Long Call Condor
Neutral — expecting the stock to stay within a specific range (between strikes B and C) at expiration; want maximum profit over a wider range than a butterfly
Risk Profile at a Glance
How to Construct the Long Call Condor
- 1.Buy 1 call at strike A
- 2.Sell 1 call at strike B
- 3.Sell 1 call at strike C
- 4.Buy 1 call at strike D
- 5.All same expiration, equally spaced strikes (A < B < C < D)
- 6.Net debit
Understanding the Long Call Condor
The long call condor extends the butterfly concept to four strikes, creating a wider profit zone. You buy the outermost calls (A and D) and sell the inner calls (B and C). Maximum profit is the inner spread width minus the debit paid, achieved when the stock is anywhere between strikes B and C at expiration. The condor trades a slightly lower maximum profit for a significantly wider profitable range compared to the butterfly — there is no single "sweet spot" but rather a profitable plateau.
Maximum loss is the net debit, occurring outside the outer strikes. Call condors are used when you have medium confidence in a price range but are not trying to pin a specific level. They are cheaper than butterflies in terms of maximum risk but have a lower maximum reward as a percentage of the strikes. The long call condor is the foundation of the iron condor structure (which uses both calls and puts instead of only calls).
In EdgeOS terms, the range between upper and lower ATR triggers is the natural condor body..
When to Use It — EdgeOS Signal Integration
- ✓Use when no active bull or bear EdgeOS count — the stock is in chop / reset mode
- ✓Extension score near zero — stock is pinned at the ATR mid-level, no directional bias
- ✓Market breadth is neutral (SCTR breadth 45–55%) — range-bound conditions expected
Compare with Similar Strategies
Other Condors Strategies
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Frequently Asked Questions
What is the Long Call Condor options strategy?
The long call condor extends the butterfly concept to four strikes, creating a wider profit zone. You buy the outermost calls (A and D) and sell the inner calls (B and C).
When should I use the Long Call Condor?
Neutral — expecting the stock to stay within a specific range (between strikes B and C) at expiration; want maximum profit over a wider range than a butterfly
What is the maximum loss on the Long Call Condor?
The maximum loss is fully defined at entry: the net debit paid (for debit strategies) or the spread width minus the credit received (for credit spreads). You can never lose more than this amount.
How does the Long Call Condor compare to similar strategies?
The Long Call Condor is a neutral debit strategy. Compared to the Iron Condor (neutral, credit), the Long Call Condor has limited max risk and limited max reward. Your choice depends on your directional bias, IV environment, and risk tolerance. The TraderValue strategy comparison tool lets you see the exact payoff differences side by side.