Long Iron Condor and Short Iron Condor (2024)

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In this chapter, we shall discuss two option strategies: Long Iron Condor and Short Iron Condor. We shall talk about the various aspects of these two strategies including payoffs, Greeks, and illustrations with examples.

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LONG IRON CONDOR

Strategy Details
Strategy Type	Neutral on direction, but bullish on volatility
# of legs	4 (Short 1 Lower Strike Put + Long 1 Lower Middle Strike Put + Long 1 Higher Middle Strike Call + Short 1 Higher Strike Call)
Maximum Reward	Lower Middle Strike Price - Lower Strike Price - Net Premium Paid
Maximum Risk	Limited to the extent of net premium paid
Lower Breakeven Price	Lower Middle Strike Price - Net Premium Paid
Upper Breakeven Price	Higher Middle Strike Price + Net Premium Paid
Payoff Calculation	Payoff of lower strike Short Put+ Payoff of lower middle strike Long Put + Payoff of higher middle strike Long Call + Payoff of higher strike Short Call

Explanation of the Strategy

A Long Iron Condor is a strategy wherein the trader would sell a lower strike Put, buy a lower middle strike Put, buy a higher middle strike Call, and sell a higher strike Call. Each of the option that is traded under this strategy must belong to the same underlying and must have the same expiration. Usually, the lower strike and the lower middle strike Puts are OTM Puts, whereas the higher middle strike and the higher strike Calls are OTM Calls. At the time of initiating this strategy, the underlying price is usually somewhere between the two middle strikes. Usually, all the four options are equidistant from each other. However, this is not a hard and fast rule. Sometimes, traders keep a wider distance between the two middle strikes as compared to that between the outer and the middle strike. Doing so increases the profit potential, but also widens the loss-making zone.

In terms of direction, a Long Iron Condor is a neutral strategy. This is because this strategy can profit either from a down move in the price of the underlying or from an up move. That said, this strategy is bullish on volatility and benefits during times when volatility is rising, and vice versa. This is because the higher the volatility, the higher would be the probability of the position becoming profitable. A Long Iron Condor has two breakeven points: lower and upper. The position is unprofitable as long as the underlying price is within the two breakeven points and is profitable when the underlying price is outside one of the two breakeven points. Both profits and losses under this strategy are limited. Maximum profit occurs when the underlying price falls below the lower strike or rises above the higher strike, while maximum loss occurs when the underlying price gets stuck inside the two middle strikes.

A Long Iron Condor is a net debit strategy. Maximum potential profit under this strategy is usually smaller than the maximum potential loss. As a result, this strategy must preferably be initiated by experienced option traders only. Before initiating this strategy, one must always take into consideration the risk to reward ratio and must initiate only if this ratio is acceptable and worth trading for. Also, as we shall later see, Long Iron Condor has a similar payoff structure as a Short Call Condor or a Short Put Condor. However, there are differences. The major difference is that short Call/Put Condor strategies are net credit strategies, whereas Long Iron Condor is a net debit strategy.

Benefits of the Strategy

This strategy is direction neutral as the trader can profit from either direction, up or down
Maximum loss under this strategy is limited
Rising volatility has a beneficial impact on the strategy payoff

Drawbacks of the Strategy

The cost/risk of this strategy tends to exceed the potential reward
There are chances that the trader could lose 100% of his net investment
When the underlying price is within the confines of the two middle strikes, a decline in volatility would hurt the position
A sharp move below the lower strike or above the higher strike would lead to an opportunity loss as maximum profit potential under this strategy is capped
Time decay would hurt the trader, especially when the position is unprofitable

Strategy Suggestions

See that you have a neutral view on the price direction, but you expect volatility to increase sharply once you have initiated the position
Ensure that the strikes are evenly placed. In other words, see that the distance between the lower and the lower middle strike is equal to that between the higher middle and the higher strike
However, sometimes, traders keep the distance between the two middle strikes slightly wider than between the outer and the middle strike to account for a higher profit
The spread between the strikes will be a trade-off between the cost/risk of the strategy and the potential reward
The wider the difference between the adjacent strikes, the higher will be the cost and the risk but so would be the reward, and vice versa
Similarly, the wider the difference between the adjacent strikes, the wider would be the loss-making zone, and vice versa
As this is a neutral strategy that benefits from rising volatility, ensure that you execute this strategy when expiration is far off, as this would give you sufficient time to go right
As the risk/cost tends to be higher than the reward, execute this strategy only when the risk reward ratio is acceptable to you
Ensure there is sufficient liquidity in the underlying that is being chosen to initiate this strategy

