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Short Put Condor
eitherwaysShort Put Condor Strategy is a Volatility strategy. It is opposite to Long Put Condor. It offers lower reward for relatively higher risk
Example:
| Instrument | Qty | Price |
|---|---|---|
| SELL NIFTY 06-Oct-26 22400 PE | 65 | 99.3 |
| BUY NIFTY 06-Oct-26 22450 PE | 65 | 120.3 |
| BUY NIFTY 06-Oct-26 22500 PE | 65 | 144.1 |
| SELL NIFTY 06-Oct-26 22550 PE | 65 | 172.35 |
When To Execute?
Short Put Condor is a volatility based strategy that could be executed when one expects big move in underlying to make money.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 Short Put Condor Strategy
Trade
Sell 1 ITM Put, Buy 1 middle ITM Put, Buy 1 middle OTM Put and Sell 1 deep OTM Put
Advantages
Idle for the stock that is range bound for the long time and is expected to give breakout/ breakdown. It is net credit strategy with defined reward to risk
Disadvantages
Time decay could be beneficial if the stock is near the extremes and can hurt if the stock expires between middle two strikes
Higher profit potential comes only near expiration
Maximum Profit
It is the net credit strategy. Maximum Profit arrives if the stock closes above highest Put or below the first Put
Maximum Loss
Maximum Loss occurs if the stock fails to give any momentum and expires between the two bought Puts. Maximum loss is difference between first and second Put less net credit received