01 — SPY · IRON CONDOR

Best SPY iron condor setups.

Pick how long you want to wait and how much risk you'll take. We score every live strike across the next 3 expirations and surface the top setups — updated hourly.

Deep liquidity and broad macro sensitivity, useful for probability-based structures.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
SPDR S&P 500 ETF Trust
Index ETF
SPY
$755.72-0.9% / 30d
IV rank (1y)
33.7% · moderate
Option vol
1593K /day

02 — Live setups

Suggested strikes

Choose your time horizon and risk band. Every match is scored on return, premium, and probability of profit.

Days to expiration
Probability of profit
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Top pick · 4-leg iron condor
$716/$726P + $785/$795C · Nov 30
30 DAYS · BOTH WINGS 10 WIDE · SELL TO OPEN
Credit
$384
Return
62.34%
PoP
66%
WingsExpirationCreditReturn ↓PoP
$729P / $782C
10 wide wings
Nov 30
30 days
$301
$3.01 / share
43.06%62%
$730P / $781C
10 wide wings
Nov 30
30 days
$300
$3.00 / share
42.86%60%
$725P / $786C
10 wide wings
Dec 4
34 days
$285
$2.85 / share
39.86%63%
$730P / $781C
10 wide wings
Nov 27
27 days
$268
$2.68 / share
36.61%61%
$723P / $788C
10 wide wings
Nov 30
30 days
$267
$2.67 / share
36.43%69%
$725P / $786C
10 wide wings
Nov 27
27 days
$249
$2.49 / share
33.16%68%
$728P / $783C
10 wide wings
Nov 30
30 days
$244
$2.44 / share
32.28%63%
$724P / $787C
10 wide wings
Nov 30
30 days
$236
$2.36 / share
30.89%68%
$721P / $790C
10 wide wings
Nov 30
30 days
$225
$2.25 / share
29.03%72%
10 of 19 matchesCustomize filters →

03 — Strategy

Iron Condor, plainly explained

Traders expecting consolidation and seeking bounded risk/reward.

P&L at expiration · $716/$726P + $785/$795C · 30 DTE

$0+$384−$616$716$726P$785C$795

Key numbers

Premium collected+$384
Max profit+$384
Max loss−$616
Profit zone$722.16 — $788.84
Probability of profit66%
Days to expiration30

When this trade makes sense

Use when

    Avoid when

      Read the full iron condor guide →

      05 — RUN IT LIVE

      See the highest chance of profit on SPY.

      Alpha Hawk scans live chains and recommends setups based on current market conditions.

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