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Long Call Condor
oscillateLong Call Condor Strategy is a range bound strategy. It offers a good Reward / Risk with low cost. Long Call Condor is directional neutral strategy.
Example:
| Instrument | Qty | Price |
|---|---|---|
| BUY NIFTY 06-Oct-26 22400 CE | 65 | 161.5 |
| SELL NIFTY 06-Oct-26 22450 CE | 65 | 132.45 |
| SELL NIFTY 06-Oct-26 22500 CE | 65 | 106.9 |
| BUY NIFTY 06-Oct-26 22550 CE | 65 | 85.45 |
When To Execute?
When you expect less volatility in the stock. It is similar to Long Call Butterfly Spread with variation that instead of selling 2 ATM Call , we sell 1 ATM Call and 1 OTM Call.In scanario where strike difference between 1st and 2nd strike is not equal to difference between 3rd and 4th strike;it is known as Modified Long Call Condor Strategy
Trade
Buy 1 lot ITM Call, Sell 1 lot ATM Call, Sell 1 lot OTM Call and Buy 1 lot deep OTM Call
Advantages
Long Call condor provides a high yielding strategy with low cost. It is best suited for low volatility stock. It is idle for current month expiry
Disadvantages
Time decay is harmful if the stock is below first strike or above fourth strike call and advantageous if the stock is between second and third strike call
Maximum Profit
Maximum profit in the strategy is when stock expires between the two short calls. Maximum Profit is difference between first and second strike less net outflow
Maximum Loss
Maximum Loss is net outflow between buy calls and sell call. Maximum Loss is when stock expires at or below first strike or at or above highest call