Long put condor
Neutral / rangeLimited profitLimited loss
Put-built condor: same plateau-in-the-range profile.
Payoff at expiry — live BTC example
Net debit
$699.1
Max profit
$300.9
Max loss
$699.1
Breakevens
71,899 / 73,701
Example legs (0.6 DTE front)
- Buy 74,400 put
- Sell 73,400 put
- Sell 72,200 put
- Buy 71,200 put
Entry greeks (per 1 BTC notional): Δ 0.036 · Γ -0.2507 per 1% · vega $-10.19/pt · theta $293.30/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.