Level 2 UpperMark error

Hello all,

In chapter 30, p231 of the study guide the footnote #50 reads The short iron condor involves SELLING a bull call spread and bear put spread and it should read BUYING. The short iron condor/butterflies are debit spreads, the long iron condor/butterflie spreads are credit spreads vs the normal condors/butterflies. So likewise on footnote 51, the LONG call and LONG put have the same strike. The payoff diagrams are correct on Figure 11 which shows a debit due to the long nearer the money options being purchased. You are buying a bull call spread and buying a bear put spread.

According to Schweser, a short iron condor involves shorting both an out of the money bull spread and an out of the money bear spread.

That makes more sense to me, long = debit spread, short = credit spread. If a long Iron condor is a debit spread in Schweser then Uppermark has the pay off diagrams backwards. I’ve found conflicting terminology depending on where I look. I prefer the Schweser version. Thanks for the reply.