Long Put Condor
Neutral — same goal as the long call condor but constructed with puts; sometimes preferred when the condor body is below the current stock price
Risk Profile at a Glance
How to Construct the Long Put Condor
- 1.Buy 1 put at strike D (highest)
- 2.Sell 1 put at strike C
- 3.Sell 1 put at strike B
- 4.Buy 1 put at strike A (lowest)
- 5.All same expiration, equally spaced strikes (A < B < C < D)
- 6.Net debit
Understanding the Long Put Condor
The long put condor achieves the same payoff as the long call condor but uses puts. By put-call parity, the two structures are equivalent in value, so traders choose based on strike availability, liquidity, and whether a put-based structure is more intuitive. Maximum profit is achieved when the stock is between the inner two strikes (B and C) at expiration. Maximum loss is the net debit when the stock is outside the outer strikes.
Put condors are often used when the expected range is below the current stock price — placing the condor body below the current price creates a slightly bearish neutral trade. They are also used when puts have more liquid markets at the desired strikes. The long put condor can be thought of as two bull put spreads stacked: selling a put spread at the top of the range (B-C) and buying a put spread at the bottom (A-B) for protection. In practice, the choice between call and put condor is primarily a liquidity and pricing consideration..
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 Put Condor options strategy?
The long put condor achieves the same payoff as the long call condor but uses puts. By put-call parity, the two structures are equivalent in value, so traders choose based on strike availability, liquidity, and whether a put-based structure is more intuitive.
When should I use the Long Put Condor?
Neutral — same goal as the long call condor but constructed with puts; sometimes preferred when the condor body is below the current stock price
What is the maximum loss on the Long Put 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 Put Condor compare to similar strategies?
The Long Put Condor is a neutral debit strategy. Compared to the Long Call Condor (neutral, debit), the Long Put 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.