As Sylvester Stallone says” Absolutely”. As long as the SPX is down slightly, the market is neutral, or continues up, the volatilities will stay low.
If the market heads down fast in SPX, 1.25% in a day or more, that would start to heat up the VIX a bit and raise Volatility levels.
If that happened at these record high price levels and low VIX level environment, I would buy a put if I needed to adjust my trade. The problem isn’t the Iron Condor in low volatility environments but how you manage and adjust the trade.
You could also do just the call side of the Iron Condor with SPX up at the $1230 area.
If you are concerned we have higher to go on upside, you could scale into the credit spreads, do 1/2 your size at these levels and half your size if we go higher.
In a low Volatility environment versus higher Volatility environment, the credit of the Iron Condor is about the same. The big difference is your short strikes are a lot farther OTM in an high volatility environment.