An iron condor is a two-sided spread: a short call spread above price and a short put spread below price, both opened together. You collect a credit and profit if price stays inside the wings until expiration.

Iron condors are the canonical 0DTE structure on range-bound days with elevated implied volatility. The math is friendly when realized volatility is lower than implied volatility, which is the most common 0DTE setup.

This cluster covers the symmetric iron condor, the broken-wing variant (asymmetric wings to express a directional lean while staying defined-risk), and the iron butterfly (a narrower, higher-theta cousin). Read the spreads cluster first if you have not.