Long condor
A butterfly with a flat top: profit across a wider middle band.
Neutral4 legsDebit
Illustrative: underlying at 100, strikes every 2.5, 45 days to expiry, implied volatility 25%, model prices. One lot = 100 shares.
Key figures
| Opens for | a debit of $212 |
|---|---|
| Max profit | +$288 |
| Max loss | −$212 |
| Break-evens | 94.62 and 105.38 |
| Position delta today | −1 share |
| Outlook | Neutral |
The legs
| Action | Quantity | Option | Model price |
|---|---|---|---|
| Buy | 1 | 92.5 call, 45 days | 8.78 |
| Sell | 1 | 97.5 call, 45 days | 5.18 |
| Sell | 1 | 102.5 call, 45 days | 2.65 |
| Buy | 1 | 107.5 call, 45 days | 1.17 |
How it works
A butterfly with a flat top: profit across a wider middle band. Condors and butterflies combine spreads so the profit sits in a zone around a price, with the risk on each side capped by the outer options, the wings.
When it fits
It suits a view that the underlying stays within a range until expiry.
What can go wrong
The most it can lose at expiry in this example is −$212. Short options can be assigned early, and a sharp fall with implied volatility rising can hurt more than the expiry line suggests, which is what the crash band shows.
Building it in Trident
In the Strategy Lab, choose long condor and the days to expiry. Trident applies these strike rules to your live chain, prices each leg and draws the trade on the risk graph, where you can drag the days to expiry, change implied volatility or switch on the crash band. When it looks right, send it to order management; nothing reaches your broker until you send it.
Frequently asked questions
What is a long condor?
A butterfly with a flat top: profit across a wider middle band.
What is the maximum loss on a long condor?
In this illustrative example it is −$212 for one lot at expiry.
Where does a long condor break even?
With the underlying at 100 in this illustrative example, the break-even at expiry is 94.62 and 105.38.
Can I build a long condor in Trident?
Yes. Pick it in the Strategy Lab and Trident chooses the strikes from your live chain, prices the legs and draws it on the risk graph.
Illustrative example with model prices, not a recommendation. Options carry risk of loss. See the risk disclosure.