Long Put Condor Calculator

By Yojana Mandon · Updated June 2026 · 2 min read · Risk disclaimer

A long put condor buys the two outer put strikes and sells the two inner ones, spreading a butterfly out into a flat-topped tent. It is a defined-risk, net-debit trade that profits if the stock finishes anywhere between the inner strikes at expiration — a wider, more forgiving target than a butterfly. The payoff matches a long call condor at the same strikes.

Interactive calculator

Edit the price, strikes and premiums to see the payoff update live.

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Key characteristics

Legs: long outer puts, short the two inner puts (four strikes, equal spacing).
Profits across a range — anywhere between the inner strikes at expiration.
Maximum loss is limited to the net debit paid.
Wider, flatter profit zone than a butterfly; same payoff as a long call condor.

When to use a long put condor

Choose a long put condor when you expect a stock to stay within a range but are not confident it will pin a single price. The flat top between the inner strikes gives a broader profit zone than a butterfly, trading a lower peak reward for a higher chance of landing in the money.

Built from puts, it can price better than the call condor depending on skew, while offering the same defined-risk, range-bound payoff. It is a staple neutral, income-flavoured structure.

Risks and management

The stock finishing outside the outer strikes costs you the whole (small) debit. The breakevens are the lowest strike plus the debit and the highest strike minus the debit; between the inner strikes you earn the full profit.

As with a butterfly, the maximum value is an expiration phenomenon, so manage by taking profits as the stock settles into the range rather than holding for the last cent. Keep the debit small relative to the potential payoff.

On the Greeks, the Long Put Condor is vega-negative — a fall in implied volatility (such as an earnings IV crush) works in your favour, and theta-positive, so time decay adds to the position each day it is held.

Worked example. A stock trades at $100. You buy the $97 and $103 puts and sell the $99 and $101 puts for a net debit of $0.80. Anywhere between $99 and $101 at expiration the trade is worth about $2.00 — a profit near $120. Outside $97–$103 you lose only the $80 debit.

Example Long Put Condor payoff at expiration — illustrative only; use the live calculator above for real prices.

Calculate it live

Use the free OptionProfit Long Put 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.

Key takeaways

Long the outer put strikes, short the two inner ones.
Profits over a range, not just at a single pin.
Maximum loss is the net debit; the risk is defined.
Same payoff as a long call condor — build with the cheaper options.

Stocks currently suited to the Long Put Condor
SPY, QQQ, IWM, NVDA, AMD, NFLX, INTC, MU, CRM, COIN, PYPL, JPM, BAC, BA

Frequently asked questions

How is a condor different from a butterfly?

A butterfly has a single middle strike (a sharp peak); a condor splits it into two inner strikes, creating a flat top and a wider profit range at a lower peak reward.

Does a long put condor differ from a long call condor?

No — the payoff is identical at the same strikes. The choice comes down to which options price better given skew and liquidity.

What is my maximum loss?

The net debit paid, lost only if the stock finishes outside the two outer strikes.

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