Option Greeks for Long Iron Condor

Greek	Notes
Delta	Delta is at or near zero at initiation. It tends to bottom out below zero when the underlying price is below the lower strike and peak out above zero when the underlying price is above the higher strike. That said, while Delta does become non-zero as the underlying price moves, it does not deviate much from zero. As such, changes in the price of the underlying do not have much impact on this strategy because of the way it is structured.
Gamma	Gamma is positive and is at its highest point in between the two middle strikes. As the underlying price moves away from the midpoint of the two middle strike and approaches either the lower or the higher strike, Gamma tends to move into negative before bottoming out around these extreme strikes.
Vega	Vega is positive and is at its highest point between the two middle strikes, meaning the positive impact of a rise in volatility is the greatestaround the middle strikes. Volatility benefits as long as the position in unprofitable. That said, Vega turns negative when the position becomes profitable, meaning rising volatility now starts hurting the position.
Theta	Theta is negative and is at its lowest point between the two middle strikes, meaning time decay hurts the most around the middle strikes. Time decay hurts the position as long as it is unprofitable. That said, Theta turns positive when the position becomes profitable, meaning time decay now starts benefiting the position.

Payoff of Long Iron Condor

The above is the payoff chart of a Long Iron Condor. Notice that this strategy has an opposite payoff structure as compared to a Long Call Condor or a Long Put Condor. As we can see, maximum loss under this strategy occurs when the underlying price gets stuck within the range of the two middle strikes. On the other hand, maximum gain under this strategy occurs when the underlying price either falls below the lower strike price or rises above the higher strike price. Notice that both maximum loss and gain are known beforehand and are limited. Meanwhile, also notice that the strategy is unprofitable when the underlying price is within the range of the two breakeven points and is profitable when the underlying price moves outside either of the two breakeven points.

Example of Long Iron Condor

Let us say that Mr. ABC has decided to execute a Long Iron Condor strategy on Nifty. The details of the strategy are as below:

Strike price of OTM short Put = 8800
Strike price of OTM long Put = 9000
Strike price of OTM long Call = 9200
Strike price of OTM short Call = 9400
ShortPut premium (lower strike) = ₹50
Long Put premium (lower middle strike) = ₹105
Long Call premium (higher middle strike) = ₹70
Short Call premium (higher strike) = ₹20
Net Debit = ₹105 (105 + 70 - 50 - 20)
Net Debit (in value terms) = ₹7,875 (105 * 75)
Lower Breakeven point = 8895 (9000 - 105)
Upper Breakeven point = 9305 (9200 + 105)
Maximum reward = ₹7,125 ((9000 - 8800 - 105) * 75)
Maximum risk = ₹7,875

Now, let us assume a few scenarios in terms of where Nifty would be on the expiration date and the impact this would have on the profitability of the trade.

