Condor is an advanced neutral option trading strategy that combines four option contracts at different strike prices. Both the maximum profit and loss potential are limited in this type of spread.

A Long Condor is similar to the Long Butterfly, but has probability of returning profits in a wider range at the cost of lower maximum profit. It is favorable when the prices are expected to be stagnant or moving between tight price ranges.

A Short Condor is favorable when prices are expected to move substantially in either direction.

.