An iron condor is one decision, one credit, and one risk. Most journals file it as four unrelated transactions. OptionLedger identifies the structure from the legs, prices it live as a whole, and keeps it together through every adjustment.
You never pick a strategy from a dropdown. The legs are read as they arrive. Two short strikes with protective wings outside them, puts below and calls above, in the same expiration. The position is labeled an iron condor because that is what it is.
If the shape changes mid-life, the label changes with it. Close the call side of a condor and what remains is a put spread, and it is read that way from then on.
Also recognized
Open positions stream live quotes during market hours. You see what it would cost to buy the whole structure back right now, not four bid-ask spreads you have to net out in your head.
The credit you collected is the maximum the trade can make. The position shows how much of it you are holding right now, which is the number the management decision actually turns on.
Take condors at 50%, put spreads at 65%, whatever your rules are. Set it once and every matching position is measured against it as it runs, so you are not recalculating the same threshold twenty times a month.
Where price sits relative to each short strike, and how long is left. The wing that is getting tested is the one you are going to have to make a decision about.
The tracking has to survive what you do to the position after you put it on. This is where per-transaction journals fall apart, because every adjustment looks to them like an ending and a beginning.
Roll the untested spread closer, or push the tested one out in time. The surviving legs and the new ones stay a single position, and the credit or debit goes into its running total.
Take the call spread off at 80% and let the put spread run. The realized half is recorded against the position, and what is left keeps showing live P&L.
A spread stopped out and different strikes opened the same day is a new trade, and it is kept as one. Two condors in the same underlying on the same day do not get scrambled together.
Selling the put spread in the morning and the call spread after lunch gives you two positions by default, and that is on purpose. In the same expiration on the same day, two independent spreads and one legged-in condor are indistinguishable in the data. Guessing wrong in the direction of merging is far more destructive than guessing wrong in the direction of leaving them apart, because a bad merge silently corrupts the P&L of two real trades.
So you tell it once: combine these into one condor. That grouping is remembered permanently and survives every future sync and re-import.
How roll chains are tracked →Track it as one position with four legs, not four separate trades. The figures that matter are the net credit collected, the width of the wings, the current cost to close, and how much of the maximum profit has been captured. A journal that lists each leg on its own row cannot produce any of those without manual arithmetic.
Yes. The structure is identified from the legs themselves. Two short strikes with protective wings outside them, puts below and calls above, in the same expiration. You never choose a strategy from a dropdown, and related structures like iron butterflies, broken-wing condors, verticals, strangles, and calendars are recognized the same way.
Selling the put spread in the morning and the call spread in the afternoon gives you two positions by default, which is deliberate: on the same day in the same expiration, two separate spreads and one legged-in condor look identical in the data, and quietly merging them would be wrong as often as it is right. You can combine them into one structure yourself, and that grouping is remembered permanently.
Yes. Rolling the untested side in, rolling a tested spread out, or rolling both sides on different days all stay attached to the original condor. The credit or debit from each adjustment carries into the position's running P&L rather than opening a fresh trade.
Set a profit target for the strategy once. For example, close condors at 50% of the credit collected. Every condor you open is then measured against it automatically as it runs. The position shows how much of the maximum profit has been captured so far, so the management decision does not require a calculator.
Yes. Open positions stream live quotes during market hours. You see the current cost to close all four legs, the profit against the credit you took in, and the percentage of maximum profit captured, updating as the market moves.
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