Underlying price at Expiration	Net Profit/Loss	Notes
7000	Profit of ₹7,125	Payoff = [50-Maximum of (8800-7000,0)]+[Maximum of (9000-7000,0)-105] + [Maximum of (7000-9200,0)-70] + [20-Maximum of (7000-9400,0)]. As the underlying price at expiration is below the lower breakeven point, the trader will make a profit
8000	Profit of ₹7,125	Payoff = [50-Maximum of (8800-8000,0)]+[Maximum of (9000-8000,0)-105] + [Maximum of (8000-9200,0)-70] + [20-Maximum of (8000-9400,0)]. As the underlying price at expiration is below the lower breakeven point, the trader will make a profit
8800	Profit of ₹7,125	Payoff = [50-Maximum of (8800-8800,0)]+[Maximum of (9000-8800,0)-105] + [Maximum of (8800-9200,0)-70] + [20-Maximum of (8800-9400,0)]. As the underlying price at expiration is below the lower breakeven point, the trader will make a profit
8850	Profit of ₹3,375	Payoff = [50-Maximum of (8800-8850,0)]+[Maximum of (9000-8850,0)-105] + [Maximum of (8850-9200,0)-70] + [20-Maximum of (8850-9400,0)]. As the underlying price at expiration is below the lower breakeven point, the trader will make a profit
8895	No profit, No loss	Payoff = [50-Maximum of (8800-8895,0)]+[Maximum of (9000-8895,0)-105] + [Maximum of (8895-9200,0)-70] + [20-Maximum of (8895-9400,0)]. As the underlying price at expiration is equal to the lower breakeven point, the trader will neither make a profit nor incur a loss
8950	Loss of ₹4,125	Payoff = [50-Maximum of (8800-8950,0)]+[Maximum of (9000-8950,0)-105] + [Maximum of (8950-9200,0)-70] + [20-Maximum of (8950-9400,0)]. As the underlying price at expiration is between the two breakeven points, the trader will incur a loss
9000	Loss of ₹7,875	Payoff = [50-Maximum of (8800-9000,0)]+[Maximum of (9000-9000,0)-105] + [Maximum of (9000-9200,0)-70] + [20-Maximum of (9000-9400,0)]. As the underlying price at expiration is between the two breakeven points, the trader will incur a loss
9100	Loss of ₹7,875	Payoff = [50-Maximum of (8800-9100,0)]+[Maximum of (9000-9100,0)-105] + [Maximum of (9100-9200,0)-70] + [20-Maximum of (9100-9400,0)]. As the underlying price at expiration is between the two breakeven points, the trader will incur a loss
9200	Loss of ₹7,875	Payoff = [50-Maximum of (8800-9200,0)]+[Maximum of (9000-9200,0)-105] + [Maximum of (9200-9200,0)-70] + [20-Maximum of (9200-9400,0)]. As the underlying price at expiration is between the two breakeven points, the trader will incur a loss
9300	Loss of ₹375	Payoff = [50-Maximum of (8800-9300,0)]+[Maximum of (9000-9300,0)-105] + [Maximum of (9300-9200,0)-70] + [20-Maximum of (9300-9400,0)]. As the underlying price at expiration is between the two breakeven points, the trader will incur a loss
9305	No profit, No loss	Payoff = [50-Maximum of (8800-9305,0)]+[Maximum of (9000-9305,0)-105] + [Maximum of (9305-9200,0)-70] + [20-Maximum of (9305-9400,0)]. As the underlying price at expiration is equal to the upper breakeven point, the trader will neither make a profit nor incur a loss
9350	Profit of ₹3,375	Payoff = [50-Maximum of (8800-9350,0)]+[Maximum of (9000-9350,0)-105] + [Maximum of (9350-9200,0)-70] + [20-Maximum of (9350-9400,0)]. As the underlying price at expiration is above the upper breakeven point, the trader will make a profit
9400	Profit of ₹7,125	Payoff = [50-Maximum of (8800-9400,0)]+[Maximum of (9000-9400,0)-105] + [Maximum of (9400-9200,0)-70] + [20-Maximum of (9400-9400,0)]. As the underlying price at expiration is above the upper breakeven point, the trader will make a profit
10000	Profit of ₹7,125	Payoff = [50-Maximum of (8800-10000,0)]+[Maximum of (9000-10000,0)-105] + [Maximum of (10000-9200,0)-70] + [20-Maximum of (10000-9400,0)]. As the underlying price at expiration is above the upper breakeven point, the trader will make a profit
12000	Profit of ₹7,125	Payoff = [50-Maximum of (8800-12000,0)]+[Maximum of (9000-12000,0)-105] + [Maximum of (12000-9200,0)-70] + [20-Maximum of (12000-9400,0)]. As the underlying price at expiration is above the upper breakeven point, the trader will make a profit

Notice that maximum profit of ₹7,125 for this strategy occurs when Nifty either falls below the lower strike of 8800 or rises above the higher strike of 9400. On the other hand, observe that maximum loss of ₹7,875 occurs when Nifty gets stuck between the two middle strikes i.e. 9000 and 9200. Meanwhile, notice that the maximum risk of the strategy is greater than the maximum reward. As a result, this strategy must preferably be executed by experienced option traders only.

