A neutral (risk-limited and reward-limited) option trading strategy which builds on the short butterfly strategy, and whereby a short butterfly is stretched over four strike prices rather than three. More specifically, this strategy is a combination of a bearish vertical spread and a bullish vertical spread. The short condor can be constructed either by using calls or puts. A short condor with calls involves buying two different-strike calls (say at 50 and 55) and at the same time selling two different-strike calls (say at 45 and 60) as a hedge in case the market moves in an unfavorable direction . It is worth-noting that for this short condor to be established, one the short calls should have a strike price lower than the one with the lowest strike in the long side, while the other’s strike price need to be higher than the one with highest strike in the long side.