Bear Condor – Defined Bearish Range Play

A Bear Condor is a bearish strategy where multiple Put options are used to create a defined downside range. Risk is limited, reward is structured, but execution needs precision. When to use: Use this strategy when you expect the market to move down but expire within a specific price range. Historic Example: In May 2022,

was expected to expire between 560 and 520 in the May expiry. • Buy 560 Put @ ₹30 • Sell 530 Put @ ₹17 • Sell 500 Put @ ₹9 • Buy 470 Put @ ₹5 Profit & Risk: Upper Breakeven ≈ ₹551 Lower Breakeven ≈ ₹489 Max Profit ≈ ₹21 per lot Max Loss ≈ ₹9 per lot Key takeaway: Bear Condor works best when price stays within a planned bearish range and time decay supports the structure. 📌 Disclaimer: This content is for information only and not investment advice. Investments in securities market are subject to market risks. Read all the related documents carefully before investing. Please consult a SEBI-registered advisor before making any investment decisions.