SPY — VIX regime check

VIX 14 → condor zone. SPY pinned in $498–$510 range with declining ATR.

Regime

VIX is sitting at 14.1 — comfortably in my “Iron Condor / Calendar zone” (< 15). ATR(14) on SPY has compressed to $4.20, half of February’s level. Bollinger band width is at a 3-month low.

Setup

• Strategy: 30–45 DTE Iron Condor
• Short call delta: 0.18
• Short put delta: 0.18
• Wing width: 5 points
• Risk per trade: 1% of NAV

What would invalidate this

• VIX > 18 — abandon condor, pivot to directional spreads
• SPY breaks $510 with volume — close the call side
• Earnings catalyst within 5 DTE on a SPY component holding > 5% weight