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# Iron Condor
An iron condor is an options strategy consisting of two puts (one long and one short) and two calls (one long and one short), and four strike prices, all with the same expiration date. The iron condor earns the maximum profit when the underlying asset closes between the middle strike prices at expiration. In other words, the goal is to profit from low volatility in the underlying asset. This strategy is equivalent to a combination of an out-of-the-money short (bull) put spread and an out-of-the-money short (bear) call spread.
**When to use**: an iron condor is a delta-neutral options strategy that profits the most when the underlying asset does not move much, although the strategy can be modified with a bullish or bearish bias.
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**Risks**: profits and losses are capped
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