The Pro Iron Condor strategy is best used in a high IV market environment or in a falling IV. This strategy uses two short vertical spreads that deliver a Vega negative structure and, hence, will benefit from a decreasing IV environment. I am using it mostly to add negative Delta to the Hedge Fund portfolio and also Theta. But this strategy can be used alone. As you probably know the SPX Best is my core strategy.

The expected profit is about 15-20% per trade. Nevertheless, the market may react negatively to the position and can produce losses. In these cases, there are specific guidelines to have risk under control since the position is opened. I as am describing in the document, this is a different approach to Iron Condor trading. Since I am not trading this strategy on a regular basis, there is not enough history. 

Indeed! I am trading my own Hedge Fund, where I am using this strategy. Everyone who wants to access my trades can enroll in the trading community, where I am disclosing all fund trades in real-time through a Discord channel.

Indeed. All trading community subscribers will receive an explanation of each trade and the evolution of the adjustments made during the open trade period. This can be accessed via the community web post as well as by email when it is published.

Here you have an example:

Every post is composed of:

1. Trade rationale;
2. Screenshot of options structure risk profile from Thinkorswim platform;
3. Screenshot of "filled orders" tab from Thinkorswing platform;
4. Position status with all the adjustments performed on the trade for easier following and understanding of profitability;
3. Profit target at any given moment.

The market is unpredictable! Like in any other strategy, we need to understand the risks of each position. Therefore, we need to manage properly the risks involved and trade accordingly. There are no risk-free options strategies! The strategy has hedges that we can use to reduce its risk in case the market moves against it. This mainly is a non-directional income strategy that uses time decay (Theta management) and IV decrease to realize profits.

I usually open a new Pro Iron Condor every 2 months, given market conditions. This is better open in high IV environment. 

This strategy is stable enough and does not need too many adjustments. It will depend on SPX moves but, on average, less than one per week. Nevertheless, when the expiration approaches it may need more often adjustments. Under these circumstances, usually, I will decide to close it. 

If you subscribe to the trading community, you can easily use the Discord channel to enter your questions. Me or other community members will help you. Remember that you are not alone if you subscribe to myoptionsedge.com!

Or you can use my personal email with your questions and I am happy to answer: pedro.branco@myoptionsedge.com

No, it is not. The strategy description document will tell you exactly how to trade this strategy. Although it is not a simple options strategy because it uses several legs, it is straightforward. 

After 3 or 4 trades, you should have learned its fundamentals and you can trade for your own if you have the confidence to do so. the goal is to maximize Theta and minimize Delta risk, according to market short-term expectations.

I did not test it in other assets than SPX. But, it certainly will do well with SPY if you want to trade in a lower value.

I did some trades in stocks with success (and other indexes), but I did not backtest it. But be aware that stocks tend to be more volatile than indexes, with earnings announcement events making them have big price swings.