Condor Spread Advanced

Options Advanced NIFTY Options BANKNIFTY Options FINNIFTY Options Stock Options

Neutral - expecting price to settle within a defined range by expiry

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Quick Reference

Strategy Type	Non-Directional / Range Trading
Market Outlook	Neutral - expecting price to settle within a defined range by expiry
Risk Profile	Limited to net debit paid
Reward Profile	Limited but with wider profit plateau than butterfly
Time Horizon	Typically 7-45 days to expiry
Capital Requirement	Low to Moderate (₹5,000 - ₹25,000 per lot for NIFTY)
Margin Type	Debit spread - no additional margin beyond premium paid
Best Used When	Expecting range-bound market with uncertainty about exact settlement, moderate IV environment, want wider profit zone than butterfly with defined risk

When to Use This Strategy

Expecting range-bound market with uncertainty about exact settlement, moderate IV environment, want wider profit zone than butterfly with defined risk

India-Specific Notes

Lot Sizes

NIFTY	25 units per lot
BANKNIFTY	15 units per lot
FINNIFTY	25 units per lot
Stock Options	Varies by stock

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