Flight Of The Condor: High Probability. High Return On Capital Trade.
My Favourite Market-Neutral Income Strategy
One thing I miss when I’m away from the Southern Cone is seeing one of my favourite animals: condors, circling high in the sky.
Here you can see these magnificent birds - who do not hunt but scavenge - circling la mirada del doctor on a hike I did in May.
I want you to keep this metaphor in mind whilst I outline a time-tested market-neutral strategy that is one of the lowest maintenance, yet highest probability income tactics I use - The options trade known as the Iron Condor.
Before continuing, it’s a good idea to read through my run down on credit spreads as they are essentially the foundation of an Iron Condor.
If you’ve got time, patience and a bit of capital and you also like the idea of a trade which requires very little maintenance - only a little monitoring - then Iron Condors are worth studying.
Iron Condors: A Simple, High-Win-Rate Income Strategy
Most people think options trading has to be aggressive or directional.
In reality, one of the most consistent, low-stress ways to generate income from the market is surprisingly simple:
Sell premium away from the spot price… and let time decay pay you.
Like the condor, you don’t go hunting too aggressively, you set your parameters and keep an eye out, circling until it’s time to scavenge profit and move on to the next.
What Is an Iron Condor?
An iron condor combines two credit spreads:
A bear call spread (selling an OTM call and hedging with a further OTM call)
A bull put spread (selling an OTM put and hedging with a further OTM put)
The short strikes are closest to the money and the long strikes - which are called wings - are further out.
Together, they create a wide profit zone, usually far away from spot.
If price stays anywhere inside that zone, you keep the premium!
This is why condors are ideal for traders who want consistent, probability-based income.
Why Iron Condors Work for Income
1. High Probability of Profit
Depending on where I set my short strikes, I can set up an iron condor such that it statistically provides:
80–90% win rates (I alternate between the two tactics)
A very generous safety buffer
Smoother month-to-month results then other tactics.
The goal isn’t to hit home runs but rather collect reliable premium again and again.
2. Fixed, Defined Risk
Every leg is hedged.
You always know:
Your max profit
Your max loss
Your probability profile upfront
No surprises. No huge directional call required.
3. Works in Almost Any Market Condition
Uptrend → put side wins
Downtrend → call side wins
Sideways → both sides win
Choppy → the wings absorb the noise
Iron condors are market neutral and don’t depend on predicting direction.
They depend on theta (time decay) and staying within a range
How I Structure High-Win-Rate Condors
Here I’ll leave A typical template.
Short Put: 10–15 delta
Long Put: 3–7 delta
Short Call: 10–15 delta
Long Call: 3–7 delta
30–45 DTE
Take profits around 40–60%
Avoid holding through expiry if you don’t need to
Why the Strategy Is So Effective
Because it removes the hardest part of trading, predicting direction,
and replaces it with:Probability
Position sizing
Time decay
Risk limits
Repeatability
I’m no longer trying to guess what the market will do rather I’m building trades around what it usually doesn’t do.
The Greeks & Risks
Greeks and risk go hand in hand (for so many reasons..)
Iron condors are theta-positive (you get paid as time passes) and vega-negative, which means rising volatility hurts you while falling volatility helps you.
Ergo the best macro environment for condors is stable or declining volatility, not a market bracing for shocks. You’re also short gamma, which means fast, sharp moves in either direction can push price toward your short strikes quicker than expected. For this very reason I almost never hold an income trade through to the last week of expiry as the gamma shock can disproportionately affect what had previously looked like a nice income trade.
Delta risk is small at entry (because you’re selling far OTM), but as price approaches either side of the condor, delta and gamma can accelerate against you. The key risk is simple: volatility expansion (vega) or sudden directional moves. The key advantage is also simple:Understand - this tactic is short volatility, betting it will decline over the contract maturity, when volatility compresses and price stays calm, you win.
Condors thrive in markets where fear is fading, not where fear is rising.
Caveat Vendor.
You may be asking why I am so generous in laying out these tools?
Well, because this alone isn’t enough.
Frankly, someone trying this on their own after reading this article will inevitably lose money eventually, if not immediately.
So if you’re interested in enter this world in more depth - you need to get on the waitlist for my private mastermind.
The Mastermind will show you how I build borderless income, multiple passports, and a sovereign life without bosses, clients, or permission.
I’ll also bring in the brightest minds in international living to showcase how I’ve acquired multiple passports and residencies across 3 continents and share the mistakes I’ve made along the way.
👉 Join the Waitlist Now and make money flow wherever you are 🌍
Generating Location-Independent Income in order to live:
Where you want
When you want
With whom you want
Doing what you want
Until then, take care.
Benjamin.
Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion.