An iron condor (or more accurately said, a short iron condor) is a directionally neural options strategy that combines a bear ...

Here’s a graph of the buyer’s profit when the option expires assuming various stock prices. As you can see ... a trader could short 10 shares of the stock or buy one put. If the stock finishes at $35, ...

The short put ... eke out a profit as long as XYZ closes at $39.56 or higher. However, if XYZ falls below the strike price of your sold put, you'll have to buy (to close) the option -- and the ...