Glossary A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | 1 | 3 | 4 | 5 Definitions by InvestorWords.com   What is...? Condor Also known as a "flat-top butterfly," a condor spread is a four-legged options strategy made up of all calls or all puts with four different strike prices. It carries a 1:1:1:1 ratio—e.g. if the first leg has 10 contracts, all the others must also have 10. The options in a condor must all be on the same underlying asset. This strategy has limited up and downside. There are two types of condors: Long Condor – In this strategy, there is a long option on the lower strike price, short options on the two ?middle? strike prices, and a long option on the higher strike price. Generally used by traders who feel the underlying will move in a narrow range. Results in a net debit to the buyer. Short Condor – In this strategy, there is a short option on the lower strike price, long options on the two ?middle? strike prices, and a short option on the higher strike price. Generally used by traders who feel the underlying will move significantly. Results in a net credit to the seller. Copyright ©2009 by InvestorGuide.com. All Rights Reserved.