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Iron Condor

Iron Condors are largely neutral four option strategies.

Long Iron Condors involve purchasing a put debit spread (also known as bear put spread) and purchasing a call debit spread (also known as a bull call spread). The long call generally has a lower price than the short call in order to generate a net debit. In contrast, the short put has a lower strike price than the long put in order to generate an additional net debit.

Short Iron Condors involve selling a put credit spread (also known as bull put spread) and selling a call credit spread (also known as a bear call spread). The long call generally has a higher strike price than the short call in order to generate a net credit. In contrast, the short put has a higher strike price than the long put in order to generate an additional net credit.