Alternately, the iron condor can be thought of as a hedged version of the short strangle. The two sold options at the inner strikes form the "body" of the condor, while two purchased options at ...

To validate this approach, multiple options strategies were tested, including Short Straddle, Short Strangle, Iron Fly, Iron Condor, Ratio Spreads, Butterflies, and more. The backtesting was ...