A bear condor is a complex option trading strategy that involves selling a call spread and a put spread on the same underlying asset, with the same expiration date. The call spread consists of selling a call option with a higher strike price and buying a call option with a lower strike price. The put spread consists of selling a put option with a lower strike price and buying a put option with a higher strike price.

The bear condor strategy is typically used when the trader expects the underlying asset to experience a moderate price decline, but is unsure of the exact magnitude or timing of the decline. By selling the call spread and the put spread, the trader is able to generate a credit, as the premiums received from selling the options are typically greater than the premiums paid for buying the options.

The goal of the bear condor strategy is to profit from the difference between the two premiums, as long as the underlying asset stays within a certain price range. However, there is also the risk that the underlying asset will move outside of this range, in which case the trader may incur losses.

It's important to carefully consider the potential risks and rewards of the bear condor strategy before implementing it, as it is a complex and potentially risky strategy. It's also important to have a good understanding of the underlying asset and the market conditions that may affect its price.