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OptionsI
Iron Condor
A four-leg options strategy combining a short put spread and a short call spread. Profits if the underlying stays within a defined range. Popular for neutral market outlook.
Example
“For example, a trader sells an iron condor on SPY by selling a 440/445 call spread and a 410/405 put spread for a net credit of $2.50, profiting if SPY stays between $410 and $440 by expiration.”