Petro-Lwa Strategy V · User Manual

The Iron Condor Income Engine

Range-bound · Sell premium · Time-decay is your friend

What is this strategy?

An Iron Condor is a four-leg premium-selling structure. You sell a call above the market and buy a higher call (a "call spread"). You sell a put below the market and buy a lower put (a "put spread"). You collect cash up front. You profit when price stays peacefully between the two short strikes through expiry. Each day that passes without a breakout, your account grows. Petro-Lwa fires this only when the market is range-bound AND IV is rich — both conditions are necessary for the premium to be worth selling.

When does it trigger?

The Pine indicator PETRO-LWA-V.pine fires when both of these are true on the closed bar:

SignalDefault
IV Rank rich enough to sell≥ 55
Price tightly hugging EMA50 (range mode)|close-EMA50|/EMA50 < 3%
EMA50 and EMA200 nearly flat togetherdiff < 5%

Translation: the market is sleepy and premium is rich — perfect harvest.

1

Download the Pine script

Grab PETRO-LWA-V.pine here.

⬇ Download PETRO-LWA-V.pine
2

Install on TradingView

BTC or ETH chart → Pine Editor → paste → Save → Add to chart.

▼ Pine Editor TradingView //@version=6 indicator("PETRO-LWA V · Iron Condor") range_mode = |close-ema50|/ema50 < 3 setup = range_mode and iv_rank ≥ 55 label.new("🟡 V · IRON CONDOR") [Save] [Add to chart] CHART · BTCUSD ↔ short call wall short put wall 🟡 CONDOR + ADD TO CHART
3

Read the chart label

A yellow diamond drops below the bar with the current IV-rank value, signalling rich premium in a quiet tape.

short call short put 🟡 V · IRON CONDOR range · IV 68 harvest premium · sell the walls BTC/USD · 1D
4

Set up the alert

Right-click → Add alert. Condition: “PETRO V · Iron Condor”. Webhook URL for the bridge.

Create Alert CONDITION PETRO·V ▸ PETRO V · Iron Condor ▸ Once Per Bar Close WEBHOOK URL https://lasiren-bridge.cryptolwa.app/alert MESSAGE {{ticker}} condor armed iv {{plot}} CREATE
5

Execute the options trade on Deribit

Pick an expiry 14-30 days out. Sell 1 call at +10% & buy 1 call at +20% (call wing). Sell 1 put at -10% & buy 1 put at -20% (put wing). Target a net credit of ~25-35% of wing width. Close at 50% of max profit, or roll if either short strike is touched.

DERIBIT · BTC IRON CONDOR · 21 DTE SPOT $100,000 · call wing 110/120k · put wing 90/80k LEG STRIKE PREMIUM ◀ SELL CALL 110k (+10%) + 1,200 (credit) ▶ BUY CALL 120k (+20%) - 400 (debit) ◀ SELL PUT 90k (-10%) + 1,300 (credit) ▶ BUY PUT 80k (-20%) - 500 (debit) NET CREDIT ≈ +1,600 USD · max loss = 10k - credit · take profit at 800

Risk profile

Max LossWing Width - Credit
Max RewardNet Credit Received
Best MarketRange · High IV

When NOT to use this

  • Pre-catalyst windows — FOMC, halving, ETF decisions; a single bar can blow through both wings.
  • Low IV — the premium you collect won't compensate for the inevitable breakout risk.
  • Trending tape — a steady drift in one direction grinds one wing into the strike, then through it.

Plain-English glossary

Iron Condor4-leg credit spread: sell a call spread above market AND a put spread below.
WingThe distance between a short strike and its long protection strike.
Short StrikeThe option you sold — the "wall" you don't want price to touch.
Net CreditCash you collect when opening the trade. Your maximum profit.
RollClose the threatened wing, open a new one further out in time/distance.
ThetaDaily time decay — friend to the condor seller.
Range-boundPrice oscillating in a band with no clear trend.
EMAExponential Moving Average — your range centreline.