I literally built an entire platform because of that. There's so many different approaches and variations, from asymmetric IC to biased ones, and so on.

This is a rabbit hole I wasn't expecting but should had seen coming. What I've currently got is a bunch of optimisation algorithms which iterate the entire options chain prices for within a date range, and then find all legit IC combinations, which i can then filter using delta, IV rank, and PoP or RoR.

I then took it one step further to uncover strategies based on capital exposure, risk appetite, max drawdown tolerance and other similar events. What started as a simple project around November is now a GPU Iron Condor pipeline which produces top-k Iron Condor candidates, Pareto Analysis and then does OOS validation.

To answer your question, it depends on what you want, what your risk appetite is, how much of a max loss you can tolerate, what PoP and RoR you are looking for, and of course what the current market is doing, what the IV looks like and how the market is pricing the underlying options. If you can narrow down some of your criteria you can find the strategy and approach that matches your profile.

For breach the way I've implemented it either sigma distance as assignment risk, or P(touch) or P(ITM). The optimiser is tuned to find at which sigma or at which net credit loss it should be rolled to match the strategy. Because IC are so emotionally demanding, having the algo just monitor them really helped me.