What is Bear Condor?

The Bear Condor Spread is available as a predefined strategy in the Firstock terminal. It can be deployed in just a few clicks, without the need to manually enter each leg.

🔹 Step-by-Step Deployment

1. Login to Firstock
   • Open the Firstock web or mobile app and log in with your credentials.
2. Open Option Chain / Strategy Watchlist
   • Navigate to the Strategy Watchlist or directly open the Option Chain.
3. Select Predefined Strategy
   • From the predefined list, choose “Bear Condor.”
4. Click on Build
   • For Nifty, the system automatically selects:
     • ATM – 250 Put → Buy
     • ATM – 500 Put → Sell
     • ATM – 800 Put → Sell
     • ATM – 1050 Put → Buy
5. Save & Deploy
   • Review the strike prices, net debit, and margin requirements.
   • Click Save and Deploy to execute the strategy.

🔹 What You Get After Deployment

Once deployed, Firstock instantly provides:

• Payoff Chart (showing profit/loss at expiry)
• Option Greeks (Delta, Gamma, Theta, Vega)
• Breakeven Points (upper and lower)
• Probability of Profit (POP)

✅ Tip: The Bear Condor works best when you expect low volatility with a slight bearish bias. It creates a wider profit zone than a Bear Butterfly, but with slightly lower max profit.

How to Deploy a Bear Condor in Firstock (Step-by-Step)

The Bear Condor (with Puts) is available as a predefined multi-leg strategy in Firstock. Below is a detailed, action-oriented deployment flow so even a first-time user can build, review and execute the strategy safely.

🔹 Step-by-Step Deployment

1. Login to Firstock
   • Open the Firstock web or mobile app and sign in with your credentials (ID / password / OTP).
2. Open Option Chain / Strategy Watchlist
   • From the dashboard, go to Watchlists → Strategy Watchlist or open the Option Chain for the underlying (e.g., Nifty).
3. Select Predefined Strategy
   • From the predefined strategy list choose “Bear Condor.”
4. Click on Build
   • Click Build to auto-populate the legs. For Nifty the system will typically select:
     • ATM − 250 Put → Buy
     • ATM − 500 Put → Sell
     • ATM − 800 Put → Sell
     • ATM − 1050 Put → Buy
5. Customize strikes / expiry / lot size (optional)
   • Edit any leg if you want different strikes or change the expiry series.
   • Adjust lot size / quantity if you want a smaller or larger position.
   • Note: changing strikes or expiry will update net debit/credit and margin instantly.
6. Review Analytics
   • Carefully review:
     • Net Premium / Net Debit (cost you pay)
     • Margin Required (funds that will be blocked)
     • Payoff Chart (P&L across price levels at expiry)
     • Breakeven Points (lower & upper)
     • Max Profit & Max Loss
     • Probability of Profit (POP)
     • Option Greeks (Delta, Gamma, Theta, Vega)
   • Use the What-If panel to: change underlying price or days-to-expiry and verify outcome.
7. Save Strategy (optional)
   • Click Save to keep this configuration in your Strategy Watchlist for reuse.
8. Deploy (Place Order)
   • Click Save & Deploy (or Deploy) to place the multi-leg order.
   • Confirm the order pop-up showing: strikes, net debit, lot size, and margin blocked.
   • Click Confirm to send the order to the market.
9. Verify Order Execution
   • Open Orders / Order Book → check status for the strategy: Pending → Partially Filled → Executed.
   • If legs are executed as separate leg orders, confirm all four legs are filled (or note partial fills).
   • If partial fills occur, decide whether to cancel remaining legs or wait.

🔹 What You Get Immediately After Deployment

• Payoff Chart (updated for actual fills)
• Option Greeks (Delta, Gamma, Theta, Vega)
• Breakeven Points (lower & upper)
• Probability of Profit (POP)
• Positions tab showing the live strategy position (net qty, avg price, MTM P&L)

🔹 How to Monitor & Exit the Strategy

• Monitor:
  • Go to Positions → Strategies / Options Positions to track real-time P&L and Greeks.
  • Watch MTM regularly and check margin utilization in Funds/Trade Book → Home.
• Exit / Close Entire Strategy:
  • In Positions, select the Bear Condor strategy row and click Close Strategy / Close All Legs so the terminal places the opposite multi-leg order to unwind all legs in one action.
  • Or use Strategy Watchlist → Saved Strategy → Close (if platform supports single-click close).
• Exit / Close Individual Legs:
  • You can close specific legs manually (e.g., close one short put) — useful for partial adjustments, but be mindful of changing risk profile.
• Amend / Roll:
  • To roll strikes or expiry, close current strategy and deploy a new (rolled) Bear Condor; or edit and re-save then deploy if Firstock supports in-place amendment.
• Check Order Book:
  • After clicking Close, verify legs are filled in Order Book and check Positions to ensure net exposure is zero.

✅ Tip: Start with a small lot for your first few Bear Condors to see how fills and margin behave on Firstock. Always review the payoff chart, breakevens and POP right before confirming the deploy.