# Condors

## **Call Condor**

<figure><img src="https://4105275983-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FveNlPcq5FcdKaOERYyrV%2Fuploads%2FRF66ixfSdiiTSiT2GHAM%2Fimage.png?alt=media&#x26;token=08f36682-b404-47fe-a127-a9ce3be4ee13" alt=""><figcaption></figcaption></figure>

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.&#x20;

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**

<figure><img src="https://4105275983-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FveNlPcq5FcdKaOERYyrV%2Fuploads%2FHbR5ezZ4NOR0CGkmG62D%2Fimage.png?alt=media&#x26;token=953d2246-04bc-4d46-9835-bd9f573f38a6" alt=""><figcaption></figcaption></figure>

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.&#x20;

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**

<figure><img src="https://4105275983-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FveNlPcq5FcdKaOERYyrV%2Fuploads%2F9fq7C0lpSCD7LfcffTiH%2Fimage.png?alt=media&#x26;token=a8f3b0ca-8eea-4451-9d11-5b9fbb81eb38" alt=""><figcaption></figcaption></figure>

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.