A neutral (risk-limited and reward-limited) option trading strategy which builds on the long butterfly strategy, and whereby a long butterfly is stretched over four strike prices rather than three. In other words, this strategy is a combination of a bullish vertical spread and a bearish vertical spread.

The long condor can be constructed either by using puts or calls. A long condor with puts involves buying two puts and selling two puts, with all of which expiring in the same month. More specifically, one of the long puts should be in the money, while the other is out of the money. Those two puts represent the “wings” around the condor’s body which, in turn, is represented by the two closer-to-the-money short puts.