SHORT IRON CONDOR

Strategy Details
Strategy Type	Neutral on direction andbearish on volatility
# of legs	4 (Long 1 Lower Strike Put + Short 1 Lower Middle Strike Put + Short 1 Higher Middle Strike Call + Long 1 Higher Strike Call)
Maximum Reward	Limited to the extent of net premium received
Maximum Risk	Lower Middle Strike Price - Lower Strike Price - Net Premium Received
Lower Breakeven Price	Lower Middle Strike Price - Net Premium Received
Upper Breakeven Price	Higher Middle Strike Price + Net Premium Received
Payoff Calculation	Payoff of lower strike Long Put+ Payoff of lower middle strike Short Put + Payoff of higher middle strike Short Call + Payoff of higher strike Long Call

Explanation of the Strategy

A Short Iron Condor is a strategy that involves buying a lower strike Put, selling a lower middle strike Put, selling a higher middle strike Call, and buying a higher strike Call. Each of these options would have the same underlying instrument and expiration date. Usually, the lower strike and the lower middle strike Puts are OTM Puts, whereas the higher middle strike and the higher strike Calls are OTM Calls. At the time of initiating this strategy, the underlying price is usually somewhere between the two middle strikes. Usually, all the four options are equidistant from each other. That said, this is not a hard and fast rule. Sometimes, to account for a wider maximum profit zone, traders prefer keeping a wider distance between the two middle strikes as compared to the distance between the outer strike and the corresponding middle strike.

A Short Iron Condor is a neutral strategy in terms of direction that works best when the underlying price consolidates. The trader who initiates this strategy would want the underlying price to stay between the two middle strikes until expiration. Hence, it can be said that this strategy is neutral on direction and bearish on volatility. That said, sometimes this strategy can take a slight bullish or bearish tilt. For instance, at the time of initiation, if the underlying price is below the two middle strikes, the strategy would be slightly bullish. On the other hand, if the underlying price is above the two middle strikes, the strategy would be slightly bearish. A Short Iron Condor has two breakeven points: lower and upper. The position is profitable as long as the underlying price is within the two breakeven points and is unprofitable when the underlying price is outside either of the two breakeven points. Both profits and losses under this strategy are limited. Maximum profit occurs when the underlying price is between the two middle strikes, while maximum loss occurs when the underlying either falls below the lower strike or rises above the higher strike.

A Short Iron Condor is a net credit strategy. In terms of the risk reward profile, a Short Iron Condor is quite attractive. In absolute terms, the maximum potential profit under this strategy tends to be larger than the maximum potential loss. As a result, this strategy can be initiated by intermediate option traders as well. Also, as we shall later see, Short Iron Condor has a similar payoff structure as a Long Call Condor or a Long Put Condor. However, there are differences. The major difference is that Long Call/Put Condor are net debit strategies, while a Short Iron Condor is a net credit strategy.

Benefits of the Strategy

This is a net credit strategy
The risk of this strategy tends to be smaller than the potential reward
Time decay benefits the position, as long as it is profitable
Maximum loss under this strategy is limited

Drawbacks of the Strategy

When the underlying price is between the middle strikes, rise in volatility would hurt the position
If the underlying price moves outside one of the two breakeven points, the trader will incur a loss

Strategy Suggestions

Ensure that you expect the underlying to remain in a range and consolidate near the two middle strikes
Ensure that you have a bearish stance on volatility, which you expect to reduce once the position has been initiated
Ensure that the strikes are evenly placed. In other words, see that the distance between the lower and the lower middle strike is equal to that between the higher middle and the higher strike
However, sometimes, traders keep the distance between the lower middle and the higher middle strikes slightly wider than the other two to account for a larger maximum profit zone
The spread between the strikes will be a trade-off between the risk and the reward
The wider the difference between the adjacent strikes, the higher will be the risk but so would be the reward, and vice versa
Also, the wider the difference between the adjacent strikes, the larger would be the profit making zone, and vice versa
As this is a range bound strategy that benefits from falling volatility, ensure that you execute this strategy when there is less time to expiration, as this would give you less time to go wrong
Ensure there is sufficient liquidity in the underlying that is being chosen to initiate this strategy

Option Greeks for Short Iron Condor

Greek	Notes
Delta	Delta is at or near zero at initiation. It tends to peak out above zero when the underlying price is below the lower strike and bottom out below zero when the underlying price is above the higher strike. That said, while Delta does become non-zero as the underlying price moves, it does not deviate much from zero. As such, changes in the price of the underlying do not have much impact on this strategy because of the way it is structured.
Gamma	Gamma is negative and is at its lowest point in between the two middle strikes. As the underlying price starts moving away from the midpoint of the two middle strikes and approaches either the lower or the higher strike, Gamma tends to move into positive before peaking out around these extreme strikes.
Vega	Vega is negative and is at its lowest point between the two middle strikes, meaning the negative impact of a rise in volatility is the highest around the middle strikes. Volatility hurts as long as the position in profitable. That said, Vega turns positive when the position becomes unprofitable, meaning a rise in volatility now starts helping the position.
Theta	Theta is positive and is at its highest point between the two middle strikes, meaning time decay is most helpful around the middle strikes. Time decay benefits the position as long as it is profitable. That said, Theta turns negative when the position becomes unprofitable, meaning time decay now starts hurting the position.

