A neutral option strategy that aims at making profit from taking positions on stagnant or bound-range stocks. It resembles the butterfly spread in except that it (the condor spread) involves four exercise prices, rather than three (as is the case with the butterfly spread). This, per se, widens the profitable possibilities, i.e., the feasible range, but at the same time lowers the extent of maximum profit. The condor spread belongs to the breed of complex neutral options strategies in which enlist the butterfly spread, iron condor spread, iron butterfly spread, etc.