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Quant Trader
Expert-Level Options for Sophisticated Traders

March 1, 2023

Cabot Options Institute Quant Trader – Alert (IWM)

iShares Russell 2000 ETF (IWM)

Even with a probability of success that sits just over 80%, we still have 16 days until our IWM March 17, 2023, iron condor is due to expire. Sixteen days doesn’t seem like a lot but in this market environment, it only takes a few days for the Russell 2000 to dip below our 180 put strike. As a result, I’m going to take a conservative approach, and take small profits and all risk off the table today. If you choose to hold on to the trade please be aware of the risks.

The Trade


  • Buy to Close IWM March 17, 2023, 215 call strike
  • Sell to Close IWM March 17, 2023, 220 call strike
  • Buy to Close IWM March 17, 2023, 180 put strike
  • Sell to Close IWM March 17, 2023, 175 put strike … for a total of $0.51. (As always, the price of the spread can vary from the time of the alert, so please adjust accordingly.)
Andy Crowder is a professional options trader, researcher and Senior Analyst at Cabot. Formerly with Oppenheimer & Co. in New York, Andy has leveraged his investment experience to develop his statistically based options trading strategy which applies probability theory to option valuations in order to execute risk-controlled trades. This proprietary strategy has been refined through two decades of research and real-world experience and has been featured in the Wall Street Journal, Seeking Alpha, and numerous other financial publications. Andy has helped thousands of option traders learn and implement his meticulous rules-driven options trading strategies through highly attended conferences, one-on-one coaching, webinars, and his work as a financial columnist. He currently resides in Bolton Valley, Vermont and when he’s not trading, teaching and writing about options, he enjoys spending time with his wife and two daughters, backcountry skiing, biking, running and enjoying all things outdoors.