This is Great Environment For Iron Condors.

I've started running 2dte with $2 strike width Iron Condors with shorts at .20 delta, with the intention of closing the following morning. You don't even need to open them early in the day, most likely by market close they will have gained nothing still. So, you can open them right before market close, especially like today with price closing at $686, the awkward middle ground we've been stuck-in between $680-$690. You cannot backtest this strategy because we don't often have such a choppy market, trend months would make this strategy useless. This is a great environment *now* for IC's. Some people fear max loss but that's at the time of expiration, most the time if strikes are breached closing well before expiration you'll incur 50% loss. So it becomes a coin flip basically, look to close at 50% or little more if price is still hanging at $685/$686, and close early if breached taking 50% loss. Selling 2dte can get $100 in credit, risking $100 max loss per contract. When $700 or $675 are broke aggressively, we'll finally be out of this rangebound crab market and most likely price will move with power since each retest adds to the eventual breakout.