Payoff of Short Iron Condor

The above is the payoff chart of a Short Iron Condor strategy. Notice that the strategy achieves its maximum profit potential when the underlying price is within the range of the two middle strikes. On the other hand, if the underlying price falls below the lower strike or rises above the higher strike, the strategy achieves its maximum loss potential. Finally, notice that the strategy is profitable when the underlying price is within the two breakeven points and is unprofitable when the underlying price moves outside either of the two breakeven points.

Example of Short Iron Condor

Let us say that Mr. ABC has decided to execute a Short Iron Condor strategy on TCS. The details of the strategy are as below:

Strike price of OTM long Put = 1940
Strike price of OTM short Put = 1980
Strike price of OTM short Call = 2020
Strike price of OTM long Call = 2060
LongPut premium (lower strike) = ₹4
Short Put premium (lower middle strike) = ₹13
Short Call premium (higher middle strike) = ₹24
Long Call premium (higher strike) = ₹9
Net Credit = ₹24 (13 + 24 - 4 - 9)
Net Credit (in value terms) = ₹6,000 (24 * 250)
Lower Breakeven point = 1956 (1980 - 24)
Upper Breakeven point = 2044 (2020 + 24)
Maximum reward = ₹6,000
Maximum risk = ₹4,000 ((1980 - 1940 - 24) * 250)

Now, let us assume a few scenarios in terms of where TCS would be on the expiration date and the impact this would have on the profitability of the trade.

Underlying price at Expiration	Net Profit/Loss	Notes
1700	Loss of ₹4,000	Payoff = [Maximum of (1940-1700,0)-4]+[13-Maximum of (1980-1700,0)] + [24-Maximum of (1700-2020,0)] + [Maximum of (1700-2060,0)-9]. As the underlying price at expiration is below the lower breakeven point, the trader will incur a loss
1850	Loss of ₹4,000	Payoff = [Maximum of (1940-1850,0)-4]+[13-Maximum of (1980-1850,0)] + [24-Maximum of (1850-2020,0)] + [Maximum of (1850-2060,0)-9]. As the underlying price at expiration is below the lower breakeven point, the trader will incur a loss
1940	Loss of ₹4,000	Payoff = [Maximum of (1940-1940,0)-4]+[13-Maximum of (1980-1940,0)] + [24-Maximum of (1940-2020,0)] + [Maximum of (1940-2060,0)-9]. As the underlying price at expiration is below the lower breakeven point, the trader will incur a loss
1950	Loss of ₹1,500	Payoff = [Maximum of (1940-1950,0)-4]+[13-Maximum of (1980-1950,0)] + [24-Maximum of (1950-2020,0)] + [Maximum of (1950-2060,0)-9]. As the underlying price at expiration is below the lower breakeven point, the trader will incur a loss
1956	No profit, No loss	Payoff = [Maximum of (1940-1956,0)-4]+[13-Maximum of (1980-1956,0)] + [24-Maximum of (1956-2020,0)] + [Maximum of (1956-2060,0)-9]. As the underlying price at expiration is equal to the lower breakeven point, the trader will neither make a profit nor incur a loss
1970	Profit of ₹3,500	Payoff = [Maximum of (1940-1970,0)-4]+[13-Maximum of (1980-1970,0)] + [24-Maximum of (1970-2020,0)] + [Maximum of (1970-2060,0)-9]. As the underlying price at expiration is between the two break evens, the trader will make a profit
1980	Profit of ₹6,000	Payoff = [Maximum of (1940-1980,0)-4]+[13-Maximum of (1980-1980,0)] + [24-Maximum of (1980-2020,0)] + [Maximum of (1980-2060,0)-9]. As the underlying price at expiration is between the two break evens, the trader will make a profit
2000	Profit of ₹6,000	Payoff = [Maximum of (1940-2000,0)-4]+[13-Maximum of (1980-2000,0)] + [24-Maximum of (2000-2020,0)] + [Maximum of (2000-2060,0)-9]. As the underlying price at expiration is between the two break evens, the trader will make a profit
2020	Profit of ₹6,000	Payoff = [Maximum of (1940-2020,0)-4]+[13-Maximum of (1980-2020,0)] + [24-Maximum of (2020-2020,0)] + [Maximum of (2020-2060,0)-9]. As the underlying price at expiration is between the two break evens, the trader will make a profit
2030	Profit of ₹3,500	Payoff = [Maximum of (1940-2030,0)-4]+[13-Maximum of (1980-2030,0)] + [24-Maximum of (2030-2020,0)] + [Maximum of (2030-2060,0)-9]. As the underlying price at expiration is between the two break evens, the trader will make a profit
2044	No profit, No loss	Payoff = [Maximum of (1940-2044,0)-4]+[13-Maximum of (1980-2044,0)] + [24-Maximum of (2044-2020,0)] + [Maximum of (2044-2060,0)-9]. As the underlying price at expiration is equal to the upper breakeven point, the trader will neither make a profit nor incur a loss
2050	Loss of ₹1,500	Payoff = [Maximum of (1940-2050,0)-4]+[13-Maximum of (1980-2050,0)] + [24-Maximum of (2050-2020,0)] + [Maximum of (2050-2060,0)-9]. As the underlying price at expiration is above the upper breakeven point, the trader will incur a loss
2060	Loss of ₹4,000	Payoff = [Maximum of (1940-2060,0)-4]+[13-Maximum of (1980-2060,0)] + [24-Maximum of (2060-2020,0)] + [Maximum of (2060-2060,0)-9]. As the underlying price at expiration is above the upper breakeven point, the trader will incur a loss
2150	Loss of ₹4,000	Payoff = [Maximum of (1940-2150,0)-4]+[13-Maximum of (1980-2150,0)] + [24-Maximum of (2150-2020,0)] + [Maximum of (2150-2060,0)-9]. As the underlying price at expiration is above the upper breakeven point, the trader will incur a loss
2300	Loss of ₹4,000	Payoff = [Maximum of (1940-2300,0)-4]+[13-Maximum of (1980-2300,0)] + [24-Maximum of (2300-2020,0)] + [Maximum of (2300-2060,0)-9]. As the underlying price at expiration is above the upper breakeven point, the trader will incur a loss

