condor check list

1. Has the short delta hit around 22-25 or put 20-22? Take off bad spread. Wait 24 hours then roll both spreads up on upside or down on downside
2. Never add new short calls over 10 deltas on calls or puts!
3. Have credit spreads shrunk to $0.15 - .20? Take off.
4. Have profits hit 50-60% of cash flow? If yes, "tighten noose" - that is, change your adjustment points from breakeven to proit-protect, ignore delta
5. Has loss hit one or one and a half times cash flow? That is the most you should let the condor lose. Take it off, come back to play another day.