Iron Condor and Iron Fly are both selling credit spreads on both sides (call as well as put). The only difference being, in Iron fly, the short strikes are same for both call as well put legs.

Thoguh in general breakeven points are quite clear, it changes as the option premium may changes depending upon the Implied Volatility (IV) of individual option….

There are a lot of ways to adjust vertical spread/iron condor..how about you let me know a specific situation and I shall try explaining..

Regards, OP

Could u tell me whats th difference between Iron Condor & Iron Fly? How do u make money from doing Iron Fly?

I have been studying Credit Spreads for quite some time & still feel uncomfortable about it as the repair & exit strategies r not clear cut. There’s a mathematical calculation for beakeven for Credit Spreads but they dont work in reality. So I hope you could tell me a good way to repair & exit at Breakeven.

Thanks
Ken