The iron pnictide and chalcogenide compounds are a subject of intensive investigations due to their high temperature superconductivity.[1] They all share the same structure, but there is significant variation in their physical properties, such as magnetic ordered moments, effective masses, superconducting gaps and T c . Many theoretical techniques have been applied to individual compounds but no consistent description of the trends is available [2]. We carry out a comparative theoretical study of a large number of iron-based compounds in both their magnetic and paramagnetic states. We show that the nature of both states is well described by our method and the trends in all the calculated physical properties such as the ordered moments, effective masses and Fermi surfaces are in good agreement with experiments across the compounds. The variation of these properties can be traced to variations in the key structural parameters, rather than changes in the screening of the Coulomb interactions. Our results provide a natural explanation of the strongly Fermi surface dependent superconducting gaps observed in experiments [3]. We propose a specific optimization of the crystal structure to look for higher T c superconductors.The iron pnictides are Hund's metals [4], where the interaction between the electrons is not strong enough to fully localize them, but it significantly slows them down, so that the low energy quasiparticles have much enhanced mass. These quasiparticles are composites of charge and a fluctuating magnetic moment originating in the Hund's rule interactions which tend to align electrons with the same spin and different orbital quantum numbers when they find themselves on the same iron atom.A central puzzle in this field is posed by the variation of the ordered magnetic moment across the iron pnictides/chalcogenides series. In the fully localized picture the atom resides in a single valence, therefore the ordered moment is equal to the atomic moment (4µ B per iron), possibly reduced by quantum fluctuations. This picture is realized in cuprate superconductors where quantum fluctuations reduce the Cu 2+ moment by 20%. In the fully itinerant weak coupling picture, such as spin density wave (SDW) in chromium metal, the ordered moment is related to the degree of Fermi surface nesting. It is by now clear that the iron pnictides are not well described by either fully localized or fully itinerant picture, nor by the density functional theory (DFT), which greatly overestimates the ordered magnetic moments. It has been advocated that the shortcomings of DFT can be circumvented by incorporating the physics of long wavelength fluctuations [5]. Here we take the opposite perspective. While critical long-wavelength fluctuations certainly play a role near the phase transition lines, we will show that the local fluctuations on the iron atom can account for the correct trend of magnetic moments and correlation strength in iron pnictides/chalcogenide layered compounds.Using the combination of density functional theory and d...