Short put condor
Big moveLimited profitLimited loss
Put-built short condor: profits outside the middle strikes.
Payoff at expiry — live BTC example
Net credit
$797.9
Max profit
$797.9
Max loss
$202.1
Breakevens
65,198 / 66,602
Example legs (0.7 DTE front)
- Sell 67,400 put
- Buy 66,400 put
- Buy 65,400 put
- Sell 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
Same escape payoff via puts.
When to use it
Same anti-range thesis.
Risks & management
Same tight economics.
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.