Iron condor kya hai aur kaise banao — complete Hindi guide. Options selling strategy for range-bound markets with limited risk.
Published by The Retail Trader · AUG 08, 2026 · Features
Iron condor kya hai aur kaise banao — complete Hindi guide. Options selling strategy for range-bound markets with limited risk.
Iron Condor ek options selling strategy hai jo tab kaam karti hai jab market range-bound ho — na zyada upar jaaye, na zyada neeche.
Simple definition: > Iron Condor = OTM Call sell + OTM Call buy (higher) + OTM Put sell + OTM Put buy (lower)
Ye ek neutral strategy hai — tumhe market direction nahi chahiye. Bas market range mein rehna chahiye.
Example: Nifty at 20,000
Ye chaar baatein dhyaan mein rakho:
• Sell OTM Call — 20,300 CE @ ₹80 (premium milta hai)
• Buy OTM Call — 20,500 CE @ ₹30 (protection)
• Sell OTM Put — 19,700 Put @ ₹70 (premium milta hai)
• Buy OTM Put — 19,500 Put @ ₹25 (protection)
Profit/Loss Calculation:
• Net Premium Received:
• Call side: ₹80 - ₹30 = ₹50
• Put side: ₹70 - ₹25 = ₹45
• Total Credit: ₹95 per share
• Lot size: 25
• Total Credit: ₹95 × 25 = ₹2,375
• Maximum Profit: ₹2,375 (if Nifty stays between 19,700-20,300)
• Maximum Loss: ₹2,375 - (₹200 × 25) = ₹2,625 (if Nifty goes beyond 19,500 or 20,500)
• Breakeven: 19,605 (Put strike - premium) to 20,395 (Call strike + premium)
Visual:
• Profit
• ↑
• │ │ MAX PROFIT │
• │ │ ₹2,375 │
• ──┼───────────────────────→ Nifty Price
• │ 19,500 19,700 20,300 20,500
• │ ↑ ↑
• │ Max Loss Max Loss
Rule 1: Range Identify Karo:
• Nifty/Bank Nifty ka expected range identify karo
• Support level = Sell Put strike
• Resistance level = Sell Call strike
• Buffer: Thoda bahar rakho (200-300 points)
Rule 2: Premium Collection:
• Net credit minimum 1/3 of width ho
• Example: 200-point wide spread → minimum ₹65 credit
Rule 3: Probability Check:
• OTM strikes 1 standard deviation bahar hone chahiye
• ~70% probability of profit
Rule 4: Expiry Timing:
• Best entry: 15-20 days before expiry
• Worst entry: 5 days before expiry (gamma risk)
• Best exit: 50% profit achieved ya 7 days before expiry
Ye paanch baatein dhyaan mein rakho:
• Profit zone — Iron Condor: Wide, Iron Butterfly: Narrow, Credit Spread: One-sided
• Max profit — Iron Condor: Lower, Iron Butterfly: Higher, Credit Spread: Medium
• Max loss — Iron Condor: Limited, Iron Butterfly: Limited, Credit Spread: Limited
• Best for — Iron Condor: Range-bound, Iron Butterfly: Very tight range, Credit Spread: Directional bias
• Complexity — Iron Condor: Medium, Iron Butterfly: Medium, Credit Spread: Low
Agar Nifty 20,300 ki taraf badh raha hai (Call side tested):
• Sell Call spread ko roll karo upar (20,400/20,600)
• Additional credit milega
• Risk slightly badhega
Agar Nifty 20,300 break kare:
• Tested Call spread close karo (loss book karo)
• Put spread open rehne do (profit)
• Net P&L check karo
Agar market range narrow ho raha hai:
• Sell ATM Call + ATM Put (instead of OTM)
• Buy further OTM Call + Put (protection)
• Higher premium, tighter range
Nifty Iron Condor:
• Best days: Monday/Tuesday (weekly expiry ke liye)
• Best VIX: 13-18 (normal volatility)
• Avoid: Budget day, election day, RBI policy day
• Lot size: 25
• Capital required: ~₹1,50,000 (margin)
Bank Nifty Iron Condor:
• More premium but more risk
• Wider spreads needed (500-800 points)
• Lot size: 15
• Capital required: ~₹2,00,000 (margin)
Weekly vs Monthly Expiry:
• Weekly — Premium: Low, Risk: High (gamma), Best for: Experienced
• Monthly — Premium: Higher, Risk: Lower, Best for: Beginners
Recommendation: Monthly expiry se start karo. Weekly expiry bahut fast hai.
"Nifty 19,900-20,100 mein rahega" — 200-point range bahut chhota hai. 400-600 points ka range lo minimum.
Budget, election, RBI policy — ye events bahut bada move kar sakte hain. Iron Condor setup mat karo event days pe.
Iron Condor set-and-forget nahi hai. Market move kare toh adjust karo — roll, close, ya convert.
Maximum loss hone mat do. 50% loss pe close karo. Capital preservation is key.
VIX < 12 pe premium bahut kam milta hai. Risk/reward achha nahi hota. VIX 15+ pe sell karo.
Ye baatein dhyaan mein rakho:
• 📌 IRON CONDOR QUICK REFERENCE
• SETUP:
• 1. Sell OTM Call (resistance se bahar)
• 2. Buy OTM Call (further OTM — protection)
• 3. Sell OTM Put (support se bahar)
• 4. Buy OTM Put (further OTM — protection)
• PROFIT:
• ✅ Market range mein rahe → full premium milta hai
• ✅ Time decay (theta) tumhara DOST hai
• ✅ 50% profit pe close karo (don't be greedy)
• LOSS:
• ❌ Market range se bahar jaaye → limited loss
• ❌ Maximum loss = Spread width - Premium received
• ENTRY RULES:
• 📊 15-20 days before expiry
• 📊 VIX 15+ (sufficient premium)
• 📊 No events in the period
• 📊 Range 400-600 points minimum
• EXIT RULES:
• 📊 50% profit → Close
• 📊 50% loss → Close (don't hold for full loss)
• 📊 7 days before expiry → Close (gamma risk)
• 📊 Event approaching → Close before event
• ADJUSTMENTS:
• 🔧 Roll tested side → more credit
• 🔧 Close tested side → limit loss
• 🔧 Convert to butterfly → tighter range
Ye paanch baatein dhyaan mein rakho:
• Option Greeks Kya Hain?
• Implied Volatility Kya Hai?
• Option Chain Kaise Padhein?
• Option Buyer Vs Seller Ganit
• Spread Strategies Ki Buniyad
The Retail Trader — educational market analysis. Not investment advice.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.