Bear Put Condor option strategy
Bear Put Condor is a long put condor placed entirely below the market. It profits if the underlying falls into the zone between the two middle strikes by expiry.
Payoff at expiry
Nifty, lot size 65 · Nifty future 25,151 · 17 Nov 2026Legs
| Action | Option | Strike | Lots | Qty | Premium |
|---|---|---|---|---|---|
| BUY | OTM Put | 25,100 | 1 | 65 | ₹88.25 |
| SELL | OTM Put | 25,050 | 1 | 65 | ₹68.48 |
| SELL | OTM Put | 25,000 | 1 | 65 | ₹52.04 |
| BUY | OTM Put | 24,950 | 1 | 65 | ₹38.70 |
How it works
- Buy 1 OTM put at the 25,100 strike for ₹88.25, paying the premium.
- Sell 1 OTM put at the 25,050 strike for ₹68.48, collecting the premium.
- Sell 1 OTM put at the 25,000 strike for ₹52.04, collecting the premium.
- Buy 1 OTM put at the 24,950 strike for ₹38.70, paying the premium.
- You pay a net ₹418 upfront for the position. This is the most you can lose.
Below 24,956 you lose, up to ₹418.
Between 24,956 and 25,094 you profit, up to ₹2,832.
Above 25,094 you lose, up to ₹418.
Set-up: Buy 1 lot OTM Put, Sell 1 lot lower OTM Put, Sell 1 lot next lower OTM Put and Buy 1 lot deep OTM Put with same expiration date.
What happens if Nifty moves
Profit or loss at expiry| Nifty at expiry | Move | Profit / loss |
|---|---|---|
| 23,650 | −6% | −₹418 |
| 24,400 | −3% | −₹418 |
| 24,900 | −1% | −₹418 |
| 25,150 | Unchanged | −₹418 |
| 25,400 | +1% | −₹418 |
| 25,900 | +3% | −₹418 |
| 26,650 | +6% | −₹418 |
How the Greeks affect it
When to use
When you are moderately bearish and expect the underlying to settle in a price band below the current level.
- Very low cost for a defined target band.
- Risk is capped on both sides.
- Wider profit zone than a butterfly.
Things to watch
- Loses if the underlying does not fall or falls too far.
- Four legs means more brokerage and slippage.
Bear Put Condor: questions
What is a Bear Put Condor strategy?
Bear Put Condor is a long put condor placed entirely below the market. It profits if the underlying falls into the zone between the two middle strikes by expiry.
When should you use a Bear Put Condor?
When you are moderately bearish and expect the underlying to settle in a price band below the current level.
How do you set up a Bear Put Condor?
Buy 1 lot OTM Put, Sell 1 lot lower OTM Put, Sell 1 lot next lower OTM Put and Buy 1 lot deep OTM Put with same expiration date.
What is the maximum profit of a Bear Put Condor?
Limited to the width between the first two strikes less the net debit, if the underlying closes between the two sold strikes.
What is the maximum loss of a Bear Put Condor?
Limited to the net debit paid, if the underlying stays above the highest strike or falls below the lowest strike.
What is the breakeven of a Bear Put Condor?
With Nifty at 25,151, the example on this page breaks even at 24,956 and 25,094 at expiry.