Getting paid while nothing happens.
How condors behave in a low-volatility market that drifts for weeks, and why that’s when most directional traders earn nothing.
Modules 2–3 · Set-upAdvanced program · On demand + live coaching
Condor Income Mastery
Earn income whether the market rises, falls or goes nowhere, with defined risk and a plan for every adjustment.
- Level
- Advanced, after OSF
- Format
- On demand + live coaching
- Access
- 12 months, coaching incl.
- Fee
- US$1,997or 3 × US$699 a month
Condor Income MasteryStart anytime · US$1,997 or 3 × US$699Enrol now
Watch: how a condor earnsPreview video coming soonThe shape of the trade
Paid while the market stays in range. Risk capped by the wings.
As featured on
- 2006Teaching options since
- 18+Countries our students trade from
- 8Adjustment techniques
- 12Monthly live coaching calls
The idea
Most traders need to be right about direction. Condor traders don’t.
A condor pays you for a range, not a forecast. You sell options above and below the market, buy protection further out, and collect income as long as price stays inside your zone.
The income is the easy part. The skill is everything around it: where to place the strikes, how much to put on, when to take profit, and exactly what to do when the market moves against you. That is what Condor Income Mastery teaches.
If the market rises
The put side expires worthless. If the rally threatens your call side, you adjust by the rules before it hurts.
If the market falls
The call side expires worthless. A sharp drop is the real risk, which is why the wings cap your loss and the playbook tells you when to act.
If the market goes nowhere
Time decay works for you on both sides. This is where most directional traders earn nothing, and condor traders get paid.
The trade, explained
Defined risk. Defined plan.
Every condor has the same four parts. Master them and you can trade it on an index, an ETF or a single stock, in calm markets and nervous ones.
- Profit zoneBetween your short strikes. Stay inside and time decay pays you.
- Short strikesPlaced with probability and volatility, not hunches.
- Long wingsYour insurance. Maximum loss is known before you enter.
- Adjustment triggersWritten rules for when price approaches a short strike.
The Greeks that matter:Theta pays you each day Delta tells you when to adjust Vega tells you when to enter
The transformation
From guessing direction to trading the range.
BeforeAfter Condor Income Mastery
I need the market to go my way to make money.I earn when it rises, falls a little, or goes nowhere.
A big move against me turns into a big loss.My maximum loss is capped before I enter.
When a trade goes wrong, I freeze or I panic.I have 8 adjustment techniques and rules for when to use each.
My trading size is a guess.I size every condor to my account and my rules.
Income from my portfolio is unpredictable.I run a repeatable monthly income routine.
Who it’s for
Built for traders who want income, not excitement.
“I want steadier income from my portfolio.”
You already trade options and want a structured, repeatable income strategy rather than one-off trades.
You’ll finish: running a monthly condor routine“I’ve done OSF. What’s next?”
You know spreads and the Greeks. Condors are the natural next step: two spreads, one position, income both ways.
You’ll finish: adding a market-neutral strategy to your plan“I want protection from crashes.”
You want a strategy that caps losses by design and a clear plan for sharp moves, including events like elections.
You’ll finish: knowing your worst case before every trade“I have a full-time job.”
You want trades you set up and manage on a schedule, not positions you watch all day.
You’ll finish: with a routine that fits around workThis isn’t the right program if…
- You’re new to options (start with the Options Foundation Program)
- You want to bet on big directional moves
- You can’t check your positions a few times a week
CIM builds on the Options Success Formula. If you haven’t done it, start with OSF: Module 1 of CIM is a refresher, not a replacement.
The curriculum
Six modules. One repeatable income routine.
Bite-sized video lessons you watch at your own pace, with templates, trackers and calculators for every step. Monthly live calls with Manoj apply it to the market in front of you.
Your condor routine
Enrol now - ScanCheck volatility and the calendar
- Set upChoose strikes, width and size
- MonitorA few minutes, a few times a week
- AdjustFollow the written triggers
- CloseTake profit or exit by the rules
1Module 1OSF refresher
A recap of the core strategies and rules from the Options Success Formula, so everyone starts from the same base.
2Module 2Condor fundamentals
What an iron condor is, why it earns, and the Greeks that drive it: theta, delta and vega.
3Module 3Setting up a condor
The different types of condors and how to set one up step by step: days to expiry, credit, strike selection and width.
4Module 4Position and risk management
Your trade tracker, when to enter, how much to trade, when to take profit and when to hedge.
5Module 5The art and science of adjustment
8 adjustment techniques for when a trade turns against you, and the rules for which one to use.
6Module 6Case studies
Real condor trades taken apart: how they were set up, how the market moved, and every decision along the way.
Case studies
Every kind of market. A plan for each.
We take real market moments apart: what the condor looked like, what the market did, and what the rules said to do.
When the market breaks your range.
A sharp drop through a short strike: the adjustment triggers, the choices, and why the wings mattered.
Module 5 · AdjustmentTrading around a known event.
How to size, place and hedge a condor when you know volatility is coming but not which way.
