Long Condor
Buy 1 lower OTM Call, sell 1 lower-middle Call, sell 1 upper-middle Call, and buy 1 higher OTM Call for a small debit to profit from a flat trading range.
Interactive Payoff Curve & Greeks Simulation
Visualize the theoretical profit & loss at expiry vs T+0 immediate day curves. Drag the simulation slider to stress-test your trade.
Option Payoff Curve & Greeks
Net Option Greeks (Sensitivity Profile)
Values per 1 Lot standard unitMulti-Leg Position Structure (4 Legs)
| Action | Instrument / Strike | Type | Expiry | Approx Delta | Est. Premium | Qty Ratio |
|---|---|---|---|---|---|---|
| BUY | 24,200 CE | CALL | Monthly Expiry | +0.65 | ₹420 | 1x |
| SELL | 24,400 CE | CALL | Monthly Expiry | +0.55 | ₹290 | 1x |
| SELL | 24,600 CE | CALL | Monthly Expiry | +0.42 | ₹180 | 1x |
| BUY | 24,800 CE | CALL | Monthly Expiry | +0.30 | ₹100 | 1x |
How the Structure Works
Tabletop profit plateau between inner short strikes.
A Long Condor is similar to a Long Butterfly, but instead of pinning at a single exact strike, it features a flat "tabletop" profit zone between the two middle strikes (24,400 to 24,600), giving you a much wider target area to achieve maximum profit.
Institutional Strike Selection Rules
Phased Execution Blueprint
Follow this structured sequence to eliminate emotional hesitation during order entry, lifecycle management, and final exit.
Tabletop Range
Deploy when expecting market to trade within a 200-pt channel.
Interactive Margin & Position Size Calculator
Calculate exact lot sizing based on the 1-2% risk rule to preserve capital against Black Swan events.
Options Position Size & Max Risk Calculator
Total net liquid equity in your brokerage account
Recommended: 1.0% - 2.0% for disciplined longevity
Wing width max loss or defined mental/system SL
Rigorous Risk Rules & Adjustment Protocols
Non-negotiable parameters for stop-loss triggers, portfolio caps, and firefighting adjustments when market tests your strikes.
- Close when inside plateau.
Defined risk; low margin.
NIFTY Long Condor Trade Walkthrough
Nifty traded in 24,400-24,600 band.
Bought 24200 / Sold 24400 / Sold 24600 / Bought 24800 CE (Debit = ₹50)
- Stock stayed inside the 200-pt plateau.
Common Mistakes to Avoid
Why it happens: Reduces R:R.
Solution: Ensure debit is <25% of strike width.
Institutional Pro Tips
Long Condor FAQs
Why choose a Long Condor over a Butterfly?
The Long Condor gives you a wider profit plateau rather than requiring an exact single-strike pin.
Alternative & Complementary Strategies
Buy 1 lower wing, sell 2 center body, and buy 1 higher wing options for a small debit, targeting a pin at the center strike.
Sell an OTM Call Spread and an OTM Put Spread simultaneously to collect double premium in a range-bound market with strictly defined risk.
Sell a short-dated option and buy a longer-dated option at the same strike to exploit rapid near-term time decay with low capital risk.