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
$817.58
Max profit
$382.42
Max loss
$817.58
Breakevens
76,218 / 77,982
Example legs (0.7 DTE front)
- Buy 75,400 call
- Sell 76,600 call
- Sell 77,600 call
- Buy 78,800 call
Entry greeks (per 1 BTC notional): Δ 0.026 · Γ -0.2668 per 1% · vega $-11.75/pt · theta $258.19/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.