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The all-put counterpart to a Long Call Condor — the same flat profit plateau between two short strikes, built entirely from puts instead.

A Long Put Condor buys one put at the highest strike, sells one put at a mid-high strike, sells another put at a mid-low strike, and buys one more put at the lowest strike — four strikes, all puts, same expiry. It aims for exactly the same outcome as a Long Call Condor: the underlying settling inside a specific range by expiry.

This is the exact put-based mirror of a Long Call Condor's structure — same four-strike pattern, buy the outer wings and sell the inner strikes, just built entirely from puts.

The same five-zone shape as any classic condor:

1. At or below the lowest strike — maximum loss, fully capped and flat.
2. Between the lowest and mid-low strikes — loss shrinks as the underlying rises, crossing into profit at the lower breakeven.
3. Between the mid-low and mid-high strikes (the profit plateau) — maximum profit, flat across the whole zone.
4. Between the mid-high and highest strikes — profit shrinks as the underlying rises further, crossing into loss at the upper breakeven.
5. At or above the highest strike — maximum loss again, fully capped and flat.

A Long Put Condor fits the same range-bound view as a Long Call Condor or an Iron Condor. The choice between building it from calls, puts, or a mix (Iron Condor) usually comes down to which set of strikes offers the best net pricing for the specific range you're targeting.

Suppose Nifty is trading at 24,000 with a weekly expiry coming up, and lot size is 65. You expect it to stay roughly between 24,000 and 24,300.

1. Confirm the setup. You expect Nifty to settle inside the 24,000–24,300 range.
2. Buy 1 put at the 24,600 strike for a premium of 590.
3. Sell 1 put at the 24,300 strike, collecting a premium of 320.
4. Sell 1 put at the 24,000 strike, collecting a premium of 140.
5. Buy 1 put at the 23,700 strike for a premium of 58.
6. Calculate the net debit: (590 + 58) − (320 + 140) = 188 points, or ₹12,220 at this lot size — your maximum possible loss.
7. Understand the plateau: between 24,000 and 24,300, maximum profit of ₹7,280, flat across the whole zone.
8. Understand the breakevens: roughly 23,888 on the downside and 24,412 on the upside.
9. See how it resolves at expiry:
   • Nifty finishes between 24,000 and 24,300 → maximum profit of ₹7,280.
   • Nifty finishes at or beyond 23,700 or 24,600 → maximum loss of ₹12,220, capped either side.
   • Nifty finishes right at either breakeven → you exactly break even.

Quick reference for the same trade:

Based on the worked example above. Nearly identical in shape to the Long Call Condor page's diagram — the strategy is the same regardless of which option type builds it. Move the cursor over the chart to see profit/loss at any price.

• Four separate legs mean higher execution cost than a simpler two-leg spread.
• The profitable plateau is narrower than the full distance between the outer wings — check the width between the two short strikes specifically.
• Index options on NSE are typically European-style and cash-settled — no early-assignment risk on the short legs.