Inverse iron condor
Big moveLimited profitLimited loss
Debit condor: defined-risk bet that price leaves the range.
Payoff at expiry — live BTC example
Net debit
$165.51
Max profit
$1,034
Max loss
$165.51
Breakevens
72,634 / 74,966
Example legs (0.5 DTE front)
- Buy 74,800 call
- Sell 75,200 call
- Buy 72,800 put
- Sell 71,600 put
Entry greeks (per 1 BTC notional): Δ -0.068 · Γ 0.1459 per 1% · vega $6.06/pt · theta $-260.24/day
How it works
The mirrored condor: pay a debit that converts to max profit if price finishes beyond either wing.
When to use it
Pre-breakout or pre-event when IV is cheap and you want both directions covered with defined cost.
Risks & management
Needs the move to happen before expiry; the middle of the range is a total loss of the debit.
Related structures
Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.