Screeners

Iron Condor Screener: What Optionscanner Screens For

By Rohan Fernandes, Founder, Optionscanner · Updated 2026-10-03 · Educational reference, not investment advice

Optionscanner selects an iron condor when a stock's signal is neutral and the volatility being sold is rich or neutral, then screens it like two credit spreads at once: each wing passes the delta, liquidity and placement gates, the expiration avoids earnings, and the total credit clears a floor relative to the wider wing. Rejections are logged with the gate and the number.

When does Optionscanner select an iron condor?

When there is no directional view and premium is worth selling. In the strategy selection methodology, a HOLD signal with rich or neutral volatility names an iron condor: a bull put spread and a bear call spread on the same expiration, profiting while the stock stays between the short strikes. A HOLD signal on cheap volatility names a long straddle or strangle instead, because selling cheap premium on both sides pays too little for the risk.

Which gates does a condor pass?

The same gates as a credit spread, applied to both wings, with the weaker wing deciding:

The full reasoning for each gate is in iron condor entry screening.

How is the worst case known before entry?

It is exact: the wider wing's width minus the total credit, reached only if the stock finishes beyond one long strike at expiration. Both wings cannot lose at once, because the stock can finish beyond only one of them. Sizing is computed from that number, not from the credit.

What is out of scope?

The same defined universe as the credit spread screen (the S&P 500 morning scan, your own tickers and the day's strongest names), not the whole market, and defined-risk condors only: no short strangles without wings. What happens when one side is tested is covered in managing a tested iron condor.

Frequently asked questions

When does Optionscanner select an iron condor?

When a stock's signal is neutral and the volatility being sold is rich or neutral. A neutral signal on cheap volatility selects a long straddle or strangle instead, because selling cheap premium on both sides pays too little for the risk.

Which gates does an iron condor pass?

The credit spread gates on both wings, with the weaker wing deciding: a volatility premium floor, a short-strike delta band (default 0.15 to 0.25), open interest, volume and bid-ask width on both short strikes, no expiration spanning earnings, a total credit floor relative to the wider wing, and both short strikes outside the recent trading range in expected-move units.

How is an iron condor's worst case known before entry?

It is the wider wing's width minus the total credit, reached only if the stock finishes beyond one long strike at expiration. Both wings cannot lose at once, so sizing is computed from that single number.

Sources

More in Screeners: what Optionscanner screens for: Covered Call and Wheel Screener: What Optionscanner Screens For

Educational reference. Optionscanner is a software tool. It is not a broker-dealer, an investment adviser, or a fiduciary, and nothing on this page is investment advice or a recommendation to buy or sell any security. Options involve risk and are not suitable for every investor; read the Characteristics and Risks of Standardized Options before trading. Examples use hypothetical numbers for illustration only.