Condor Spread

### What is a Condor Spread? Not to be confused with the Iron Condor — this version uses all calls (or all puts) across four strikes, and it's a net debit trade rather than a credit trade. The two short strikes in the middle create a flat plateau of maximum profit, which is wider and more forgiving than a butterfly's single peak. I think of this as the "I want a wide comfortable range, and I'm okay paying a small debit for it" trade — a good stepping stone between a simple debit spread and the more complex Iron Condor.