Iron Condor Options

Iron Condor Options is an options simulator and a structured course in one app. Build the Iron Condor, learn what calls and puts actually do, and watch the payoff diagram of any options strategy redraw as you change it.

THE STRATEGY SIMULATOR

Build any position up to four legs. Combine calls and puts, long and short, across different strikes and expirations. Move spot, IV, and DTE and watch the payoff curve, the breakeven, and the aggregated delta, gamma, theta, and vega update on every frame. Pull a live options chain for a real ticker to start from current strikes and IV, or work fully offline from typical values. Save any position to your library and reopen it later.

LEARN OPTIONS, ONE LESSON AT A TIME

55 lessons across four tracks, each one written to be read in 4 to 8 minutes.
- Foundations: what an option is, calls, puts, premium, strike, expiration.
- Greeks: delta, gamma, theta, vega, and how each one moves a position.
- Mechanics: vertical spreads, the Iron Condor, butterfly, calendar, strangle, and how every one is built.
- Mastery: adjusting, rolling, and managing a position that moves against you.

A free Iron Condor Fast Track links nine of these lessons into one path, from your first call to the namesake trade in about half an hour.

24 OPTIONS STRATEGIES, EVERY PAYOFF DRAWN

A reference card for every named structure: long call, long put, vertical spread, the Iron Condor, iron butterfly, calendar, strangle, straddle, ratio spread, covered call, and the rest. Each card lays out the structure, max profit, max loss, breakeven, when to use it, and a worked numeric example. The payoff diagram on each one is drawn by a real Black-Scholes pricer, not a stock image.

FOUR CALCULATORS

- A Black-Scholes pricer with the full set of Greeks.
- Implied volatility solved backward from a market price.
- Probability of touching a level and of finishing ITM at expiration.
- A DTE counter for any expiration date.

PRACTICE AND REFERENCE

- 60 quiz questions across four categories. Answer three in a row and the category is marked as mastered. Test out of lessons you already know.
- A glossary of 50 terms in plain language, searchable, each with an example.
- Typical IV ranges for 63 popular tickers, useful as a sanity check on a chain or a starting point for the simulator.

HOW IT WORKS

Lessons, strategies, glossary, calculators, and quiz are bundled in the app. No account, no signup. The simulator fetches a live options chain only when you want real strikes and IV, and falls back to typical values when you are offline. Every calculation runs on your device.

No subscription. The app is free, with one optional Remove Ads purchase for US$4.99.

Languages: English, Português, Español.

Educational reference only. This app is not investment advice. Trading options carries a substantial risk of loss.

Recent changes:
First release. Four tracks, 55 lessons, 24 strategies, a multi-leg simulator with live Greeks, 60 quiz questions, a 50 term glossary, 4 calculators, and typical IV for 63 tickers. English, Português, Español. Works offline. Free, with an optional one-time Remove Ads.