Iron Condor Weekly Expiry 400 points away from Spot in Nifty


I am trying to create below strategy for next week expiry (13 APR 2022) from today. Nifty Spot is at 17800. Margin in Account is 60k.

I tried buying hedge position for my iron condor but it’s breaching OI Limit for weekly expiry.

Is there any way to execute the below iron condor?
I tried buying hedge position first and then short position.

Date	6/4/2022
Particular	Value
Underlying	Nifty
Spot Price	17800
CE Strike, Sell	18150
PE Strike, Sell	17450
CE Strike, Buy	18400
PE Strike, Buy	17200
CE Premium received for short	52
PE Premium received for short	65
CE Premium paid for Long	26
PE Premium paid for Long	18
Net Premium (Credit)	73

Max P&L	
Lower Breakeven	17377
Upper Breakeven	18223
Max Loss	177


Nifty contracts allowed for trading
Current Week -NRML:All strikes allowed MIS:All strikes allowed
Next Week -NRML:17500 to 18500 MIS:16250 to 19800
Next Month-NRML:17500 to 18500 MIS:16250 to 19800

Thank You.

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As the options you’re trying to buy are outside the allowed range, you will have to first take short position and then buy options. We allow buying options at strike price for hedging purposes if you hold a short option position.

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Okay , So Margin Requirements will be high.

I was going through article from option alpha regarding selecting strike prices for iron condor based on volatility.

I was searching for indicator which will show probability or range of scripts for 1st std deviation ,2 nd std deviation.

I find Bollinger band which is giving range script where the probability of price remain in range in 66% or 1 st standard deviation from Karthik’s post.

Pls let me know if there is any indicator which is showing range as below pic in chart.




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