I've been trading real money Iron Condors on index options since January of this year and decided to start a Journal thread to capture my method and trades. I hope that by publishing my activity I can achieve some consistency. My method is not complicated and is my own mix of concepts from various sources. I currently trade only NDX and RUT options for this. They're both European settled (no early exercise) and traded on multiple exchanges. They're liquid, have plenty of open interest and have good bid/ask spreads. Entry Rules: When to enter: 45-49 days before expiration. How wide: I select the short strikes based on delta. The short call's delta is about 7-8, the short put's delta is about 6-7. I like the puts a little further OTM as a cushion since markets tend to crash down rather than up. Wing distance: For NDX the long call and put are 1 strike (25 points) out from the shorts. For RUT I put them 2 strikes (10 points) out. Enter the IC all at once, don't leg in. When the IC is entered in IB TWS I place a limit order initialy at the mid between the spread's bid and ask. If it doesn't fill for a while I'll gradually move it a nickel at a time until it does. [/list=1] Management Rules: Check the deltas of the shorts daily. If the short call's delta crosses 25 intraday and there are 2+ weeks left, roll up the calls the next day. If the short put's delta crosses 20 intraday and there are 2+ weeks left, roll down the puts the next day. I said "next day" above to give the market a chance to retrace. I may at my discretion NOT close if it's a big retrace. If either of the deltas are crossed but it's less than 2 weeks, close the violated side (i.e. calls or puts). When rolling, choose a short using the same delta rules as initial entry (i.e. 7-8 for calls, 6-7 for puts). If it's near expiration and price is closer to one of my shorts than I like I may close out that side just to be safe. [/list=1] You can see from the entry rules that I like the IC fairly wide. I'm aiming for about a 10% return on risk with minimal adjustment required. For me these are not fire and forget trades. I want to manage things to improve my chances of profit and also protect capital. I never let price action get too close to my shorts, hence the adjustment rules. The biggest risk I see is gaps. It is possible that a large gap could appear overnight that puts one of my shorts at risk. I'm aiming for high probability and low(ish) stress. Today just happens to be 49 days from expiration for the June options so I entered new trades. Here are my fills: NDX 2906 RUT 938 NDX OPT 20130620 3100C + NDX OPT 20130620 2550P - NDX OPT 20130620 3075C - NDX OPT 20130620 2575P 2.40 SMART(USD) 10:29:30 CREDIT RUT OPT 20130620 805P + RUT OPT 20130620 1015C - RUT OPT 20130620 815P - RUT OPT 20130620 1005C 1.05 SMART(USD) 11:13:52 CREDIT I have 2 other ICs open from last month that are doing fine and probably won't require adjustment.