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If your going to use bollinger bands with Iron condors, then you are trying to time the iron condor with a spike up in the vix index. The idea is the "sell the iron condor" while the option prices are high. (sell high- buy low) The bollinger bands provide a nice "guidepost based" on standard deviation.

This makes it easier to determine when short term volatility is likely higher than normal. High volatility = higher option prices.

This is how I would do it anyway...

Best of Luck!

 

 

 

 

 

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