Short put condor
Big moveLimited profitLimited loss
Put-built short condor: profits outside the middle strikes.
Payoff at expiry — live BTC example
Net credit
$723.95
Max profit
$723.95
Max loss
$676.05
Breakevens
75,724 / 78,276
Example legs (0.9 DTE front)
- Sell 79,000 put
- Buy 77,600 put
- Buy 76,400 put
- Sell 75,000 put
Entry greeks (per 1 BTC notional): Δ -0.040 · Γ 0.1061 per 1% · vega $9.51/pt · theta $-245.83/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.