Iron Condor

An iron condor sells an out-of-the-money call spread and put spread at once, profiting if the underlying stays inside a range until expiry. It's a bet on quiet markets with defined risk on both wings, funded by time decay. The structural catch is the payoff asymmetry: you win small amounts often and lose a multiple of the credit when price breaks out, so a single unhedged breakout can erase months of income.