Name: Long Condor Spread w/ Puts
Setup: Buy (long) Strike A put and Sell (short) Strike B put and Sell (short) Strike C put and Buy (long) Strike D put
Bias: Neutral
Break-Even: Two break-even points:
- Strike A + Debit paid
- Strike D – Debit paid
Max Profit: Limited: Strike D – Strike C – Debit paid
Max Loss: Limited: Debit paid
Margin: No margin required
Time Decay: Time decay is your friend as you want Strike A and Strike B to expire worthless.
Implied Volatility: If the underlying is between Strike B and Strike C you want volatility to decrease. Ideally you want the underlying to end up between these strikes for max profit. A decrease in volatility will increase the value of your position and make the chances of a move outside of these strikes less likely.
Notes: None at this time
Featured in Trade Review: None at this time
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