The main advantage of the iron condor is its simplicity at expiration if the stock price is between the strike prices of the short options. All options expire worthless and the trade is automatically closed without the need for any action. No commissions are incurred.

The main advantage of the double diagonal is the flexibility it offers for adjustments. In Example 2, if the price of XYZ moves up toward the $60 strike price of the short call or down toward the $50 strike price of the short put, the short February option can be rolled out to a March option. Alternatively, the Feb 60 calls can be rolled up to the Feb 65 calls, or the Feb 50 puts can be rolled down to the Feb 45 puts; either of which creates a Feb−Mar calendar spread with ...

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