Long Call Condor Calculator
A long call condor buys a low and a high strike call and sells two middle strikes between them. It behaves like a butterfly with a flat top: a defined-risk, neutral trade that profits when the stock stays inside the two short strikes, built entirely from calls.
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Key characteristics
- Buy a low + high call, sell two inner calls between them: net debit.
- Profits across a price range between the inner strikes (a flat-top butterfly).
- Max loss = the debit; max profit = the strike spacing − debit.
- A neutral, range-bound trade — like an iron condor made only from calls.
When to use a long condor
Use a long condor when you expect the stock to drift sideways and stay within a band you can define with the two inner strikes. Compared with a butterfly it has a wider, flat profit zone (a plateau instead of a single peak), so you do not need to pin one exact price.
It is the same payoff shape as an iron condor but constructed from a single option type. Some traders prefer the all-call (or all-put) version for cleaner pricing or to avoid early-assignment quirks on one side.
Risk and trade-offs
Risk is strictly defined — the most you can lose is the net debit paid — and the reward is the spacing between adjacent strikes minus that debit. The wider you set the inner strikes, the larger the profit zone but the smaller the maximum profit.
As a debit, time decay generally helps once you are inside the range, but a strong directional move past either outer strike caps your loss at the debit. It is a patient, low-drama, range-bound strategy.
Calculate it live
Use the free OptionProfit Long Call Condor calculator to load a live option chain, build the trade, and instantly see the payoff chart, breakevens, probability of profit, Greeks and a Monte Carlo simulation of outcomes.
- Buy the outer calls, sell the two inner calls: a flat-top, range-bound trade.
- Defined risk (the debit) and a plateau of maximum profit between the shorts.
- Same shape as an iron condor, built from a single option type.
- Wider inner strikes = bigger profit zone but smaller max profit.
Frequently asked questions
How is a long condor different from a butterfly?
A butterfly has a single peak at one strike; a condor spreads the body across two middle strikes, giving a flat top — a range of prices that all earn the maximum profit instead of one exact point.
Long condor vs iron condor?
They have the same payoff shape. A long call condor is built from four calls (a debit); an iron condor combines a put spread and a call spread (a credit). The risk/reward is equivalent; the construction and assignment details differ.
What is my maximum loss?
The net debit you paid. It happens when the stock finishes beyond either outer strike, where all the spreads cancel out.
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