Rolling Iron Condor

Singapore only has monthly options expirations, not weekly. All rolls are approximately 30 days to the next monthly expiration. This is a key difference from US markets which have weekly options.

Not always. The 21 DTE rule is a guideline to EVALUATE your position, not a mandate to roll. If at 50%+ profit, close instead of rolling. If position is healthy, you might hold past 21 DTE. Use judgment.

If the roll credit is less than S$0.05-0.10, it may not be worth extending risk for 30 more days. Consider closing the position instead. The credit should justify the extended exposure.

You can, but be careful. If the loss is small and you can roll for credit while improving the position, it may make sense. If the loss is large (>1× original credit), closing is usually better than rolling.

Some brokers allow a single 'roll' order. Otherwise, execute as two trades: (1) Close current IC with a 'buy to close' order, (2) Open new IC with a 'sell to open' order. Try to execute close together.

It depends. Roll both for a clean position with same expiration on all legs. Roll one side (partial roll) if one side is fine and the other needs adjustment. Partial rolls create more complex positions to manage.

Roll out (same strikes) when the position is healthy and you just want to extend. Roll away (change strikes) when the position is tested and you need more room. Sometimes do both: roll out AND away.

Track cumulative credit (original + all roll credits). Set profit target based on cumulative credit - typically 50%. Example: S$0.40 original + S$0.22 roll = S$0.62 cumulative. Target: close when worth S$0.31.

Re-evaluate whether the original thesis still applies. If the market has changed fundamentally, closing and starting fresh may be better than rolling. Don't roll just to avoid realizing a loss.

Yes - limit to 2-3 rolls per original trade. Each roll extends risk for 30 days. After 2-3 rolls (60-90 days of extensions), close regardless of status. Market conditions have likely changed by then.

In contango (back month IV higher), rolls may yield less credit. In backwardation (front month IV higher), closing costs more but you might get good back month credit. Analyze term structure to optimize timing.

It's an option. Widening wings during roll collects more credit but increases max loss. Narrowing wings reduces max loss but gives less credit. Change width if your risk tolerance has changed.

You need option prices across multiple expirations simultaneously. Simulate roll decisions at each period, calculate roll credits, track cumulative P&L. Compare rolling vs non-rolling performance.

Consider conversion when: (1) Stock is pinned near strike - convert to butterfly, (2) One side is lost - convert to single credit spread, (3) Want different exposure - convert to calendar. Conversions add complexity.

Stagger roll schedules across positions to avoid all rolls happening at once. Track aggregate rolled exposure - don't have too much extended risk. Coordinate correlated positions (don't roll all bank ICs simultaneously).