Condor Spreads¶

Condor spreads use four legs of the same option type at four ascending strikes. Unlike iron condors (which use both calls and puts), condors use only calls or only puts.

Long Call Condor¶

Description¶

A neutral strategy using all calls that profits when the underlying stays between the two short strikes.

Composition: - Long 1 call at strike A (lowest) - Short 1 call at strike B - Short 1 call at strike C - Long 1 call at strike D (highest)

Where: A < B < C < D

Example¶

import optopsy as op
results = op.long_call_condor(data, max_entry_dte=45, exit_dte=21)

Use Cases¶

Range-bound markets using only calls
Alternative to iron condors when you only want to trade one option type
Neutral income strategy

Short Call Condor¶

Description¶

Profits from large price movements in either direction, using all calls.

Composition: - Short 1 call at strike A (lowest) - Long 1 call at strike B - Long 1 call at strike C - Short 1 call at strike D (highest)

Where: A < B < C < D

Example¶

results = op.short_call_condor(data, max_entry_dte=30, exit_dte=0)

Use Cases¶

Expecting a breakout but unsure of direction
Defined-risk volatility play using only calls

Long Put Condor¶

Description¶

A neutral strategy using all puts that profits when the underlying stays between the two short strikes.

Composition: - Long 1 put at strike A (lowest) - Short 1 put at strike B - Short 1 put at strike C - Long 1 put at strike D (highest)

Where: A < B < C < D

Example¶

results = op.long_put_condor(data, max_entry_dte=45, exit_dte=21)

Use Cases¶

Range-bound markets using only puts
Alternative to iron condors when you prefer puts

Short Put Condor¶

Description¶

Profits from large price movements in either direction, using all puts.

Composition: - Short 1 put at strike A (lowest) - Long 1 put at strike B - Long 1 put at strike C - Short 1 put at strike D (highest)

Where: A < B < C < D

Example¶

results = op.short_put_condor(data, max_entry_dte=30, exit_dte=0)

Use Cases¶

Expecting a breakout but unsure of direction
Defined-risk volatility play using only puts

Condor vs Iron Condor¶

Feature	Condor	Iron Condor
Option types	All calls or all puts	Both calls and puts
Legs	4 (same type)	4 (mixed type)
Strike constraint	4 ascending strikes	4 ascending strikes
Profit zone	Between short strikes	Between short strikes
Typical use	Single-type preference	Most common choice

Both strategies have the same payoff structure at expiration. The choice between them often comes down to liquidity and execution preference.