In August CBOE started trading their S&P 500® Range Options (ticker SRO). These options replicate a condor position on the SPX with a single transaction. According the CBOE these are call only condors, not iron condors. You can see the options chain for these if you go to the CBOE quote page and enter in SRO in the left side dialog box. Neither Schwab, optionsXpress or Fidelity supports SRO options at this point, my guess is that the software changes to support them will be a big headache. The CBOE site suggests these are targeted at non-professionals, which I suspect translates into expensive. I don’t think these options will be successful unless they end up being significantly less expensive (e.g., lower commissions, better price) than the standard option equivalent.
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