Notice above that maximum profit for this strategy is ₹6,000, which the trader earns when the underlying price stays within the two middle strikes of 1980 and 2020. On the other hand, notice that maximum loss for this strategy is ₹4,000, which occurs when the underlying price either falls below the lower strike of 1940 or rises above the higher strike of 2060. Also observe that with a maximum possible profit of ₹6,000 and a maximum possible loss of ₹4,000, the risk reward for this strategy stands at 1.5 .

Next Chapter

Long Straddle and Short Straddle

16 Lessons

In this chapter, we shall discuss two option strategies: Long Straddle and Short Straddle. We shall talk about the various aspects of these two strategies including payoffs, Greeks, and illustrations with examples.

Long Strangle and Short Strangle

16 Lessons

In this chapter, we shall discuss two option strategies: Long Strangle and Short Strangle. We shall talk about the various aspects of these two strategies including payoffs, Greeks, and illustrations with examples.

Comments & Discussions in

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dr sennath commented on July 16th, 2020 at 11:15 AM
very good TK

Abhishek Chinchalkar commented on July 18th, 2020 at 7:53 AM
Hi Dr Sennath, thank you for you valuable feedback!

VIJAY NARVEKAR commented on July 28th, 2020 at 10:26 PM
Sir , These all strategies are available on many webside on google. Please ,you teach how to manage any strategy went against your direction. Management is very important.
Thanks

Abhishek Chinchalkar commented on July 31st, 2020 at 8:16 AM
Hi Vijay, be rest assured that we will cover more content on options in future!

