to learn. I really apreciate your labour. I allways though live is not black or white, it deppends on your circumstances, that´s what I´m learning when you work with options. I´m really intrigued about what to do in theese moments like current as you mention in your last blog, because if IV goes donw will be good to start an IC, but what if IV grows as past moths??? Also, I though you were an "only seller" but in your yesterday post you told you buyed when IV is low, but I wonder how do you consider those times thinking IV is not going to grow. To me predicting volatility movements seems as difficult as predicting price movements. Grateful, Antonio

Dear Mark , I really apreciate your post, because it´s clarifier, but there are some thigs that surprise to me. Fist is that you allways try to catch the same amount of cash despite the volatility conditions. That means that when IV is too high (last year p.e.), you have less probabilities of finishing your trade OK. I allways have the idea that to adapt to the enviroment was an important thing in trading, so my logic tells me shoult be a good idea trading wider strikes, what means earn less credit but to have more chance. For the same reason it seams you should trade more long expiration IC´s when IV is low, but you tell you do it when IV is higer.I think I really need aclarification... Wait you had peaceful Memorial day, Antonio

Dear Mark I found your book was great,very practicle and I understood almost everything despite my poor english. I recommend it for rookies (and not so rookies) that want to learn how to do mostly with Iron condors, but I find the book needs sthadistics of your system, ratios of winning and loosing ops, how much you earn per op. ... because it should be a good way to show this kind of trading works. Congratulations, Antonio.

I suppose is prob that short option finish ITM. Thank you for the explanation it´s logical...got to think a litle more, but continue confuse about the Probability.

Hi Mark, If I understood,10IWM is equivalent to 1RUT. Looking in the TOS I found that an IC of both with the same probability of 80% for june the credit of IWM is 0.26(x10= 260$)(delta of short 9)and the credit of RUT is 1,35 (=135$)(delta short option 5). I think delta is more important than the probabilities why is that having the same prob there are different deltas and so different credits? I selected June RUT 600/610/380/370 and IWM June 61/63/39/37 THKS Antonio

Sorry Mark, what do you mean when you say "too wide".

OK I (thik)understand, You mean that the hole credit collected is less (in case IV drops)than if you do it in one time, because the IV afects more to the positions you open close to the expiration. So if you usually get 3$ per IC with your strategy, with TR strategy if IV drops the credit of the last IC can be pooer and with the sum of all he won´tr get the same amount. On the other hand he will have less losses because the amount of the ICs.¿mmm?

OK, thks Mark I understood. Could be a litle bit embarrasing. But do you mean it´s the only difference between the two strategies?. If I understood, what TR is porposing is trying to avoid risk by time diversification: So he sells every week an IC (or every 10 or 20 days...). I´m not sure bettween the diference of results of your strategi, selling high amount of ICs per expiration with 3 months of live or selling lower quantity of ICs but 3 or 4 times per expiration) Surenly you choose your strategy ´cause you think it´s better but I cannot guess why, and if the only thing you don´t use this kind of time diversification it´s because it´s embarrasing or if there are other reasons. Antonio(really grateful).

"4) One problem with plan A is that you are going to want to sell your long option (and buy another) some weeks. You may find that to be awkward - especially if you keep careful records of positions." Please could you be more explicit? I don´t understand what you mean. Thks, Antonio

Hi Mark Rut now is 452. To me too near my JUN IC 460/470/290/300 (credit 4$). I got to do something, but what? Repurchase the hole IC is aprox 5,38 (so cost 1,38) IN your opinion which would be the best to sell the calls and buy JUN 500/510 for example? or should I sell the puts too, closing the hole IC. In that case I soppose I should find puts more close like 360/350 for example? Whith this IC I´d be paid aprox 5$, so I wuold earn 3,6aprox THKS

Dear Mark In your book, you always refer to the comfort zone as a way to get out of a trade in case the underlying approaches too much to the sold strike. I can understand that, and to me this comfort zone could be aprox the ATR of 3 days. But If I read well (you know english is not my first lenguaje) you don´t refer to a situation it´should be possible: I buyed an IC (JUN RUT 480/490) for a credit of 0,9$, and (JUN RUT 280/290) for 0,9$ too. To me the problem is that yesterday the price of the hole IC was 2,45$ more than a 30% of the credit. ¿what can we do in this situation? ¿which could be a limit loose if IV continues growing? ¿should I sell the IC or just a vertical? ¿should I roll? …but it´s expensive¡¡………or stand??

Sorry but you konw I´m not an english speaker . What does IMHO means?. Thanks, Antonio.

Sorry but I don´t understand (sure because my poor english and I don´t want to use a tanslator): "4) This is the new (to me) part. Close the other side of the iron condor much sooner than my usual methods dictate. It's unnecessary to hold long enough for the position to decline to my $0.15 to $0.35 target buy price, and it pays to 'pay up' to exit. Why? Because the entire iron condor position is closed, margin money is released (for those who want to use it), and there is no residual risk" You mean you would close the position if you are earning even if it´s few amount?... Thanks, Antonio