All Put Condor

Let me start by saying this is not a typical Iron Condor - but an ALL PUT Condor.  

An all Put condor consists of a typical Put Credit Spread on the lower priced side of the P&L diagram - but rather than consisting of Call Credit Spread that is equal distance out of the money on the up side, there are no Calls and you use a Put debit Spread that essentially has a long put just above the money and a short put just below the money - The P&L Diagrams below should help illustrate this for you.  The "theory" surrounding this trade is that the greeks will remain much flatter through the life of the trade (meaning a much lower price fluctuation with the underlying symbol moves) - and with the PDS essentially straddling the current price - you have much lower upside risk than a tradition Iron Condor and if your IC's have been like mine in the last couple years - almost ALL of them were lost to the upside in this ever rallying bull market.

This is a trade that I have used for some time, but it was not something that a bot could really be built around until OA recently gave us a new formula for Bot Level Open P&L (Note that right now you can only put a $ value into this, but I suspect other options will come in the future - so stay tuned for more granular functionality).

Once the test team had that new feature in their hands a couple of weeks ago - I built some bots around the APC and below are the paper results from trades my bot made during those two weeks (My bots were set to $5,000 in risk and trading one symbol per bot since I was using the Bot level P&L.

Of course it goes without saying that past performance does not guarantee future results and that holds true of the results I shared above - as well as the backtests I will share with you below.  All that said - I do believe this strategy is worth exploration and some further Bot Development by all.

I hope this gets you all thinking, STRATEGIZING and building out your own versions of APC's.