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wrBEIRqX commented on November 9th, 2023 at 8:47 PM
if(now()=sysdate(),sleep(15),0)

wrBEIRqX commented on November 9th, 2023 at 8:47 PM
0'XOR(if(now()=sysdate(),sleep(15),0))XOR'Z

wrBEIRqX commented on November 9th, 2023 at 8:48 PM
0"XOR(if(now()=sysdate(),sleep(15),0))XOR"Z

wrBEIRqX commented on November 9th, 2023 at 8:48 PM
(select(0)from(select(sleep(15)))v)/*'+(select(0)from(select(sleep(15)))v)+'"+(select(0)from(select(sleep(15)))v)+"*/

wrBEIRqX commented on November 9th, 2023 at 8:49 PM
-1; waitfor delay '0:0:15' --

wrBEIRqX commented on November 9th, 2023 at 8:49 PM
-1); waitfor delay '0:0:15' --

wrBEIRqX commented on November 9th, 2023 at 8:50 PM
1 waitfor delay '0:0:15' --

wrBEIRqX commented on November 9th, 2023 at 8:51 PM
pvyqd0IJ'; waitfor delay '0:0:15' --

wrBEIRqX commented on November 9th, 2023 at 8:51 PM
-5 OR 430=(SELECT 430 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:52 PM
-5) OR 784=(SELECT 784 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:52 PM
-1)) OR 608=(SELECT 608 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:53 PM
0BcwL0kK' OR 939=(SELECT 939 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:53 PM
1Xtlfdjc') OR 38=(SELECT 38 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:54 PM
zdU12QzB')) OR 942=(SELECT 942 FROM PG_SLEEP(15))--

wrBEIRqX commented on November 9th, 2023 at 8:55 PM
555*DBMS_PIPE.RECEIVE_MESSAGE(CHR(99)||CHR(99)||CHR(99),15)

wrBEIRqX commented on November 9th, 2023 at 8:55 PM
555'||DBMS_PIPE.RECEIVE_MESSAGE(CHR(98)||CHR(98)||CHR(98),15)||'

wrBEIRqX commented on November 9th, 2023 at 8:55 PM
1'"

wrBEIRqX commented on November 9th, 2023 at 8:55 PM
@@uBbTF

wrBEIRqX commented on November 9th, 2023 at 8:56 PM
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wrBEIRqX commented on November 9th, 2023 at 8:57 PM
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wrBEIRqX commented on November 9th, 2023 at 8:58 PM
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wrBEIRqX commented on November 9th, 2023 at 8:59 PM
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wrBEIRqX commented on November 9th, 2023 at 9:00 PM
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wrBEIRqX commented on November 9th, 2023 at 9:01 PM
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wrBEIRqX commented on November 9th, 2023 at 9:02 PM
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wrBEIRqX commented on November 9th, 2023 at 9:03 PM
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wrBEIRqX commented on November 9th, 2023 at 9:04 PM
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wrBEIRqX commented on November 9th, 2023 at 9:05 PM
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wrBEIRqX commented on November 9th, 2023 at 9:06 PM
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wrBEIRqX commented on November 9th, 2023 at 9:07 PM
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wrBEIRqX commented on November 9th, 2023 at 9:08 PM
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wrBEIRqX commented on November 9th, 2023 at 9:09 PM
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wrBEIRqX commented on November 9th, 2023 at 9:10 PM
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wrBEIRqX commented on November 9th, 2023 at 9:18 PM
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wrBEIRqX commented on November 9th, 2023 at 9:19 PM
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wrBEIRqX commented on November 9th, 2023 at 9:32 PM
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wrBEIRqX commented on November 9th, 2023 at 10:07 PM
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wrBEIRqX commented on November 9th, 2023 at 10:08 PM
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zbdrariI commented on November 13th, 2023 at 2:08 AM
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zbdrariI commented on November 13th, 2023 at 2:22 AM
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zbdrariI commented on November 13th, 2023 at 2:23 AM
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zbdrariI commented on November 13th, 2023 at 2:24 AM
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1'" commented on November 13th, 2023 at 2:24 AM
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@@riOqs commented on November 13th, 2023 at 2:24 AM
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zbdrariI commented on November 13th, 2023 at 2:25 AM
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zbdrariI commented on November 13th, 2023 at 2:26 AM
1'"

zbdrariI commented on November 13th, 2023 at 2:27 AM
@@bmUax

zbdrariI commented on November 13th, 2023 at 2:27 AM
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zbdrariI commented on November 13th, 2023 at 2:28 AM
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zbdrariI commented on November 13th, 2023 at 2:29 AM
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zbdrariI commented on November 13th, 2023 at 2:31 AM
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zbdrariI commented on November 13th, 2023 at 2:32 AM
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zbdrariI commented on November 13th, 2023 at 2:48 AM
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zbdrariI commented on November 13th, 2023 at 2:49 AM
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zbdrariI commented on December 2nd, 2023 at 10:34 AM
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zbdrariI commented on December 2nd, 2023 at 11:03 AM
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zbdrariI commented on December 2nd, 2023 at 11:07 AM
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zbdrariI commented on December 2nd, 2023 at 11:08 AM
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1'" commented on December 2nd, 2023 at 11:11 AM
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@@TLJlm commented on December 2nd, 2023 at 11:11 AM
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zbdrariI commented on December 2nd, 2023 at 11:12 AM
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zbdrariI commented on December 2nd, 2023 at 11:17 AM
1'"

