| An options strategy, similar to a butterfly spread, involving four strike prices that has both limited risk and limited profit potential. A long call condor spread is established by buying one call at the lowest strike, writing one call at the second strike, writing another call at the third strike, and buying one call at the fourth (highest) strike. This strategy is often undertaken when an increase in volatility is expected, since it allows for positive payoffs over a relatively large range of underlying prices. Also referred to as a 'flat-top butterfly'.
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