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Iron Condor

BEGINNER neutral Capped loss

Profit when a stock goes nowhere.

When to use it

Range-bound, low directional conviction, elevated IV. Sell a bull put spread AND a bear call spread. 21–45 DTE.

Max profit

Total net credit from both spreads.

Max loss

Wider wing width − net credit.

Payoff at expiry
illustrative shape — not to scale
■ profit zone ■ loss zone X axis = stock price at expiry →
How it's built

Strikes shown low→high. Sell = collect premium · Buy = pay premium for protection or upside.

Hermes-evaluated setups

High-conviction per-ticker applications — setups with a confidence-adjusted win rate ≥ 80% over ≥20 backtested trades (95% lower bound — honest for the sample size, never a raw 100%). Avg P/L is the mean profit/loss per one-contract position.

Ticker Win Rate Avg P/L Sharpe Trades DTE
INTU 87% +$66.00 1.9 63 14
CI 84% +$37.00 1.5 31 30
EQIX 83% +$36.00 1.1 63 14
BA 88% +$33.00 2.7 43 21
CRM 84% +$31.00 1.9 31 30
TMO 87% +$31.00 0.8 63 14
ABNB 84% +$30.00 1.9 31 30
SMH 83% +$28.00 1.6 63 14
GOOG 94% +$24.00 8.4 63 14
NET 84% +$23.00 2.1 31 30
ULTA 88% +$23.00 0.8 117 7
CHTR 89% +$23.00 7.1 31 30
MDB 89% +$21.00 0.7 63 14
META 85% +$20.00 0.9 43 21
NDX 82% +$18.00 0.8 60 14
MA 88% +$16.00 1.7 43 21
CASY 85% +$15.00 0.9 63 14
MU 89% +$15.00 9.8 31 30
XBI 89% +$15.00 10.4 30 30
GOOGL 92% +$14.00 1.9 63 14
DASH 84% +$13.00 2.4 31 30
MSFT 81% +$12.00 0.7 63 14
XYZ 84% +$12.00 3.8 31 30
QQQ 87% +$12.00 1.0 63 14
V 81% +$11.00 0.3 63 14
LIN 85% +$10.00 0.5 117 7
MPC 83% +$10.00 0.9 63 14
GH 84% +$10.00 2.3 31 30
LRCX 84% +$10.00 1.5 31 30

Backtested results are not a guarantee of future performance.