What is the max profit of a long call condor?

Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.

What is the max loss of a long call condor?

Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.

How do I calculate a long call condor's profit and loss?

Open the long call condor in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.

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Long call condor calculator

Neutral debit with four calls. Profit if the stock stays between the inner strikes.

Open in the calculator All strategies

OutlookNeutral

Max profitLimited

Max lossLimited

LevelAdvanced

What is a long call condor?

A long call condor is four calls at consecutive strikes: long, short, short, long. It is a wider, cheaper cousin of the butterfly. Max loss is the debit.

Legs

Buy A, sell B, sell C, buy D — all calls

Payoff at expiration, sketched. The live example below has the real prices.

Live example on SPY

Net debit$8.00

Max loss$8.00

Max profit$192.00

Chance of profitLocked: ProUpgrade

BreakevensBetween $752.08 − $759.92At expiration

752C+112/18 · $21.83
754C−112/18 · $20.51
758C−112/18 · $17.93
760C+112/18 · $16.69

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): buy 1 752 call, sell 1 754 call, sell 1 758 call, and buy 1 760 call. Net debit $8. Max profit $192; max loss $8. Breakevens at expiration: Between $752.08 − $759.92.

Open this long call condor in the calculator to move the strikes, change the date and implied volatility, and read profit and loss by price and date.

Questions

What is a long call condor?: A long call condor is four calls at consecutive strikes: long, short, short, long. It is a wider, cheaper cousin of the butterfly. Max loss is the debit.
When does a long call condor make money?: Neutral debit with four calls. Profit if the stock stays between the inner strikes.
What is the max profit of a long call condor?: Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.
What is the max loss of a long call condor?: Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.
How do I calculate a long call condor's profit and loss?: Open the long call condor in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.