An Iron Condor sells an OTM Call and an OTM Put (collecting premium) while buying a further OTM Call and Put (for protection). The payoff chart shows a flat profit zone between the two short strikes - this is where you want the market to stay at expiry.  

 Below the lower short put strike and above the upper short call strike, the P&L curves downward to the maximum loss (which is capped by the long legs). The two breakeven points are where the profit zone begins and ends.  

 The wider the profit zone, the lower the premium collected. This trade-off is visible immediately on the chart.