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  • Call Condor
  • Put Condor
  • Iron Condor

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  1. Ithaca App
  2. Trading
  3. Dynamic Option Strategies

Condors

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Last updated 1 year ago

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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.