What is a Condor? Like butterfly spreads but using 4 strikes. We buy the outer strikes and sell the two middle strikes. Iron condors are constructed using a short strangle and then buying a more OTM long strangle. They are commonly used to sell volatility to play a range trading environment but with limited risk. Related articles What is Delta One? What is a Call Spread? What is Delta in Next Expiration? What is a Butterfly Spread? What is Implied Skew?