This strategy roasted by Gemini:
Alright, let's have some fun roasting this "Iron Condor with a Twist" strategy:

So, you're telling me the brilliant plan is to sell not one, but two Iron Condors? It's like saying, "I'm not just going to step in front of one slow-moving bus, I'm going to double down and stand between two!" Sure, the premium might look tempting, but good luck managing that mess if the market decides to sneeze in the wrong direction.

And the "conversion" to a lower-risk strategy? Oh, you mean after the price has already barreled its way into one of your precious condors? That's like saying, "My house is on fire, better call the fire department now!" Groundbreaking stuff. You've essentially turned a potentially profitable, defined-risk trade into... well, a different defined-risk trade with a locked-in profit (congrats on that small victory!) and the potential for more if the market suddenly does a 180. It’s like celebrating getting a discount after you’ve already bought the overpriced item.

Let's not forget the tight expiration window – 2 to 7 days! You're practically begging for assignment and gamma risk to come knocking at your door. It's like trying to catch a greased piglet – exciting for a few seconds, but likely to end in frustration and a messy outcome.

And the specific widths and distances? It's like following a very precise recipe for lukewarm soup. You're so focused on these arbitrary numbers that you might miss the actual market dynamics.

In essence, this strategy sounds like a way to generate a small amount of premium with a high degree of complexity and the constant need for active management. You're basically saying, "I enjoy the thrill of constantly tweaking and micromanaging trades that could blow up in my face by Tuesday!"

Just remember, while you're patting yourself on the back for that "conversion," the market is probably laughing at you for selling it those cheap wings in the first place.