Short Strangle Enabled
What it does
Enables the short strangle structure (short put + short call, no long wings). A short strangle collects more premium than an iron condor because there is no cost for the long wings, but it has undefined risk on both sides, losses are theoretically unlimited if the underlying makes a large move. ACondor restricts short strangles to margin accounts only and blocks them in IRA and cash accounts regardless of this setting. SPY, QQQ, IWM, and XLF are also blocked from strangles due to large notional exposure.
When to change it
Leave OFF unless you have a margin account, understand undefined-risk, and have explicitly chosen to accept strangle risk. Only appropriate for experienced traders comfortable with naked options.
Safe range
ON or OFF. Default OFF. Never available in IRA or cash accounts.
Example
Margin account, IV Rank 75 on AAPL. With short_strangle_enabled ON, ACondor may enter a 20-delta short put and 20-delta short call with no wings. If AAPL moves 20% in either direction, losses are uncapped.