Long call condor
Neutral / rangeLimited profitLimited loss
Four-call range trade: profit plateau between the middle strikes.
Payoff at expiry — live BTC example
Net debit
$796.77
Max profit
$203.23
Max loss
$796.77
Breakevens
65,197 / 66,603
Example legs (0.7 DTE front)
- Buy 64,400 call
- Sell 65,400 call
- Sell 66,400 call
- Buy 67,400 call
Entry greeks (per 1 BTC notional): Δ -0.003 · Γ -0.4068 per 1% · vega $-12.90/pt · theta $224.29/day
How it works
Long/short/short/long calls at ascending strikes: a butterfly with the body split, widening the max-profit zone into a plateau.
When to use it
Pin thesis with tolerance — you want a range, not a point.
Risks & management
Four legs of fees and spread; the plateau is bought with a higher debit than a butterfly.
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.