Condor vs Iron Condor

A Long Call Condor uses only calls. A credit Iron Condor combines a Bull Put Spread with a Bear Call Spread. With the same four strikes and suitable matching premiums, the two can produce identical expiration profit and loss.

What Are You Choosing Between?

Compare the net executable price and the practical handling of calls versus puts. A debit on one side and a credit on the other are different cashflow presentations, not evidence that one has a larger profit. Both have four distinct legs in this example.

The Main Differences

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Results for the example positions below, before costs
Compare	Call Condor	Iron Condor
Construction	Four calls create a debit position with a flat central peak.	Sell a put spread and call spread with separated short strikes.
Example entry	$300 net debit	$200 net credit
Maximum profit	$200	$200
Maximum loss	$300	$300
Breakeven price	$93; $107	$93; $107

A Practical Example

Use $90, $95, $105 and $110 throughout. The Call Condor costs $300; the Iron Condor receives $200 against $5 wings. Both earn $200 between $95 and $105 and lose $300 outside the outer strikes. Their overlapping curves are the result of matched strikes and zero-carry parity, not an assumption that every Condor quote will be equivalent.

XYZ is at $100 when the option trades are entered. Premiums below are per share; each option contract covers 100 shares. Each column shows one complete position, not an equal-capital allocation. Prices are hypothetical and exclude commissions, taxes, dividends, financing costs and early-assignment cashflows.

Exact quantities, strikes, premiums and days to expiration
Position	Example legs
Call Condor	Buy 1 $90 call, 30 days, at $12.50 Sell 1 $95 call, 30 days, at $8 Sell 1 $105 call, 30 days, at $3 Buy 1 $110 call, 30 days, at $1.50
Iron Condor	Buy 1 $90 put, 30 days, at $2.50 Sell 1 $95 put, 30 days, at $3 Sell 1 $105 call, 30 days, at $3 Buy 1 $110 call, 30 days, at $1.50

Comparing the Expiration Payoffs

Condor vs Iron Condor — expiration payoff comparison — Profit or loss at the common 30-day expiration, including the stated entry amounts. Lines overlap when the example payoffs match. The displayed price window does not cap an unlimited loss or gain.

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Expiration profit / loss in dollars
XYZ price	Call Condor	Iron Condor
$80	−$300	−$300
$95	$200	$200
$100	$200	$200
$105	$200	$200
$120	−$300	−$300

What to Watch For

Call Condors can have unequal wings too, including the Broken Heart variation. This comparison uses equal outer wing widths. Changing those widths changes the risk and should not be attributed simply to adding “iron” to the name.

Before expiration, time value and implied volatility can change a position’s market value. Short options also create exercise and assignment obligations. Review the full strategy guides for position management and settlement details.

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