5.6. Long Call Condor

Proficiency	Direction	Volatility	Asset Legs			Max Risk	Max Reward	Strategy Type
				+
				+
Advanced	Neutral	Low	• Long Call			Capped	Capped	Capital Gain
			• Short Call
			• Short Call
			• Long Call

5.6.1. Description

Long condors are identical to long butterflies, with the exception that the two middle options have different strikes. The Long Call Condor is another rangebound strategy and is the opposite of a Short Call Condor, which is a volatility strategy. Long condors are quite popular because they offer a good risk/reward ratio, together with low cost. The long options at the outside strikes ensure that the risk is capped on both sides, and this is a much more conservative strategy than the Short Strangle.