Long put condor
Neutral / rangeLimited profitLimited loss
Put-built condor: same plateau-in-the-range profile.
Payoff at expiry — live BTC example
Net debit
$797.9
Max profit
$202.1
Max loss
$797.9
Breakevens
65,198 / 66,602
Example legs (0.7 DTE front)
- Buy 67,400 put
- Sell 66,400 put
- Sell 65,400 put
- Buy 64,400 put
Entry greeks (per 1 BTC notional): Δ -0.007 · Γ -0.4358 per 1% · vega $-13.87/pt · theta $244.71/day
How it works
Identical plateau payoff constructed from puts.
When to use it
Same range thesis; pick the side with tighter quotes.
Risks & management
Same four-leg cost stack.
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.