An iron condor combines an out-of-the-money bull put spread and bear call spread on one expiration, collecting both credits. It profits when the stock finishes between the short strikes; max loss is the wider wing's width minus the total credit.
The condor is a pure volatility-premium position with no directional opinion, which concentrates all of its edge in entry conditions: the volatility being sold has to be genuinely rich, both wings have to be liquid enough to exit, and no scheduled event should span the expiration. The screening rules, and the honest expectation-setting from the CBOE condor benchmark's flat decade, are covered in iron condor entry screening.