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
$816.29
Max profit
$816.29
Max loss
$383.71
Breakevens
73,816 / 75,584
Example legs (0.4 DTE front)
- Sell 73,000 call
- Buy 74,200 call
- Buy 75,200 call
- Sell 76,000 call
Entry greeks (per 1 BTC notional): Δ -0.063 · Γ 0.1957 per 1% · vega $7.55/pt · theta $-356.73/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.