Also known as: Long Call Condor
All-call condor: buy lower, sell middle two, buy upper. Wider profit zone than a butterfly.
Shape illustration on a normalized underlying — open the Lab below to price it on a real option chain.
Buy a lower call, sell two different middle-strike calls, buy a higher call — a butterfly with the body split, creating a plateau of maximum profit instead of a single point.
A price-range target rather than a price-point target. Wider sweet spot than a butterfly, for a higher cost.
Defined: maximum loss is the debit paid. The trade-off is a smaller peak payoff than a butterfly.
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Educational content — not investment advice. Options involve substantial risk and are not suitable for every investor. All trading on Opus Options Trading is simulated.