What is a Short Call Condor?

A Short Call Condor consists of the following options:


  • Short 1 ITM (In-The-Money) Call Option (Lower Strike)
  • Long 1 ITM Call Option (Lower Middle)
  • Long 1 OTM (Out-Of-The-Money) Call Option (Higher Middle)
  • Short 1 OTM Call Option (Higher Strike)


Similar to a short butterfly strategy, a Short Call Condor varies by having two middle bought options with different strikes. This strategy is suitable for a volatile market.


The Short Call Condor entails selling 1 ITM Call (lower strike), buying 1 ITM Call (lower middle), buying 1 OTM Call (higher middle), and selling 1 OTM Call (higher strike). The resulting position becomes profitable if the stock or index experiences very high volatility, resulting in a significant move. Maximum profits occur if the stock or index finishes on either side of the upper or lower strike prices at expiration.

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