HC, First of all I didn't intent to flame in any way or form as there is enough flaming going on in this forum. I appreciate your trade log as it is an important learning tool. Yes, fundamental analysis is quite difficult on an index. I would apply to more to ICs on individual stock and look at wider market conditions for index ICs. As for deltas I have been utilizing techniques from Kerry
 W.
Given, Surviving The Iron Condor paper and some from Dan Sheridan's webinars on CBOE. Apologies if I have missed it in your trade journal, but I would be keen to find out what sort on entry/exit/adjustment rules you have in place in your trade plan. Regards, R
Forgive me if my response seemed inflammatory. Sometimes I focus so much on the details, that I forget to reread what I wrote to see if it comes off as civil discourse. Thanks for the reference to Kerry & Givens. I had not come across it before. This is the checklist I use for my index options credit spread trading. I trade the NDX and the RUT. Credit Spread Entry Rules Enter new weekly as soon as quarantined funds are released. Enter new monthly (around 60 days to expiration) as soon as quarantined funds are released. Short strike PoT target: 20%, maximum 22.5%. Target credit for Iron Condor is 10%. Minimum credit for any credit spread is 3%. Credit Spread Management Rules Opportunity - If spread reaches 80% of its capped yield and if there is another spread in the same series that meets entry criteria, then place a limit order to close. After close, enter new spread is same series if entry criteria still met. Jeopardy - If spread has lost more than 20% of capital at risk, exit. If another spread in the same series meets entry requirements, then enter. Credit Spread Exit Rules If spread is still open in last hour of last day of trading, then exit if Probability of Touching is > 10%. Otherwise, let it expire. I've recently completed an asset allocation model to help manage my risk in multiple dimensions. I'm still working on putting it into words that are readable by someone who was not the developer.