Condor Spread¶
A condor spread is a four-leg options strategy that combines a bull vertical spread and a bear vertical spread across four different strikes sharing the same expiration. The position profits when the underlying expires anywhere inside the range defined by the two middle strikes. It trades lower maximum profit than a butterfly in exchange for a wider profit zone.
HOW IT WORKS¶
A long call condor is built with strikes A < B < C < D: buy a call at A, sell a call at B, sell a call at C, buy a call at D. The net debit paid is the maximum loss, incurred if the underlying closes below A or above D at expiration. Maximum profit equals the width of one wing minus the net debit, realized when price pins anywhere between B and C. Breakevens sit at A plus the net debit and D minus the net debit. A short condor inverts the structure — selling the body, buying the wings — to collect a credit and profit from a breakout beyond the outer strikes.
IN TAPEBOARD¶
Use the strategy builder to enter all four legs simultaneously and see the condor payoff diagram, breakevens, and Greeks update in real time. The position monitor tracks theta decay across the body as expiration approaches, and the P&L slider lets you model outcomes at any underlying price. Test condor setups before committing capital in the paper trading simulator.