If you've been buying 0DTE calls and puts, you already know the pattern: the underlying needs to move fast and in your direction before theta eats the premium alive. Most of these contracts expire worthless. That's not bad luck — it's math. On expiration day, an option's entire value is time value and intrinsic value, and time value is disappearing by the hour.

An iron condor flips that math to work for you instead of against you. Instead of betting on a big move, you're betting the underlying doesn't make one — and you get paid premium from both directions for being right.

It's four legs, sold as one trade:

- Sell an out-of-the-money call, buy a further OTM call (this is your call credit spread)- Sell an out-of-the-money put, buy a further OTM put (this is your put credit spread)

You collect a credit up front. Your max profit is that credit. Your max loss is capped at the