Bank Nifty Options: The Iron Condor Playbook For Range Weeks

Bank Nifty has been the option seller's dream for the last six weeks. Here's the exact iron condor setup we've been running.

The Setup

• Sell 47,000 PE + 48,000 CE (delta 15-18)
• Buy 46,500 PE + 48,500 CE (protection)
• Entry: Wednesday afternoon
• Exit: Thursday 2:30 PM or 40% of max profit

Risk Management

• Never hold through RBI policy days
• Roll the tested strike if delta exceeds 30
• Book at 40% profit, don't be greedy

The Math

Expected value per lot: ₹1,800-2,200 in range weeks. Loss capped at ₹6,000 per lot on breach.