Module 4 · Risk managementSelling the fear, with a cap on it.
Why option prices collapse after earnings, and how a defined-risk condor takes advantage without an open-ended loss.
Module 6 · Case studiesCase studies are historical and for education only. They are not recommendations to buy or sell any security.
What you get
More than a course. A working toolkit.
Bite-sized lessons
Short videos you can watch around work. Start any day and re-watch anything for 12 months.
Monthly live coaching
A live call with Manoj every month: current markets, your open condors, your questions.
Trade ideas with tracking
Condor set-ups shared and tracked from entry to exit, so you see the whole life of a trade.
Chart set-ups and indicators
The chart layouts, studies and scripts we use to choose strikes and timing.
Templates, trackers and calculators
Trade tracker, position-size calculator, workbooks and checklists, ready to use.
Private community
Ask questions, share trades and learn from other condor traders and coaches.
Student stories
See all student stories “A peaceful mind, whatever the market does.”
“So far I have gained profits of about US$12,000, 4.8 times my training fees, with very little time spent on trading, yet with a peaceful mind, without having to swing my emotions according to the market movements. Thank you Manoj for being our mentor. You surely live up to it!”
“I have been trading shares, options and warrants on my own for almost 30 years. The follow-up support, encouragement and commitment Manoj gave me made me more excited and motivated than in a long time, and this translated into my trading results. I have earned US$33,000 using the techniques and disciplines he taught me. And this is just the beginning!”
Individual experiences. Not indicative of future results.
Meet your coach
Manoj Kumar
B.TechMBACTAFounder, OptionPundit · 2006
Manoj grew up with nothing but a dream, then spent years in a corporate job trading his time for money while inflation ate his savings. When he finally cracked the markets with rule-based, risk-managed systems, he founded OptionPundit in 2006 to teach others the same way.
He still trades the strategies he teaches, and he’s known among students for explaining complex ideas simply, and patiently.
Tuition · Start anytime
One strategy. Income in every kind of market.
Program fee · choose how to pay
Start anytime · 12 months’ access, coaching included
- 6 modules of bite-sized video lessons
- 8 condor adjustment techniques
- 12 monthly live coaching calls with Manoj
- Trade ideas with tracking
- Chart set-ups, indicators and scripts
- Templates, trackers and calculators
- Private community
The CIM commitment
- You’ll know your worst case first.Every condor we teach has its maximum loss defined before you enter. No open-ended risk.
- You’ll never be left guessing.Written adjustment rules, monthly live calls and a community to ask when the market moves.
- Start the day you enrol.No waiting for a cohort. Your lessons open straight away.
- 12 months to master it.Lessons, recordings, tools and coaching stay open for a full year of real market conditions.
Why defined risk matters
An illustrative 10-point-wide condor sold for a 2.00 credit.
- Credit2.00 max gain
- Width10.00 wide
- At risk8.00 max loss
Questions about fees or instalments? Book a call or email [email protected]. Singapore residents can use UOB 12-month interest-free instalments.
FAQ
Questions before you start
Do I need to have done the Options Success Formula?
It’s strongly recommended. CIM assumes you understand spreads and the Greeks. Module 1 is a refresher of OSF, not a substitute for it.
How much time does it take?
About one to two hours a week for lessons, plus one live coaching call a month. Once you’re trading, monitoring takes a few minutes a few times a week.
Do I have to watch the market all day?
No. Condors are set up on a schedule and managed with written triggers. You check in, you don’t stare at screens.
Which markets do we trade?
Mostly US index options and ETFs, such as SPX and SPY, plus selected single stocks. Sessions and examples follow US market hours.
How much capital do I need?
Condors have a defined maximum loss, so size depends on the width you trade. We show you how to size every trade to your own account. Paper-trade first if you’re unsure.
Can I lose money?
Yes. Condors lose when the market moves sharply beyond your range. The wings cap the loss and the adjustment rules help manage it, but no strategy removes risk.
When can I start?
Whenever you’re ready. The program is on demand, so your lessons open as soon as you enrol and you join the next monthly live call.
How long do I keep access?
12 months from the day you enrol, including all monthly coaching calls and course updates in that time.
Can I pay in instalments?
Yes. Pay US$1,997 in full, or 3 monthly payments of US$699 (US$2,097 in total). Singapore residents can also use UOB 12-month interest-free instalments.
Is this financial advice?
No. Condor Income Mastery is education. Trade ideas and case studies are for learning, not recommendations for your situation.
Still deciding? Book a 15-minute call and ask us anything.
Condor Income Mastery
Stop predicting. Start collecting.
Six modules, eight adjustment techniques and a year of monthly coaching with Manoj. Build an income routine that works in rising, falling and flat markets.
Or 3 monthly payments of US$699 · 12 months’ access · Start anytimeImportant. Condor Income Mastery is an education program, not financial advice or a recommendation to buy or sell any security. Examples, trade ideas and case studies are for illustration only. Student comments reflect individual experiences and do not guarantee future results. Options trading carries substantial risk and you can lose money, including on defined-risk strategies. Please read our full Risk disclosure.