Neutral Options Strategies
The beauty of options is that you don't need to try and predict future market movement. With the right strategies, you can trade within a neutral range and still profit.
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Unbalanced Iron Condors

Unbalanced iron condors are very similar to balanced iron condors, but can be set up with a slight directional bias. The strategy still profits from decreasing volatility and minimal stock movement.
Unbalanced Iron Condors
Kirk Du Plessis
Apr 19, 2021

Unbalanced iron condors are only slightly different than a regular (or balanced) iron condor. These strategies are best used when you want to be slightly directional in your setup but also want the ability to profit if the stock remains range bound. To build these condors and create skew to one side you simply widen out your strikes on one side of the trade. Take your time with understanding skew. For example, a stock is trading at $50 and you wanted to skew your strategy towards the bullish side. You would widen out your strikes on the put side. Maybe instead of selling the $45/44 puts you sell the $45/40 puts. This creates more risk on the lower side of the trade therefore removing risk on the top side (bullish skew). You would do the opposite to get bearish skew, widening out your call strikes.

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Bear Call Spread
A bear call credit spread is a multi-leg, risk-defined, bearish strategy with limited profit potential. A bear call spread is entered when the seller believes the price of the underlying asset will be below the short call option’s strike price on or before the expiration date.

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