An iron condor is an advanced options trading strategy that involves simultaneously selling an out-of-the-money put option and an out-of-the-money call option while also buying a further out-of-the-money put option and a further out-of-the-money call option, all with the same expiration date. The iron condor strategy aims to generate income from options premiums while limiting potential losses within a defined range of prices, known as the 'wings' of the condor. The maximum profit occurs when the underlying asset's price remains between the short put and call strike prices at expiration, resulting in the options expiring worthless. The maximum loss occurs if the underlying asset's price moves beyond the breakeven points established by the long put and call options. Iron condors are popular among options traders seeking to capitalize on neutral or range-bound market conditions with limited risk exposure and defined profit potential. Traders should carefully manage position sizing, monitor market volatility, and adjust the strategy as needed to mitigate risk and optimize returns.