# Condors

## **Call Condor**

<figure><img src="/files/X6Blw9GDfGFkenyHkqhU" 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="/files/HtZKHgGUAteKD8iCNst6" 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="/files/RJyEvxXXGVx90BqgG5t7" 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.


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