Long Call Condor: Wider Profit Zone Than a Butterfly

Construction: the two short middle calls collect premium; the two long outer calls cap risk on either end. Net debit. Max gain occurs between the two short strikes. Max loss is the debit paid. Probability of profit is meaningfully higher than a butterfly because the profit zone is wider — the trade-off is lower max gain.

Use case: range-bound thesis with a defined target zone for the underlying at expiration. Common alternative to iron condors when the trader prefers a debit structure or wants the call-side P&L profile. Iron condors and long call condors are mathematically related — both define a profit zone with capped risk.