# skill-iron-condor — checklist

Review before education output. This list does not approve a trade.

## When to use
- [ ] The thesis is that price stays inside a range through one expiry.
- [ ] Risk must be defined on both sides.

## Setup
- [ ] Same expiry: sell a call spread above spot and sell a put spread below spot.
- [ ] Net credit. Max loss is the wider wing width minus the credit.
- [ ] State both short strikes, both wings, credit, max loss, and the two breakevens.

## Rules of thumb
- [ ] Keep the short strikes outside the move you are illustrating.
- [ ] Name known events in the window (earnings, scheduled announcements) before the credit.
- [ ] If one short strike is tested, the adjustment is close, roll, or accept the defined loss. Pick one and say when.

## Pitfalls
- [ ] Wings so narrow that the credit is most of the width and the loss is small only on paper.
- [ ] One side much wider, so the condor is a directional bet with a spare wing.
- [ ] Holding unchanged through an event that can gap past a wing.

## Disclaimer
- [ ] Disclosure is present: risks, the options disclosure document, and omitted costs.
- [ ] The answer is education. It is not a signal, a recommendation, or an order.