When trading the spx do you prefer to put the trade on all at once or the short strangle/straddle first then the wings for better fills or via spreads or some other way? Just curious how others enter their condors/flys. Thanks for sharing!
Depends. If curve is unusually flat I'll quote the fly or condor as a spread to lock in the "cheap" wings. If not, then I'll prefer to leg into it. Sell strangle/straddle on the open or during a temporary surge in IV, and then buy the outer legs/wings later when vol comes off. I'll do the opposite (short fly/condor) if wings are exceptionally steep, vol is low, and I think we're going to move out of the range.
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