Short call condor
Big moveLimited profitLimited loss
Inverted call condor: pays if price exits the middle band.
Payoff at expiry — live BTC example
Net credit
$796.77
Max profit
$796.77
Max loss
$203.23
Breakevens
65,197 / 66,603
Example legs (0.7 DTE front)
- Sell 64,400 call
- Buy 65,400 call
- Buy 66,400 call
- Sell 67,400 call
Entry greeks (per 1 BTC notional): Δ 0.003 · Γ 0.4068 per 1% · vega $12.90/pt · theta $-224.30/day
How it works
Reverse the condor legs: collect a credit kept when price escapes the middle strikes.
When to use it
Anti-range thesis with defined risk.
Risks & management
Credit is small relative to the risk band; needs conviction that the range breaks.
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.