Long Call Condor
You expect price to stay in a corridor. Like a butterfly, but with a wide profit "shelf": a better chance to nail the zone, though the peak is lower. Risk is capped in advance.
How the Long Call Condor works
Profit is maximal and constant while price is between the two middle strikes; on the edges you lose the debit. A wider profit zone than a butterfly, but a lower peak.
Placing strikes at GEX levels
The middle strikes define the range — set them between the Put Wall and Call Wall where price is likely to stay. The ideal regime is positive GEX.
The walls are computed live in the GEX Terminal — Position Builder.
When to open, the Greeks and managing the position
Open it on a low-volatility market when price is forecast to settle in a clear corridor between the two middle strikes. It gives a wide, flat profit plateau (wider than a butterfly), raising the win rate. Max profit = (gap between the two lower strikes − debit); breakevens: lower strike + debit and upper strike − debit.
Greeks: positive theta across the plateau, negative vega. Management: keep price between the sold strikes; beyond the wings the loss is capped at the debit.
FAQ
A condor has two different middle strikes — a wider profit zone but a lower peak.
Capped at the debit paid.
Build the Long Call Condor on live BTC and ETH quotes in the Position Builder.
Open the Position BuilderRelated strategies
Information is for educational purposes only and does not constitute investment advice. Options trading carries high risk.