Spread of Spreads

Condor and Iron Condor

Combinations of vertical spreads with a plateau between the inner strikes.

Expiration payoff profile for Condor and Iron Condor
Payoff at expiration

Condors and Iron Condors are combinations of vertical spreads. A condor uses only options of one type (put or call), while an Iron Condor is a combination of a call spread and a put spread.

Condors and Iron Condors both have limited risk and limited reward.

Cheat sheet

Call Condor Cheat SheetPDF Put Condor Cheat SheetPDF Iron Condor Cheat SheetPDF

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