Reverse Iron Condor

A Reverse Iron Condor is a neutral, high-volatility strategy constructed from a short out of the money call (red), a long put struck nearer to the money (green), a long call struck out of the money (blue), and a short put struck further out of the money (yellow). It’s a generalization of a Reverse Iron Butterfly where the strikes in the butterfly’s central long straddle are pulled apart to create the condor’s central long strangle. Also called a Short Condor.