Course 2 of 3 · Intermediate

Iron Condors — Intermediate Course

Taking your Iron Condor knowledge to the next level. You will master the Greeks, learn to read implied volatility, size positions with probability, manage winning and losing trades, and make adjustment decisions with confidence.

📋 25 Questions ⏱ 45-minute exam ✅ 70% to pass (18/25) 🏆 Certificate on pass

What This Course Covers

📌Position Greeks — delta, theta, vega, and gamma in context

📌Probability — using delta as a probability estimate

📌Implied volatility — IV rank and when to sell premium

📌Trade timing — optimal DTE window (30–45 days)

📌Profit management — 50% target and time-based exits

📌Adjustments — rolling and managing threatened positions

📌Capital — buying-power reduction and position sizing

📌Structure — narrow vs. wide wings and probability of profit

By the End of This Course You Will Know How To

Use delta as a probability estimate when selecting short strikes
Read IV Rank to determine whether the premium environment favors selling
Apply the four Greeks (delta, theta, vega, gamma) to evaluate a live position
Set a profit target at 50% of credit collected and a time-based exit at 21 DTE
Evaluate whether to roll, adjust, or close a position that is under pressure
Calculate buying-power reduction and size positions relative to account capital

Step 1 — Study First

Read the Intermediate Course Lesson

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

Study the Lesson →

— or, if you're ready —

Ready to Take the Exam?

25 questions · 45-minute time limit · Score 70% or higher to earn your Intermediate Certificate