> For the complete documentation index, see [llms.txt](https://docs.ithacaprotocol.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ithacaprotocol.io/docs/ithaca-app/trading/dynamic-option-strategies/condors.md).
# Condors
## **Call Condor**
A long call condor consists of four different call options of the same expiration. 1 long in the money call, 1 short higher strike call, 1 short even higher strike call, 1 long highest strike call.
One can think of the strategy involving going simultaneously long a lower strike pair call spread and short a higher strike pair call spread.
## **Put Condor**
A long put condor consists of four different put options of the same expiration. 1 long in the money put, 1 short lower strike put, 1 short even lower strike put, 1 long lowest strike put.
One can think of the strategy involving going simultaneously long a higher strike pair put spread and short a lower strike pair put spread.
## **Iron Condor**
An iron condor consists of 2 option pairs. Selling a put spread ( selling a closer to the money put and buying an out of the money put ) and selling a call spread ( selling a closer to the money call and buying an out of the money call ); one earns premium which is the highest potential upside of the trade and posts collateral.
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