A neutral option strategy that is based on four legs involving selling a low strike call, buying two middle strike calls with different strike prices, and buying a higher strike call.
In other words, this position can viewed as a combination of a bear call spread and a bull call spread.
Short call condor = bear call spread + bull call spread
Short call condor = [short ITM call (lower strike) + long ITM call (higher strike)]+ [long OTM call (at yet higher strike) + short OTM call (at yet higher strike)]
This strategy constitutes a bet on high volatility.
