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Thinkorswim (TOS) Tutorial: How to set up a Debit Condor (DebiCon) in Thinkorswim

January 3, 2015

By | 6 Comments

Last update: July 2021

Coach G uses this strategy in the Options Report quite a bit; it is one of his specialties: the Debit Condor, a.k.a. DebiCon, is a bi-directional options strategy.

In this video tutorial, you will learn how to set up a Debit Condor (DebiCon) in Thinkorswim (TOS).

This is a recent pick ($UNP) where he sets up a Debit Condor play using options to make money if the stock moves up or down in the near future.

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6 Replies to “Thinkorswim (TOS) Tutorial: How to set up a Debit Condor (DebiCon) in Thinkorswim”

  1. Solon Stephanou says:

    Thanks a lot Gino! That was very simple.
    Out of curiosity, why do you choose the 3 point spread? Should we choose a 3 point spread on every DebiCon?

  2. Hi Solon,
    I use 2 to 3 point spreads when the strikes are 1 point apart. I never hardly do a 1 point spread because the net delta of the spread is really low. But a 1 pt. spread is the cheapest way to trade and necessary sometimes for small accounts. A 2 pt. spread will have a better or higher delta, and a 3 pt. spread even better. Tehn it comes down to cost, you are going to pay much more for a 3 pt spread than a 1 pt. spread.. So to keep the cost around .40 to .70 cents per Contract and keep it relatively cheap a 2 or 3 point spread will suffice. Also i willl sometimes do a 5 point spread if that is the absolute smallest that the chain will allow. But again I want a good price and decent width of spread so I can do a decent amount of contracts. Hope this helps.

  3. Khurshed Birdie says:

    Thanks Coach G.

  4. GeorgesAguehounde says:

    Hey !

    I really like this strategy, are there any adjustments technics you use when/if a DebiCon goes sour and the stock doesn’t move outside of the range?

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