An iron condor strategy is a sophisticated options trading approach that integrates two credit spreads, consisting of a bear call spread and a bull put spread. Its primary objective is to capitalise on a stagnant or minimally fluctuating market environment for the underlying asset. The strategy aims to garner profits by establishing a position when traders anticipate the asset's price to stay within a specified range until expiration. This strategy is utilised when traders expect the market to exhibit low volatility, causing the asset's price to remain within a defined range until expiration. Profit is maximised if the underlying asset price remains between the two strike prices, allowing the options to expire worthless.In a long iron condor What is a long iron condor?, traders buy options for both the bear call spread and bull put spread together, ideal for expecting low market volatility. This strategy aims to profit from potential increased volatility or a significant price shift beyond the anticipated range. Conversely, a short iron condor What is a short iron condor? involves selling options for both spreads simultaneously, suitable for predicting minimal price movement. Sellers collect upfront premiums, yet they face higher risk if the market unexpectedly moves outside the projected range.