Long Call Condor
Computes the outcome of a long call condor: buy one low-strike call, sell two middle-strike calls and buy one high-strike call. It's a cousin of the butterfly with a wider profit zone: you bet the asset will stay within a range rather than land exactly on a point. The tool returns the net cost, the maximum profit, the maximum loss and the two breakeven points. Enter the four strikes and the four call premiums.
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Long Call Condor
Computes the outcome of a long call condor: buy one low-strike call, sell two middle-strike calls and buy one high-strike call. It's a cousin of the butterfly with a wider profit zone: you bet the asset will stay within a range rather than land exactly on a point. The tool returns the net cost, the maximum profit, the maximum loss and the two breakeven points. Enter the four strikes and the four call premiums.
The butterfly with wider wings
The condor is what the butterfly wishes it were when the asset doesn't stop exactly on a point. Instead of selling two options at the same middle strike, you sell two at different strikes, opening a band of profit rather than a peak. The result is a bet that the price will stay within a range by expiry, with more room than the butterfly allows.
The setup uses four calls: buy the lowest, sell the two in the middle and buy the highest. The cost is a small debit, which is also the maximum loss. The maximum profit, more modest than a directional trade's, happens across the whole plateau between the two sold strikes. It's the classic low-volatility trade: limited gain in exchange for a wider hit zone.
Enter the four strikes and the four call premiums. The tool returns the net cost, the maximum profit, the maximum loss and the two breakeven points that bound the profit zone. For a symmetric shape, keep the distances between strikes consistent, which is how the condor is usually built.
Related Tools
Long Call Butterfly Spread
Computes the outcome of a long call butterfly: buy one low-strike call, sell two middle-strike calls and buy one high-strike call, with equally spaced strikes. It's a bet that the asset will sit near the middle strike at expiry. The tool returns the net cost (debit), the maximum profit, the maximum loss (capped at the debit) and the two breakeven points. Enter the three strikes and the three call premiums.
Long Strangle
Computes the cost and breakevens of a long strangle: buying a lower-strike put and a higher-strike call, both out of the money. It's a cheaper volatility bet than the straddle, because out-of-the-money premiums cost less — in exchange, the asset has to move further to turn a profit. The tool sums the premiums and works out the two breakeven points. Enter the put and call strikes and their premiums.
Long Straddle
Computes the cost and breakevens of a long straddle: buying a call and a put at the same strike and expiry. It's the classic volatility bet — you profit if the asset moves a lot in either direction, regardless of which way, and lose at most the premium paid if it stays put. The tool sums the two premiums and works out how far from the strike the asset must move to break even. Enter the strike and the call and put premiums.
The results provided by this tool are for general informational and educational purposes only and do not constitute professional, financial, medical, legal, tax or accounting advice. Always confirm important decisions with a qualified professional and official sources.