IGV Iron Condor: Chart vs Flat Broker P/L

By Juri von Randow · 18 October 2026 · Free Lesson · 2 min

IGV sits at the 50 percent retrace I wanted, yet the broker shows a flat day. Why rising IV hides it.

The retrace I wanted

IGV is one of the open positions on the board in this call. The overdue move I was waiting for is retracing, and it sits at the 50 percent level now, with earlier retraces along the way. Textbook so far: the chart is doing what I wanted it to do for this iron condor.

Ready to exit early

My base case is that IGV probably turns back up from here. Software is a strong uptrend, and it includes names like Palantir that people like to buy back into. That is why I need to be ready to exit early if it turns fast.

Why the broker shows flat

On this day the chart did exactly what I wanted, yet the broker shows a flat daily P/L. The reason is implied volatility. IV on IGV is rising together with the market, and that rise hides the gain in the daily number.

Give it a few days

So the rule I apply here: focus on the chart. I give it a few days, and I think the numbers usually catch up with what the chart is doing. The P/L on the screen lags the move; the chart is what I trade.

What the clip covers

• the overdue move is retracing and sits at the 50% level now, with earlier retraces along the way
• Base case is that it turns back up from here
• the software uptrend includes names like Palantir that people like to buy back into
• we need to be ready to exit early if it turns fast
• Daily P&L looks flat because implied volatility on IGV is rising together with the market
• focus on the chart, give it a few days and the numbers usually catch up

Every Wednesday, Elite Traders watch me run a real portfolio live. One free lesson a week lands here; the full calls, a growing lesson library and 5 hours one-on-one with me a year come with the Elite Trader Program.

IGV Iron Condor · Implied Volatility