The Call Condor Spread is an advanced neutral option trading strategy which profits from stocks that are stagnant or trading within a a tight price range. It is not to be confused with Iron Spread, as an Iron Condor Spread is a credit spread, whereas a Condor Spreads are a debit spread. It involves buying 1 Far ITM and a Far OTM call options and selling 1 shorter ITM and a shorter OTM calls.

The choice of which strike prices to buy the long legs(Trade A and Trade D) at depends at the expected range of the underlying security. But the further the long legs are from each other, lower are the risks and lower the profits. Viceversa, the choice of the two short legs(Trade B and Trade C) will decide the maximum profit.

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