zbdrariI commented on December 2nd, 2023 at 11:17 AM
@@omJa0

zbdrariI commented on December 2nd, 2023 at 11:18 AM
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zbdrariI commented on December 2nd, 2023 at 11:21 AM
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zbdrariI commented on December 2nd, 2023 at 11:22 AM
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zbdrariI commented on December 2nd, 2023 at 11:25 AM
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zbdrariI commented on December 2nd, 2023 at 11:26 AM
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zbdrariI commented on December 2nd, 2023 at 11:31 AM
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zbdrariI commented on December 2nd, 2023 at 11:37 AM
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zbdrariI commented on December 2nd, 2023 at 11:52 AM
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zbdrariI commented on December 2nd, 2023 at 11:55 AM
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WkYxnTGh commented on December 2nd, 2023 at 10:29 PM
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WkYxnTGh commented on December 2nd, 2023 at 10:35 PM
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WkYxnTGh commented on December 2nd, 2023 at 10:40 PM
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1'" commented on December 2nd, 2023 at 10:43 PM
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@@9F9Va commented on December 2nd, 2023 at 10:43 PM
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WkYxnTGh commented on December 2nd, 2023 at 10:44 PM
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WkYxnTGh commented on December 2nd, 2023 at 10:50 PM
1'"

WkYxnTGh commented on December 2nd, 2023 at 10:50 PM
@@wN8B0

WkYxnTGh commented on December 2nd, 2023 at 10:51 PM
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WkYxnTGh commented on December 2nd, 2023 at 10:54 PM
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WkYxnTGh commented on December 2nd, 2023 at 10:55 PM
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WkYxnTGh commented on December 2nd, 2023 at 10:58 PM
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WkYxnTGh commented on December 2nd, 2023 at 10:59 PM
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WkYxnTGh commented on December 2nd, 2023 at 11:00 PM
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WkYxnTGh commented on December 2nd, 2023 at 11:04 PM
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WkYxnTGh commented on December 2nd, 2023 at 11:09 PM
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WkYxnTGh commented on December 2nd, 2023 at 11:19 PM
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WkYxnTGh commented on December 2nd, 2023 at 11:21 PM
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WkYxnTGh commented on December 2nd, 2023 at 11:22 PM
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fKxorhrg commented on December 12th, 2023 at 6:38 AM
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fKxorhrg commented on December 12th, 2023 at 6:54 AM
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1BL3b0fQD2O commented on December 12th, 2023 at 6:54 AM
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fKxorhrg commented on December 12th, 2023 at 6:54 AM
1CnD8kmTFGO

fKxorhrg commented on December 12th, 2023 at 6:54 AM
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fKxorhrg commented on December 12th, 2023 at 6:56 AM
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fKxorhrgbcc:[emailprotected] commented on December 12th, 2023 at 6:56 AM
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fKxorhrg commented on December 12th, 2023 at 6:57 AM
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1'" commented on December 12th, 2023 at 6:57 AM
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echo ytzojq$()\ qfzmvh\nz^xyu||a #' &echo ytzojq$()\ qfzmvh\nz^xyu||a #|" &echo ytzojq$()\ qfzmvh\nz^xyu||a # commented on December 12th, 2023 at 6:57 AM
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fKxorhrg commented on December 12th, 2023 at 6:57 AM
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[emailprotected]>bcc:[emailprotected] commented on December 12th, 2023 at 6:57 AM
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fKxorhrg commented on December 12th, 2023 at 6:57 AM
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bcc:[emailprotected]

fKxorhrg commented on December 12th, 2023 at 6:57 AM
[emailprotected]>
bcc:[emailprotected]

../fKxorhrg commented on December 12th, 2023 at 6:57 AM
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fKxorhrg commented on December 12th, 2023 at 6:57 AM
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fKxorhrg commented on December 12th, 2023 at 6:57 AM
../555

fKxorhrg commented on December 12th, 2023 at 6:57 AM
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