But as we discussed in the previous video if you use Iron Condor and keep making small profits in the market continuously in intraday then it will give you stability in the market and you will start seeing green. Now many people use Iron Condor positionally but what happens in positional if the market gap opens up, gap down opens then your Iron Condor starts showing you loss. So for intraday as we said you can use Iron Condor in the algo room so that you can run the algo for intraday but for positional you have to use it yourself. You have to create Iron Condor yourself and adjust it yourself. So the adjustment of Iron Condor is again a paid level content. People know about Iron Condor strategy but they don’t know how to turn the loss into profit when the strategy is failing which we will learn in this video. You should make your notes if you are not a guest in the market for a few days and you want to earn money with stability in the market for many years then this information will be very useful for you and you will get it from anywhere by searching on the internet. So I am not saying that you will not get it from anywhere, but if you are getting it easily then please evaluate it. Let’s start.
So we learned how to create Iron Condor in intraday. Now we will learn how to create it positionally because creating Iron Condor is an art. You cannot create Iron Condor by selling 2 out of the money call funds and putting it in hedge buy.
No, you have to create it by looking at the market. So at the beginning of creation, you have to look at the market and then you have to delete the chart. After that you do not need to look at the chart. As long as you are adjusting it and booking it.
The work of the chart is only in the beginning and I am going to tell you what you have to look for in the chart by going to Trading View. So we have to find the range in the chart due to the swing. If we get an upper swing or lower swing and anytime the market is in between, then I have to apply an iron condor.
How to apply an iron condor? We talked about this in the previous video and we are still talking about this. So now the first step is when to apply an iron condor.
When you want to make a positional iron condor, it is not like I want to make an iron condor today. So see, we do not have to work according to the mind in the market. We have to work according to the right timing. So first of all we are going to talk about timing.
So you must be watching trading view here. If you want, you can apply an hourly chart on trading view. If you are working on a weekly basis, if you are trading on a monthly basis, then you should apply a daily chart. So this is the daily chart open in front of me. Now look at the daily chart at this time.
We will see you recently. So if you look at the bottom, then this is a swing. See this market is swinging from here.
Now this support area has been formed. A big green candle has formed after the red one. If you look at the top, this candle came here after the big green candle. The market has turned from here. It hasn’t gone above it yet.
So for us, this support and that resistance. Normally, when you analyze on a daily basis, that resistance will also be there for you.
And on the bottom, you would have drawn your support somewhere here. But I just want the market to swing from the top and come down. And it swings from the bottom and goes up. And there is a market in between these two. If by mistake there was a green candle in the market and the market was at this place right now. I would not take any trade. The market is still trending.
The market is trending, I don’t put the Iron Condor. I want the market to go up and the downtrend also come down from here.
We are getting to this point now. So now we are in the right area where the Iron Condor can be placed. When the Iron Condor could not be placed, I will let you know.
This green candle, this. Iron Condor could not be placed at the end of this day. Because the market has crossed it too.
A big green candle has formed. And there is no swing from where it has come down. So I do not make it on this green candle.
I am making it clear so that people know that it should not be made here. We can make it at this time. We are clear on this.
The need for Trading View ends here. Now let’s go back to Op Star. You have to choose Nifty.
You choose Nifty. You have to choose Bank Nifty. If you choose Bank Nifty, you will get a big premium.
So your profit amount will increase. If you choose Nifty, you can get more stability. But the premium will be so low that you will not be able to adjust. You need premium to adjust. Without premium you cannot adjust. If you do not have a premium of Rs 100 then why are you adjusting? If you have to earn 20 points, you will go into adjustment only.
If you adjust twice, your profit will be gone. Why are you doing this? That is why you need the premium.