Course 3 of 3 · Advanced

Iron Condors — Advanced Course

The capstone course for serious Iron Condor traders. You will master volatility skew, higher-order Greeks, portfolio-level risk management, tax considerations, and the professional execution habits that separate disciplined traders from gamblers.

📋 25 Questions ⏱ 60-minute exam ✅ 70% to pass (18/25) 🏆 Certificate on pass

What This Course Covers

📌Volatility skew — why put IV differs from call IV

📌Broken-wing structures — removing risk on one side

📌Higher-order Greeks — vomma, gamma risk near expiry

📌Pin risk and expiration — cash-settled vs. equity options

📌Expected move — sizing strikes around one-sigma ranges

📌Event risk — earnings, IV crush, and term structure

📌Portfolio management — beta-weighted delta and correlated risk

📌Discipline — pre-defined exit plans and risk-of-ruin limits

By the End of This Course You Will Know How To

Explain volatility skew and use it to improve put-side strike selection
Construct a broken-wing condor to eliminate risk on one side of the trade
Identify when gamma risk becomes critical and take defensive action near expiry
Estimate the expected move using the ATM straddle price
Manage a portfolio of condors using beta-weighted delta and buying-power limits
Define and follow a pre-set exit plan — profit target, loss limit, and DTE trigger

Step 1 — Study First

Read the Advanced Course Lesson

All modules, concepts, and key terms — then come back here to sit the final exam.

Study the Lesson →

— or, if you're ready —

Ready to Take the Exam?

25 questions · 60-minute time limit · Score 70% or higher to earn your Advanced Certificate