Cut Complexity with Call Condor Spreadsheets
A long call condor is a four-leg options strategy that profits if the stock stays between the two middle strikes at expiration. You buy one call at the lowest strike, sell one call at each of the two middle strikes, and buy one call at the highest strike, all with the same expiration. The trade is opened for a net debit, which is also the maximum loss; the maximum profit is the distance between the two lowest strikes minus that debit. A spreadsheet template calculates these values and the payoff chart for you. This is educational content, not investment advice.
What is a Call Condor?
A call condor uses only calls. It combines a bull call spread (buy the lowest strike, sell the second strike) with a bear call spread (sell the third strike, buy the highest strike). The strikes are usually evenly spaced, and all four options expire at the same time. An iron condor is a different structure: it combines a bear call spread with a bull put spread, and is opened for a net credit.
Risk and reward of the Call Condor
Both risk and reward are limited. For a long call condor, the maximum loss is the net debit paid, which occurs if the stock ends below the lowest strike or above the highest strike. The maximum profit is the width between the two lowest strikes minus the net debit, earned if the stock ends between the two middle strikes. Break-evens are the lowest strike plus the net debit and the highest strike minus the net debit.
Using volatility as an indicator can be beneficial when trading the condor. Higher or lower than expected implied volatility can result in less favorable option premiums, affecting the profitability of the trade.
Call Condor Spreadsheets
Call condor spreadsheets calculate the payoff, maximum profit, maximum loss, and break-evens from the four strikes and premiums you enter. MarketXLS offers templates for condors and other options strategies, like the Iron Condor Excel Template and Short Iron Butterfly Explained Excel Template. These spreadsheets help to quickly analyze option premiums and display the maximum and minimum potential risk/profit of a strategy without having to manually crunch numbers.
With MarketXLS installed, these templates can pull option prices into the sheet instead of requiring manual entry.
For more information and to get access to these helpful Call Condor spreadsheets and other advanced strategies, visit MarketXLS today.
Here are some templates that you can use to create your own models
Call Condor Spread
Short Condor Spread
Reverse Iron Condor Spread
Long Albatross Spread
Short Albatross Spread
Iron Condor Option Strategy
Search for all templates in the MarketXLS template library.
Related guides and workbooks
Maximizing Returns With a Call Debit Spread
The Benefits of Using Call Credit Spreads for Trading
Reverse Iron Condor Excel workbook
Short Albatross & Long Albatross Options Strategy
Volatility Surface Chart (It’S Impact On The Profitability Of Option Trades)