Also known as: Long Put Condor
All-put condor: buy upper, sell middle two, buy lower. Wider profit zone than a butterfly.
Shape illustration on a normalized underlying — open the Lab below to price it on a real option chain.
The all-put condor: buy upper, sell two middle strikes, buy lower. Same plateau payoff as the call version.
Range-bound thesis with defined risk, built entirely with puts.
Maximum loss is the debit; profit needs the stock inside the middle strikes at expiration.
New to options? Start with the free curriculum — or see which strategy fits your outlook.
Educational content — not investment advice. Options involve substantial risk and are not suitable for every investor. All trading on Opus Options Trading is simulated.