Like a Butterfly, a Condor allows you to express an opinion as to where you think the market may be at expiration. Rather than choosing a single price, though, a condor is used to select a price range.
Long Condor: All calls or All Puts — Long A, Short B, Short C, Long D
Use if you expect the market to move, but you are not sure how far it may move. The Condor allows you to choose a range that you think the market may end it. Maximum profit realized if market is between B and C at expiration, and maximum loss if market is below A or above D at expiration.
Short Condor: All Calls or All Puts — Short A, Long B, Long C, Short D
Enter if the market is between B and C, but you think it will move strongly outside of that range by expiration. Maximum profit will occur if market is below A or above D at expiration, and maximum loss if position is held until expiration and market ends between B and C.