what is an iron condor? There are two ways of looking at it. The first is as a pair of strangles, one short and one long, at outer strikes. The other way of looking at it is as two credit spreads: a call credit spread above the market and a put credit spread below the market. It is these two "wings" that give the iron condor its name. These can be placed quite far from where the market is now, but the strict definition involves consecutive strike prices.
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