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Long Put Condor
oscillateLong Put Condor Strategy is a range bound. It offer good Reward / Risk with low cost
Example:
| Instrument | Qty | Price |
|---|---|---|
| BUY NIFTY 06-Oct-26 22400 PE | 65 | 99.3 |
| SELL NIFTY 06-Oct-26 22450 PE | 65 | 120.3 |
| SELL NIFTY 06-Oct-26 22500 PE | 65 | 144.1 |
| BUY NIFTY 06-Oct-26 22550 PE | 65 | 172.35 |
When To Execute?
Long Put Condor is directional neutral strategy wherein you expect less volatility in the stock. It is similar to Long Put Butterfly Spread with variation that instead of selling 2 ATM Put , we sell 1 ITM Put and 1 OTM Put..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 Put Condor Strategy
Trade
Buy 1 ITM Put, Sell 1 middle ITM Put, Sell 1 middle OTM Put and Buy 1 deep OTM Put
Advantages
Long Put condor provides 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 is the stock is below first strike or above fourth strike Put and advantageous if the stock is between second and third strike Put
Maximum Profit
Maximum profit in the strategy is when stock expires between the two short puts. Maximum Profit is difference between first and second strike less net outflow
Maximum Loss
Maximum Loss is net outflow between buy Puts and sell Puts. Maximum Loss is when stock expires at or below first strike or at or above highest strike