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Long Condor Spread Calculator

Long condor profit equals long lower call value minus lower short call value minus upper short call value plus long upper call value minus net debit.

Expiration scenarios

Solution

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Educational estimate only, not financial advice. Results exclude commissions, taxes, slippage, dividends, assignment risk, margin, and broker-specific rules. Verify before trading options.

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Long Condor Spread Formula

A long call condor uses four ordered strikes and profits most between the two short strikes.

Worked Examples

Load these examples to compare common long condor spread payoff outcomes.

DEBIT CONDOR

Model the middle profit plateau

A long condor reaches max profit between the short strikes.

  • Enter the manual prices and assumptions.
  • Review the calculated risk, reward, and break-even metrics.
  • Compare the chart with the highlighted scenario.

Result: the calculator updates the scenario metrics and chart from those inputs.

Real fills, fees, and broker margin rules are not modeled.

How It Works

A long condor is a defined-risk debit spread that profits if the stock finishes inside the middle range.

Example Problem

Buy the outside calls and sell the two inside calls.

  1. Enter four ordered strikes.
  2. Subtract the debit from the wing width.
  3. Calculate both break-evens.
  4. Review the payoff plateau.

The simplified calculator assumes a call condor with one contract at each strike.

Key Concepts

A debit condor has capped risk and capped reward.

Applications

  • Neutral debit spread planning.
  • Comparing condor widths.
  • Sizing max loss before entry.

Common Mistakes

  • Entering unordered strikes.
  • Confusing debit condors with iron condors.
  • Ignoring commissions on four legs.

Frequently Asked Questions

What does the Long Condor Spread Calculator calculate?

It calculates the selected options result from manual inputs, without requiring live stock or option quotes.

Does this calculator need live market data?

No. Enter the prices, premiums, volatility, days, or Greeks yourself. The calculator uses those manual inputs only.

Are commissions, taxes, margin interest, and assignment fees included?

No. The result excludes commissions, fees, taxes, borrow costs, slippage, and broker-specific margin rules.

Why can real trading results differ?

Real option prices can change with implied volatility, liquidity, dividends, early assignment, and execution prices.

Reference:

Standard options payoff, probability, and risk-management formulas.

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