SHORT CONDOR
Sell One + Buy One + Buy One + Sell One = Credit received
RISK COLLAR / FENCE (RISK CONVERSION)
Long Underlying Security = Purchasing OTM Put + Selling the OTM call
RISK COLLAR / FENCE (RISK REVERSAL)
Short Underlying Security = Purchasing OTM Call + Selling the OTM Put
Sell One + Buy One + Buy One + Sell One = Credit received
RISK COLLAR / FENCE (RISK CONVERSION)
Long Underlying Security = Purchasing OTM Put + Selling the OTM call
RISK COLLAR / FENCE (RISK REVERSAL)
Short Underlying Security = Purchasing OTM Call + Selling the OTM Put