Business and Personal Finance Dictionary

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• CONDOR
  
  Is an option spread strategy which is akin to a butterfly. Here, there are four different strike prices (instead of three for the butterfly) for the same instrument and for the same date. Condors can be constructed with either calls or puts. They can be either long or short. A long condor entails the purchase of a low strike call, the sale of 2 different intermediate strike calls, and the purchase of a relatively higher strike call.
  
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