Trade Execution

Opening and closing an iron condor means commission on eight legs — every round trip. Slippage is the variable tax on a 0DTE iron condor — it scales with the spread and the speed of the tape. Commission is the other tax, and it behaves differently. It’s flat, it’s certain, and it lands the same whether the market is calm or violent. You pay it to open and you pay it to close, every single trade, forever. ...

A four-legged fill rarely lands at the mid. The gap you give up is slippage. On paper, a 0DTE iron condor looks clean. You sell four legs, collect a credit, and let theta do the work. The decay curve is steep, the math is tidy, and the expected value pencils out. Then the fills come back, and the credit is smaller than the screen promised. ...