Iron Condor Heaven

An iron condor is profitable when the underlying stays inside the short strikes through expiry. The trade earns through theta decay; the risk is a directional break-out beyond the wings. MintByte's Heaven filter combines five independent conditions — high IV percentile, high VRP percentile (= options actually richer than realised vol), a sideways regime, positive aggregate dealer gamma (= market structure is pinning), and an implied/realised mispricing under 1.5×. The five-AND clause is institutional discipline — most retail screeners stop after IV alone, which misses the regime context that decides whether the structure holds together.