Rolling Iron Condor

No. Rolling closes your current position and opens a new one - you're not adding to a losing position. The key difference is you realize P&L from the old position and start fresh with new risk.

Absolutely. Rolling is optional. Close your position whenever you want. Rolling is just one management approach. If your thesis has changed or you see better opportunities, closing is often the right choice.

If your roll order doesn't fill at your desired price, you have options: adjust your price, close the current position separately and enter new position later, or wait (but watch expiration). Don't force a bad fill.

Ask: (1) Is the credit/debit acceptable? (2) Would I enter this new position independently? (3) Is my thesis still valid? (4) Is the campaign still making sense overall? If yes to all, the roll is worth it.

Yes, iron condor rolling is permitted in TFSAs as the strategy has defined risk. However, be cautious of excessive trading which could jeopardize your TFSA's tax-free status if CRA considers it business activity.

Preferably yes, but small debits are acceptable for defensive rolls. The key is tracking cumulative credits/debits. A $0.10 debit to avoid a $0.50 loss is worthwhile. Limit debits to ~20% of new credit.

When IV is low, new premiums are low. Options: (1) Roll anyway with smaller credit if thesis intact, (2) Close and wait for better IV, (3) Accept the lower credit as cost of continuous exposure. Evaluate each situation.

Generally 4-6 rolls before seriously reassessing. After multiple rolls, you've likely adapted to many market conditions. If still losing after 6 rolls, the thesis may be wrong. Always ask: would I enter fresh today?

You can roll just the tested side while keeping the profitable side. Example: Roll put spread down but keep call spread unchanged. This creates an asymmetric position. Track both sides as one campaign.

Yes. The new position has fresh Greeks - new delta (ideally near zero if re-centered), reset gamma profile, fresh theta to capture, and new vega exposure. This is one benefit of rolling.

Break down by: theta contribution (time decay captured), gamma contribution (movement impact), vega contribution (IV change impact), roll efficiency (net credits from rolls), and transaction costs. Sum across campaigns for portfolio view.

If you close for a loss and immediately roll to identical strikes, the loss may be denied for tax purposes. To avoid, roll to sufficiently different strikes, wait 30 days before re-entering, or ensure the new position isn't 'substantially identical.'

Rolling before 7 DTE avoids the steepest gamma acceleration. However, holding longer captures more theta. Optimize by backtesting: typically 5-10 DTE balances gamma avoidance with theta capture for most underlyings.

Sum Greeks across all active campaigns. Target aggregate delta near zero (bias new entries to balance), cap aggregate gamma, maintain consistent positive theta. Review weekly and use new campaign entries to rebalance.

Use ratio roll (reducing contracts) when: campaign is losing and you want to reduce exposure while maintaining some position, IV has dropped significantly (fewer contracts for same theta), or deleveraging during market uncertainty.