The Long Condor can be viewed as a variation of the Long Butterfly options strategy, the difference being that the strikes of the "wings" of the strategy are different.

This widens the price range at which the strategy is profitable (and thus increases the probability of being profitable), but the maximum profit becomes lower, while the maximum loss increases.
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Buy / Sell Quantity Call / Put / Stock Strike Days to Expiry Volatility, % Premium Debit / Credit  

Long Condor P/L Chart


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