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Condor Spreads use one class of Options only, either puts or call (unlike Iron condors which are call and put credit Spreads). A condor is constructed by selling an Out Of The Money Credit Spread and buying an In The Money Debit Spread.

The profitability of Condors vs Iron Condors is the same, the main difference is that a non-Iron Condor usually starts with the receipt of a credit (because it is composed of two credit Spreads), whereas the credit and debit Spreads used to construct a Condor offset the effect of each other when first opened.

There is technically an Assignment risk with American-Style Options (e.g. stocks) because the Debit Spread is In The Money and the Short option has a higher likelihood of being exercised. The trader can then simply Exercise the Long Leg of the Debit Spread, however, which enables them to receive the entire profit before Expiration.

Condors are sometimes prefixed with the name of the option type that has been used, e.g. Put Condor or Call Condor.

See a Condor spread at optioncreator.com

Condor Spread
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Contributed by: Ralph Windsor

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RUT Monthly Broken Wing Condor

Tim Pierson discusses monthly BWC (Broken Wing Condor) trades on Sheridan TV. This video is particularly useful to understand how to set up and manage BWC trades.


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Differences between Condors and Iron Condors
http://investorplace.com/2009/04/iron-condors-vs-condor-spreads/

Investor Place article detailing the differences between Condors and Iron Condors.

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Video

RUT Monthly Broken Wing Condor

Tim Pierson discusses monthly BWC (Broken Wing Condor) trades on Sheridan TV. This video is particularly useful to understand how to set up and manage BWC trades.