LONG IRON CONDOR

A long call condor consists of four different call options of the same expiration. The strategy is constructed of 1 long in-the-money call, 1 short higher middle strike in-the-money call, 1 short middle out-of-money call, 1 long highest strike out-of-money call.

An alternative way to think about this strategy is an in-the-money bull call spread (debit spread) coupled with an out-of-the money bear call spread (credit spread) with the bear call spread at higher strikes than the bull call spread.