The market is getting top-heavy, and everyone who is long is paying up for protection. This week's free trade sells it: an iron condor on SPY into December that leans bearish. It looks only slightly bearish, but the P&L curve is bent to the bear side, which makes it a fitting add-on for a portfolio that is already long.
On screen the condor goes into tastytrade live: sell the 735 put and the 790 call, buy the 720 put and the 805 call. Two days in it shows a small gain, and the break-evens for the exit day sit at 727.8 and 788.3, drawn onto the chart by the MacroDozer indicator.
If the market drifts down, the trade makes money from day one. A 5 percent sell-off is still inside the range. A fast one lifts implied volatility and pushes the whole curve to about break-even until the market relaxes. It is not built to survive a crash, and it is not meant to be. Two days ago it was the best trade out there, and that is why it was published.
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Education only. Nothing here is investment advice. Options carry risk, including the loss of the whole stake.