Bull Call Condor option strategy
Bull Call Condor is a long call condor placed entirely above the market. It profits if the underlying rises into the zone between the two middle strikes by expiry.
Payoff at expiry
Nifty, lot size 65 · Nifty future 22,897 · 19 Oct 2026Legs
| Action | Option | Strike | Lots | Qty | Premium |
|---|---|---|---|---|---|
| BUY | OTM Call | 22,950 | 1 | 65 | ₹99.50 |
| SELL | OTM Call | 23,000 | 1 | 65 | ₹79.56 |
| SELL | OTM Call | 23,050 | 1 | 65 | ₹62.64 |
| BUY | OTM Call | 23,100 | 1 | 65 | ₹48.53 |
How it works
- Buy 1 OTM call at the 22,950 strike for ₹99.50, paying the premium.
- Sell 1 OTM call at the 23,000 strike for ₹79.56, collecting the premium.
- Sell 1 OTM call at the 23,050 strike for ₹62.64, collecting the premium.
- Buy 1 OTM call at the 23,100 strike for ₹48.53, paying the premium.
- You pay a net ₹379 upfront for the position. This is the most you can lose.
Below 22,951 you lose, up to ₹379.
Between 22,951 and 23,096 you profit, up to ₹2,871.
Above 23,096 you lose, up to ₹379.
Set-up: Buy 1 lot OTM Call, Sell 1 lot higher OTM Call, Sell 1 lot next higher OTM Call and Buy 1 lot deep OTM Call with same expiration date.
What happens if Nifty moves
Profit or loss at expiry| Nifty at expiry | Move | Profit / loss |
|---|---|---|
| 21,500 | −6% | −₹379 |
| 22,200 | −3% | −₹379 |
| 22,650 | −1% | −₹379 |
| 22,900 | Unchanged | −₹379 |
| 23,150 | +1% | −₹379 |
| 23,600 | +3% | −₹379 |
| 24,250 | +6% | −₹379 |
How the Greeks affect it
When to use
When you are moderately bullish and expect the underlying to settle in a price band above 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 rally or rallies too far.
- Four legs means more brokerage and slippage.
Bull Call Condor: questions
What is a Bull Call Condor strategy?
Bull Call Condor is a long call condor placed entirely above the market. It profits if the underlying rises into the zone between the two middle strikes by expiry.
When should you use a Bull Call Condor?
When you are moderately bullish and expect the underlying to settle in a price band above the current level.
How do you set up a Bull Call Condor?
Buy 1 lot OTM Call, Sell 1 lot higher OTM Call, Sell 1 lot next higher OTM Call and Buy 1 lot deep OTM Call with same expiration date.
What is the maximum profit of a Bull Call 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 Bull Call Condor?
Limited to the net debit paid, if the underlying stays below the lowest strike or rises above the highest strike.
What is the breakeven of a Bull Call Condor?
With Nifty at 22,897, the example on this page breaks even at 22,951 and 23,096 at expiry.