What is the max profit of an inverse iron condor?

Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.

What is the max loss of an inverse iron condor?

Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.

How do I calculate an inverse iron condor's profit and loss?

Open the inverse iron condor in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.

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Inverse iron condor calculator

Wants a move. Long the wings and short the inner strikes — a debit condor.

Open in the calculator All strategies

OutlookBig move either way

Max profitLimited

Max lossLimited

LevelIntermediate

What is an inverse iron condor?

An inverse iron condor pays if the stock breaks out of the inner range. Max loss is the debit if it stays between the short strikes. Profit is capped at the long wings.

Legs

Buy an OTM put and OTM call
Sell further OTM wings

Payoff at expiration, sketched. The live example below has the real prices.

Live example on SPY

Net debit$191.50

Max loss$191.50

Max profit$8.50

Chance of profitLocked: ProUpgrade

BreakevensBelow $752.09 or above $759.92At expiration

752P−112/18 · $15.15
754P+112/18 · $15.82
758C+112/18 · $17.93
760C−112/18 · $16.69

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): sell 1 752 put, buy 1 754 put, buy 1 758 call, and sell 1 760 call. Net debit $191.50. Max profit $8.50; max loss $191.50. Breakevens at expiration: Below $752.09 or above $759.92.

Open this inverse iron condor in the calculator to move the strikes, change the date and implied volatility, and read profit and loss by price and date.

Questions

What is an inverse iron condor?: An inverse iron condor pays if the stock breaks out of the inner range. Max loss is the debit if it stays between the short strikes. Profit is capped at the long wings.
When does an inverse iron condor make money?: Wants a move. Long the wings and short the inner strikes — a debit condor.
What is the max profit of an inverse iron condor?: Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.
What is the max loss of an inverse iron condor?: Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.
How do I calculate an inverse iron condor's profit and loss?: Open the inverse iron condor in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.