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Short Condor Spread

Description

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Sells the two outer strikes and buys the two middle strikes across four calls in a single expiration, taking a net credit that is kept when the stock finishes outside the middle pair.

Maximum loss is the strike width less the credit received and it applies anywhere between the two long strikes, so the structure is defined risk on both sides. All four legs are quoted from bid and ask, and the payoff grid marks the breakevens along with the flat loss region in the middle.

Template Screenshots

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