(function(){
var COOKIE_NAME = 'menthorq_utm_params';
var LS_KEY = 'menthorq_utm_params';
var UTM_KEYS = ['utm_source','utm_medium','utm_campaign','utm_term','utm_content','utm_id'];
var CLICK_ID_KEYS = ['gclid','fbclid','msclkid','ttclid'];
var COOKIE_DAYS = 30;// Read UTM parameters and click IDs from current URL
var params = new URLSearchParams(window.location.search);
var trackingData = {};
var hasData = false;
var allKeys = UTM_KEYS.concat(CLICK_ID_KEYS);
for (var i = 0; i < allKeys.length; i++) {
var val = params.get(allKeys[i]);
if (val) {
trackingData[allKeys[i]] = val;
hasData = true;
}
}if (hasData) {
// Fresh tracking data found in URL — store it (overwrites previous attribution)
trackingData.captured_at = new Date().toISOString();
setCookie(COOKIE_NAME, JSON.stringify(trackingData), COOKIE_DAYS);
try { localStorage.setItem(LS_KEY, JSON.stringify(trackingData)); } catch(e) {}
return;
}// No tracking params in URL — check if cookie exists
if (getCookie(COOKIE_NAME)) return;// Cookie is missing (expired or first visit) — try to restore from localStorage
try {
var stored = localStorage.getItem(LS_KEY);
if (stored) {
var parsed = JSON.parse(stored);
if (parsed && (parsed.utm_source || parsed.gclid || parsed.fbclid || parsed.msclkid || parsed.ttclid)) {
setCookie(COOKIE_NAME, stored, COOKIE_DAYS);
}
}
} catch(e) {}// Helper: set cookie
function setCookie(name, value, days) {
var expires = new Date(Date.now() + days * 864e5).toUTCString();
var cookie = name + '=' + encodeURIComponent(value) + ';expires=' + expires + ';path=/;SameSite=Lax';
if (location.protocol === 'https:') cookie += ';Secure';
document.cookie = cookie;
}// Helper: get cookie value (returns empty string if not found)
function getCookie(name) {
var match = document.cookie.match(new RegExp('(?:^|; )' + name + '=([^;]*)'));
return match ? decodeURIComponent(match[1]) : '';
}
})();
var breeze_prefetch = {"local_url":"https://menthorq.com","ignore_remote_prefetch":"1","ignore_list":["/wp-json/openid-connect/userinfo","wp-admin","wp-login.php"]};
//# sourceURL=breeze-prefetch-js-extra
What is a good strategy in a Positive Gamma Environment
When the market is in positive gamma, it is a good time to set up strategies that collect premiums. We will focus on the iron condor today.
How to set up an Iron Condor
An Iron Condor can be created by executing trades for selling out-of-the-money options and buying out-of-the-money options.
For example, if a stock is quoting at $50, we can create an Iron Condor in this way:
Long Put with a $40 strike
Short Put with a $45 strike
Short Call with a $55 strike
Long Call with a $60 strike
The idea behind this strategy is to sell two options with strikes closer to the current price to collect the premium and buy two options with strikes further away to cap potential losses.
It is a credit strategy as we collect a premium, which is represented by the difference between the premiums collected from selling options and those paid for buying.
The trader has the flexibility to choose the distance of the strike prices from the current price, and based on the distance, they will have a different risk/reward profile. The wider the spread between the strikes of the short positions and the long ones, the greater the premium collected.
Payoff Diagram of the Iron Condor
Let’s look at the payoff of the Iron Condor Strategy. In this example, the stock is quoting at $50, and we execute four trades: we sell a put with a $45 strike and buy one with a $40 strike. On the other side, we sell a call with a $55 strike and buy one with a $60 strike. Let’s assume our net credit (the difference between the premiums collected and those paid) is $2.
We have a defined risk and return.
The maximum profit is represented by the credit received. In this case, $200, which is $2 * 100 shares.
The breakeven prices are calculated by adding and subtracting the credit received from the strikes of the short or selling positions. In this example, $43 and $57, which are $2 below the strike of the sold put and $2 above the strike of the sold call.
The maximum loss is $300, which is the difference between the break-even prices and the strikes of the purchased options.
Variables to evaluate on the Iron Condor Strategy
In this strategy, we are short options. When we are short options, we must therefore evaluate the impact of the following variables:
Strike Selection. Experienced traders carefully select strike prices based on the probability of success. They might use statistical data and modeling to determine the likelihood of the underlying asset staying within the bounds of the Iron Condor.
Timing Entry and Exit. Timing is crucial. Traders might look to establish Iron Condors in periods of high volatility when premiums are more lucrative. On the other hand, exiting or adjusting the trade before expiration can be important if the market starts to move against the position.
Economic Events. Traders monitor economic calendars to avoid setting up Iron Condors before potential high-impact events that could cause significant movement in the underlying asset.
Technical Analysis. Technical indicators might inform the decision-making process, aiding in the prediction of price stability within the range of the Iron Condor.
Risk Management. Setting maximum acceptable loss limits and desired profit targets can help traders manage their risk.
Hedging Strategies. Some traders may employ hedging strategies to reduce risk, such as buying further out-of-the-money options or using futures contracts.
Implied Volatility. If the implied volatility decreases, this will have a positive impact on the strategy as the premium will tend to decrease, which is positive for the seller. This strategy benefits from low volatility.
Time Decay. The Theta factor is positive for this strategy because it decreases the value of the premiums of the sold options.
Once we have entered into a position, we can at any time close or modify our strategy. For example, we can close one leg of the position and open another with a different strike based on the price movement, or we can roll the entire Iron Condor.
