Long Call Condor option strategy
Long Call Condor Strategy is a range bound strategy. It offers a good Reward / Risk with low cost. Long Call Condor is directional neutral strategy.
Payoff at expiry
Nifty, lot size 65 · Nifty future 22,650 · 6 Oct 2026Legs
| Action | Option | Strike | Lots | Qty | Premium |
|---|---|---|---|---|---|
| BUY | ITM Call | 22,600 | 1 | 65 | ₹161.78 |
| SELL | ATM Call | 22,650 | 1 | 65 | ₹135.47 |
| SELL | OTM Call | 22,700 | 1 | 65 | ₹112.10 |
| BUY | OTM Call | 22,750 | 1 | 65 | ₹91.61 |
How it works
- Buy 1 ITM call at the 22,600 strike for ₹161.78, paying the premium.
- Sell 1 ATM call at the 22,650 strike for ₹135.47, collecting the premium.
- Sell 1 OTM call at the 22,700 strike for ₹112.10, collecting the premium.
- Buy 1 OTM call at the 22,750 strike for ₹91.61, paying the premium.
- You pay a net ₹378 upfront for the position. This is the most you can lose.
Below 22,606 you lose, up to ₹378.
Between 22,606 and 22,749 you profit, up to ₹2,872.
Above 22,749 you lose, up to ₹378.
Set-up: Buy 1 lot ITM Call, Sell 1 lot ATM Call, Sell 1 lot OTM Call and Buy 1 lot deep OTM Call.
What happens if Nifty moves
Profit or loss at expiry| Nifty at expiry | Move | Profit / loss |
|---|---|---|
| 21,300 | −6% | −₹378 |
| 21,950 | −3% | −₹378 |
| 22,400 | −1% | −₹378 |
| 22,650 | Unchanged | +₹2,872 |
| 22,900 | +1% | −₹378 |
| 23,350 | +3% | −₹378 |
| 24,000 | +6% | −₹378 |
How the Greeks affect it
When to use
When you expect less volatility in the stock. It is similar to Long Call Butterfly Spread with variation that instead of selling 2 ATM Call , we sell 1 ATM Call and 1 OTM Call.In scanario where strike difference between 1st and 2nd strike is not equal to difference between 3rd and 4th strike;it is known as Modified Long Call Condor Strategy.
- Long Call condor provides a high yielding strategy with low cost. It is best suited for low volatility stock. It is idle for current month expiry.
Things to watch
- Time decay is harmful if the stock is below first strike or above fourth strike call and advantageous if the stock is between second and third strike call.
Long Call Condor: questions
What is a Long Call Condor strategy?
Long Call Condor Strategy is a range bound strategy. It offers a good Reward / Risk with low cost. Long Call Condor is directional neutral strategy.
When should you use a Long Call Condor?
When you expect less volatility in the stock. It is similar to Long Call Butterfly Spread with variation that instead of selling 2 ATM Call , we sell 1 ATM Call and 1 OTM Call.In scanario where strike difference between 1st and 2nd strike is not equal to difference between 3rd and 4th strike;it is known as Modified Long Call Condor Strategy.
How do you set up a Long Call Condor?
Buy 1 lot ITM Call, Sell 1 lot ATM Call, Sell 1 lot OTM Call and Buy 1 lot deep OTM Call.
What is the maximum profit of a Long Call Condor?
Maximum profit in the strategy is when stock expires between the two short calls. Maximum Profit is difference between first and second strike less net outflow.
What is the maximum loss of a Long Call Condor?
Maximum Loss is net outflow between buy calls and sell call. Maximum Loss is when stock expires at or below first strike or at or above highest call.
What is the breakeven of a Long Call Condor?
With Nifty at 22,650, the example on this page breaks even at 22,606 and 22,749 at expiry.