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Iron Condor
An iron condor combines a defined risk put spread and a defined risk call spread with the same expiration. A common short iron condor is constructed using: a long lower strike put, a short higher strike put, a short lower strike call, and a long higher strike call. Market view Generally neutral or range bound.
Why it matters to you
The strategy can benefit when the underlying remains within a specified range while the long wings cap risk on both sides. An iron condor is not simply: "Profit if the stock doesn't move." Its result also depends on: entry price, strike selection, time, volatility, and how the position is managed.