Short Call Condor
Description
The mirror image of the long call condor: selling the wings and buying the body, profiting when the underlying finishes outside the middle range.
Setup
- Sell one call at the lowest strike.
- Buy one call at each of the next two strikes up.
- Sell one call at the highest strike.
Context
Used when a move away from the current range is expected but the exact destination is uncertain, while keeping the cost of entry small.
Risk Profile
Maximum gain is the small net credit received, at either extreme. Maximum loss is the width between adjacent strikes minus that credit, anywhere between the two middle strikes.
Pros
- Collects a credit up front.
- Defined, capped maximum loss.
- Wider profit zone than a short butterfly on either side.
Cons
- Maximum gain is small relative to the width of the structure.
- Loses the most if the underlying pins inside the middle range.
Effect of Time
Time decay generally hurts the position as expiry nears, if the underlying sits within the middle range.
Effect of Volatility
A rise in implied volatility tends to help the position, since it makes a move outside the range more likely.
Look-Alike Strategies
Live Structure
| Position? | Right? | Ratio | Strike | Expiry | IV? | Premium? | Fill Price? | Liquidity? | Est. Fee? |
|---|---|---|---|---|---|---|---|---|---|
| Short | Call | 1 | $73000.0000 | 20 Nov 2026 | 40.0% | $3169.0014 | $3112.7469 | 4.6000 | $22.5018 |
| Long | Call | 1 | $74000.0000 | 20 Nov 2026 | 39.2% | $2512.6997 | $2550.2026 | 29.1000 | $22.5018 |
| Long | Call | 1 | $76000.0000 | 20 Nov 2026 | 38.2% | $1500.1192 | $1537.6222 | 126.7000 | $22.5018 |
| Short | Call | 1 | $77000.0000 | 20 Nov 2026 | 37.9% | $1106.3379 | $1087.5864 | 6.4000 | $22.5018 |
Net cost, breakevens, the payoff chart and the scenario table are after costs: every leg filled by crossing the spread, estimated fees included -- the same numbers the Scanner ranks by.
Estimated Cost to Assemble
An estimate of what entering this structure right now would really cost: filling every leg by crossing the spread (the ask when buying, the bid when selling) instead of at the mid-price, plus an estimated exchange fee. Real fees and fills can differ from this estimate.
Compare venues
These exact contracts -- same strikes, expiries and ratios -- on every venue BOSS tracks for this currency, at execution: what selling (bid) or buying (ask) each leg there comes to, after that venue's own fee. Green marks the best venue for each leg and for the whole structure.
| Deribit this page | Bybit | OKX | |
|---|---|---|---|
| Index? | $74881.7300 | $74973.4513 | $74882.9000 |
| Mid-Price Cost | -$262.5204 | -$272.5000 | -$281.2994 |
| Slippage? | +$150.0119 | +$32.5000 | +$93.7665 |
| Estimated Fees? | +$90.0071 | +$90.1674 | +$90.0158 |
| Total Estimated Cost | -$22.5014 | -$149.8326$127.3300 better than this page | -$97.5171$75.0200 better than this page |
| Max Profit? | $22.5014 | $149.8326 | $97.5171 |
| Max Loss? | -$977.4986 | -$850.1674 | -$902.4829 |
| Breakeven(s)? | $73022.5014, $76977.4986 | $73149.8326, $76850.1674 | $73097.5171, $76902.4829 |
| Structure IV? | 38.8% | 38.6% | 38.6% |
| Open on this venue → | Open on this venue → |
Each leg: what it nets there per contract (fill price with the fee folded in), then the fill price, fee, IV and the size quoted at that price.
For comparing prices, not a recommendation: quotes move by the second, size is only what's shown at the top of the book, fees are each venue's published estimate, and the venues settle against different indexes and margin separately.
Market Context
This expiry as the Dashboard sees it: how the legs are priced against at-the-money and realized volatility, and where the expiry's forward sits against spot.
Volatility Smile?
Implied volatility across strikes at this expiry; the marked lines are this structure's strikes. Buying on the high part of the curve pays up for volatility; selling there collects it.
Leg bought Leg sold
Payoff & Greeks vs. Underlying Price
The Greeks curves are a Black-Scholes model using each leg's current implied volatility, holding time to expiry fixed -- not live exchange data at every price, which only exists at the current price (dashed line).
Payoff at Expiration
After costs At mid price
This structure's value and profit/loss at expiration, at a handful of specific prices: every leg's strike, every breakeven, the current spot, and the chart's own range.
| Underlying Price | Value at Expiration | Profit / Loss | Return on Cost |
|---|---|---|---|
| $69000.0000 | $0.0000 | $22.5014 | +100.0% |
| $73000.0000 breakeven | $0.0000 | $22.5014 | +100.0% |
| $74000.0000 | -$1000.0000 | -$977.4986 | -4344.2% |
| $75005.9500 current | -$1000.0000 | -$977.4986 | -4344.2% |
| $76000.0000 | -$1000.0000 | -$977.4986 | -4344.2% |
| $76977.4986 breakeven | -$22.5014 | $0.0000 | +0.0% |
| $81000.0000 | $0.0000 | $22.5014 | +100.0% |
Delta (model)?
Gamma (model)?
Vega (model)?
Theta (model)?
Rho (model)?
Alternatives
From the Scanner's latest pass (21:31:48 UTC), priced at execution like everything above.
Same payoff through other strategies
| Strategy | Market | vs. this one | Credit/Debit | Max Profit? | Max Loss? | Prob. of Profit? | Max Profit / Max Loss? |
|---|---|---|---|---|---|---|---|
| Long Iron Condor73000/74000/76000/77000 | Bybit · BTC | $152.3438 | $825.1548 | $174.8452 | -$825.1548 | 71% | 0.21× |
| Short Put Condor73000/74000/76000/77000 | Bybit · BTC | $137.3438 | -$159.8452 | $159.8452 | -$840.1548 | 71% | 0.19× |
| Long Iron Condor73000/74000/76000/77000 | OKX · BTC | $62.3746 | $915.1240 | $84.8760 | -$915.1240 | 69% | 0.09× |
Other strikes and widths of this strategy
| Strategy | Market | vs. this one | Credit/Debit | Max Profit? | Max Loss? | Prob. of Profit? | Max Profit / Max Loss? |
|---|---|---|---|---|---|---|---|
| Short Call Condor75000/77000/79000/81000 | Deribit · BTC | — | -$397.5028 | $397.5028 | -$1602.4972 | 67% | 0.25× |
| Short Call Condor74000/76000/78000/80000 | Deribit · BTC | — | -$435.0009 | $435.0009 | -$1564.9991 | 64% | 0.28× |
| Short Call Condor73000/75000/77000/79000 | Deribit · BTC | — | -$472.5112 | $472.5112 | -$1527.4888 | 62% | 0.31× |