Iron Condors, like Credit Spreads, allow you to know the MAX Possible Gain, and Loss up front before making the trade.
To establish an Iron Condor you sell a Out of The Money (OTM) PUT Credit Spread and a CALL Credit Spread on the same stock / expiration date. This strategy is typically used for a stock or index that is in a trading range. The goal is to establish both sides of the Iron Condor OTM so that both ends expire worthless and you keep the money.
Look to trade Iron Condors options 16-60 days until expiration. Option premium decays faster when expiration is less than 60 days until expiration. (A more commonly discussed number is less than 56 days.)
Based on capital tied up in a trade iron condors have a higher return on average than a naked position. It is important to keep trading costs low since an iron condor requires four trades. There are discount brokers that charge around 1.50 per contract and may be best to use a discount broker to keep trading costs low.
After clicking Iron Condor in the Setting Window (as show below) and clicking "Get Options" the results grid will show the results of the screener search.
I. Iron Condor
The screen shot below shows the results of an Iron Condor Search. The results grid shows combinations of the PUT and CALL options to establish the spread.
After clicking the Chain Icon from the grid above the Option Chain window will be displayed.
This is not your Typical Option Chain. What is displayed here are other Iron Condor options for the stock and expiration date selected.