Wrangle

Typically a wrangle involves selling the ATM call/put and buying the wings. So the profit range will be a lot narrower but will produce a larger credit. The condor will have a larger profit range but the profit will be smaller. Anytime you put on a spread where you are trying to earn premium, it hardly ever pays to exit early since the most gamma exists as you near expiration. The opposite is true when you are long premium, it’s more beneficial to exit early and not wait till you near expiration. Remember the relationship that delta, gamma, theta and vega have to time and to price. This makes things so much easier. Your gamma, theta and vega are centered at the strike. The more ITM or OTM you go, the less gamma, theta and vega you will have. The further you go out in time, the more vega, the less gamma and theta. Deltas become very sensitive to time as your near expiration. Increases in volatility add deltas and decreases in volatility subtract deltas. Options that are ITM will have deltas moving toward 100 as time passes and options OTM will have deltas move toward 0 as time passes. If you study this over and over you will have a very complete understanding of every spread.