Long Condor

Decent profits if the price changes only slightly.

The Long Condor is a strategy for betting on low volatility — that the asset’s price will not rise or fall significantly during the holding period.

When buying a Long Condor, the reasoning is:

“I don’t care what the price will be, but if it doesn’t change much from current levels in either direction during the period of holding the Long Condor, I win.”

This strategy works best when the price moves within a ~10% range. Its profit zone is the opposite of a Strangle: you profit if the price remains in the 10% band, but lose if the price moves beyond that range.

Buying one Long Condor is equal to selling an OTM Call and an OTM Put, while also buying a higher OTM Call and a lower OTM Put (two ranges available — Narrow and Wide).

The Long Condor is an inverse strategy, meaning it involves selling (writing) options and cannot be exercised before expiry.