An advanced options strategy that involves buying and holding four different options with different strike prices. In an iron condor, you simultaneously purchase an out-of-the-money put bull spread, and sell an out-of-the-money call bear spread, where all legs have the same expiry.

For example:

Purchase an iron condor: Buy 1 XYX JAN08 25.0 PUT, Sell 1 XYZ JAN08 27.5 PUT, Sell 1 JAN08 30.0 Call, Buy 1 JAN08 32.5 Call.
Sell an iron condor: Sell 1 XYX JAN08 25.0 PUT, Buy 1 XYZ JAN08 27.5 PUT, Buy 1 JAN08 30.0 Call, Sell 1 JAN08 32.5 Call.