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Long condors

Description	
	Long condors are identical to long butterflies, with the exception that the two mid-
	dle bought options have different strikes. The Long Call Condor is another range-
	bound strategy and is the opposite of a Short Call Condor, which is a volatility strat-
	egy. Long condors are quite popular because they offer a good risk/reward ratio,
	together with low cost. The long options at the outside strikes ensure that the risk is
	capped on both sides, and this is a much more conservative strategy than the Short
	Strangle.
	   The Long Call Condor involves a low strike long call, a lower middle ITM short
	call, a higher middle OTM short call, and a higher OTM long call. The resulting posi-
	tion is profitable in the event of the stock remaining rangebound. Here the
	risk/reward ratio is attractive, and the profitable area of the risk profile is wider
	than that of the Long Butterfly.
	
P/L Profile

    	
	



 
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