The short call condor options spread anticipates volatility to rise and the underlying security to move significantly in either direction. The short call condor option strategy involves selling a call option, buying a call option, buying a call option, and selling a call option, all at consecutively higher strike prices.

The short call condor is a combination of a bear call and a bull call spread. Maximum profit is the difference between the premium received for the short calls and the premium paid for the long calls (Net Credit). The maximum loss is the difference between the outer and next strike values, minus the Net Credit.

The short call condor strategy succeeds if the underlying security breaks through the trading range, trading below the lower downside breakeven (lower strike + Net Credit) or upside breakeven (upper strike - net credit) at expiration. Maximum profit is achieved if the underlying security is outside either of the outer strike prices at expiration.