What is the max profit of an 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 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 iron condor's profit and loss?

Open the 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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Iron condor calculator

Neutral. Combine a bull put spread and a bear call spread around spot.

Open in the calculator All strategies

OutlookNeutral

Max profitLimited

Max lossLimited

LevelIntermediate

What is an iron condor?

An iron condor profits if the stock stays between the two short strikes. The credit is max profit. Loss is capped by the long wings if the stock trends hard in either direction.

Legs

Sell an OTM put and OTM call
Buy further OTM wings

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

Live example on SPY

Net credit$48.50

Max loss$151.50

Max profit$48.50

Chance of profitLocked: ProUpgrade

BreakevensBetween $710.52 − $800.48At expiration

709P+112/18 · $6.40
711P−112/18 · $6.64
800C−112/18 · $2.14
802C+112/18 · $1.90

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): buy 1 709 put, sell 1 711 put, sell 1 800 call, and buy 1 802 call. Net credit $48.50. Max profit $48.50; max loss $151.50. Breakevens at expiration: Between $710.52 − $800.48.

Open this 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 iron condor?: An iron condor profits if the stock stays between the two short strikes. The credit is max profit. Loss is capped by the long wings if the stock trends hard in either direction.
When does an iron condor make money?: Neutral. Combine a bull put spread and a bear call spread around spot.
What is the max profit of an 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 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 iron condor's profit and loss?: Open the 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.