What is the max profit of a long put 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 a long put 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 a long put condor's profit and loss?

Open the long put 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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Long put condor calculator

Neutral debit with four puts. Profit if the stock stays between the inner strikes.

Open in the calculator All strategies

OutlookNeutral

Max profitLimited

Max lossLimited

LevelAdvanced

What is a long put condor?

A long put condor uses four puts the same way a call condor uses calls. Defined risk, modest max profit if the stock sits in the body at expiration.

Legs

Buy A, sell B, sell C, buy D — all puts

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

Live example on SPY

Net debit$11.50

Max loss$11.50

Max profit$188.50

Chance of profitLocked: ProUpgrade

BreakevensBetween $752.12 − $759.89At expiration

752P+112/18 · $15.15
754P−112/18 · $15.82
758P−112/18 · $17.29
760P+112/18 · $18.08

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): buy 1 752 put, sell 1 754 put, sell 1 758 put, and buy 1 760 put. Net debit $11.50. Max profit $188.50; max loss $11.50. Breakevens at expiration: Between $752.12 − $759.89.

Open this long put 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 a long put condor?: A long put condor uses four puts the same way a call condor uses calls. Defined risk, modest max profit if the stock sits in the body at expiration.
When does a long put condor make money?: Neutral debit with four puts. Profit if the stock stays between the inner strikes.
What is the max profit of a long put 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 a long put 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 a long put condor's profit and loss?: Open the long put 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.