Short Straddle Option Trading

What is the maximum risk in Short Straddle Option Trading and how I can minimise the risk during huge gap up or gap down market condition.

Risk is huge if there’s a huge gap. (potentially multiple times of reward)

Iron condors is the best way to minimize the risk. If you want to be bit biased, u can take unbalanced Iron condors.

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unlimited. say you short with a premium of 100 , if market moves 300 points in ine direction till expiry, one option goes 0 another goes 400, means you will be in loss of 300 pts. If you want to minimize risk use Iron butterfly or Iron condor

can this risk can be minimize with GTT stoploss OR in a huge gap up opening GTT will work or not

You should trade with stop loss because gap ups and downs can give you huge losses . Adjustments in straddle is an another way to minimize the loss. If you know how to do this , then go for it . A good knowledge of option Greeks is also needed to become a profitable option seller.
Welcome to the Stock Market , BEST OF LUCK .

During gap up or gap down movement, stop loss and GTT orders won’t work. You can hedge overnight risk by buying options of different strikes/expiries.

Can this be done when the Markets are closed? :sweat_smile: