Short Strangle
A short strangle is a two-leg undefined-risk structure: sell an OTM put and sell an OTM call. It collects more premium than an iron condor but has undefined loss. ACondor restricts strangles to margin accounts and uses defined-risk variants in IRAs and cash accounts. SPY, QQQ, IWM, and XLF are restricted to defined-risk-only regardless of account type, because a naked index ETF position represents very large correlated notional exposure.