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. Interested in learning more? Related articles What is Intrinsic Value? What is the American or European Expiry? What is Highest Gamma Expiration Date?