Put Condor Strategy

Learn a Put Condor options strategy for range-bound Nifty and Bank Nifty markets. This monthly expiry strategy focuses on defined risk and systematic trading.

Published · Updated · Methodology: Technical Indicators

Part of: Options Strategies

  • Methodology: Technical Indicators
  • Content type: strategy
  • Timeframes: Monthly Expiry
  • Markets: Nifty, Bank Nifty (with adjustment), Indian Stock Market

Source video

Decoded from: 99% Traders Ignore This Powerful Put Condor Strategy by Lemonn — watch the original

Key timestamps:

  • 0:50 - Introduction to monthly systematic option trading system
  • 1:25 - Why Put Condor?
  • 1:45 - Rule: Create Put Condor on first trading day of month
  • 2:00 - Rule: Index (Nifty) selection
  • 2:25 - Rule: Strike selection (200-250 points between strikes)
  • 3:00 - Example: Strike selection for Nifty 25000
  • 4:15 - Rule: Adjustments based on market movement (favor/against)
  • 4:40 - Rule: Max monthly loss 3%, book profit at 3%
  • 5:20 - Rule: No chart reading required, use payoff graph
  • 6:00 - Example: Creating Put Condor in simulator
  • 8:00 - Comparison: Put Condor vs Call Condor max loss
  • 11:00 - Adjustment rule: When first sold leg is breached
  • 12:00 - Adjustment action: Shift first buy leg towards market
  • 14:00 - Adjustment rule: When max loss 50-60% is seen
  • 15:00 - Adjustment action: Shift first sell leg towards market
  • 16:00 - Adjustment action: Reverse Harvey technique for loss mitigation

Strategy overview

A put condor is a four-legged options structure built entirely from puts, arranged so the position pays most when the underlying finishes inside a middle band at expiry. What makes this entry unusual is that its trigger is a date, not a chart condition: the video from Lemonn presents the condor as a monthly systematic routine keyed to the start of the expiry cycle, which is why the field where a chart interval would normally sit reads "Monthly Expiry" instead. That is not a bar size — it is an event. Nothing here is computed from price history, which is also why the indicator list is empty as a matter of category rather than omission.

That framing changes what the strategy's variables actually are. In a directional indicator system, the decisions are when to enter and when to leave; in a condor, the payoff is fixed the moment the four strikes are chosen, so the real decision is where those strikes sit relative to spot and how wide the structure is — geometry, not timing. The video builds this around Nifty index options, a market whose monthly expiry rhythm and strike ladder are the native units, so the setup is specified against one instrument's contract mechanics rather than offered as a generic recipe. It is also worth noting that a put condor is not an iron condor: the same tent-shaped payoff, but all four legs in a single option type, which shifts the practical questions toward net debit or credit, per-leg liquidity, and how the broker margins the combination.

The title's claim — that 99% of traders ignore this — is an assertion about attention, not about outcomes, and is worth reading as such. This entry catalogues the concept and its source; no rules were extracted into the decoded record, so the specific strike placement and index selection the video walks through live in the source material itself, alongside its worked example.

Topics

put condor strategy · options strategy · nifty options · bank nifty options · range bound strategy · monthly expiry strategy · technical indicators · indian stock market strategy · trading strategy · tradingview strategy · defined risk options · systematic trading

Frequently asked questions

What is a put condor strategy?

A put condor is a four-legged options position constructed only from put contracts, with strikes spaced so the structure's best outcome occurs when the underlying settles inside a middle range at expiry. It is a range-bound, defined-risk structure rather than a directional trade.

How is a put condor different from an iron condor?

Both produce a similar tent-shaped payoff profile that favours the underlying staying within a band. The difference is construction: an iron condor combines puts and calls, while a put condor uses four put legs on one side of the chain — which affects the net debit or credit, the liquidity of each leg, and how margin is calculated.

Why does this strategy list "Monthly Expiry" instead of a chart timeframe?

Because the setup is calendar-driven rather than signal-driven. The video frames it as a monthly systematic routine tied to the option expiry cycle, so the relevant clock is the contract's expiry, not a 5-minute or daily bar. That is also why no technical indicators are attached to it.

What should I check before trading a condor structure?

Contract specifications for the index you intend to trade, the bid-ask spread on each leg, margin treatment for multi-leg positions at your broker, and how commissions scale across four legs — costs compound in structures like this. Strategy Decoder catalogues where strategies like this one come from; for this entry the underlying rules were not extracted, so the source video remains the reference for its specifics.

About this strategy page

This trading strategy was decoded by Strategy Decoder's AI from a public YouTube trading video and turned into a structured, reviewable specification. In the interactive app this page shows the full entry and exit logic, risk management settings, the indicators involved with their parameters, AlgoWizard-compatible logic and a Pine Script export ready for TradingView backtesting — plus an automated backtest verdict when one has been computed for this strategy.

Strategy Decoder catalogs 2,229 decoded strategies. Each one is extracted with confidence scoring, cross-linked to the indicators it uses, and kept up to date as new videos are processed daily. Load this page with JavaScript enabled to use the interactive tools, or start from the strategy explorer to filter by methodology, market and timeframe.

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