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Iron condor calculator

Work out max profit, max loss, breakevens and risk/reward for an iron condor.

Runs 100% in your browser
Max profit
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Max loss
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Risk / reward
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Lower breakeven
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Upper breakeven
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Profit zone
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How to calculate an iron condor

  1. Enter the put spread. Set the short put strike and the lower long put strike.
  2. Enter the call spread. Set the short call strike and the higher long call strike.
  3. Add credit and contracts. Enter the net credit per share and number of contracts to see max profit, max loss and breakevens.

Iron condors and the expected move

Condor sellers want the stock to stay inside their short strikes, so they often place those strikes around — or just beyond — the expected move, and lean on high implied volatility for fatter credits. Defined wings cap the loss. Check a single leg with the options profit calculator.

Educational tool only — not financial advice. The maximum loss exceeds the credit received; multi-leg spreads also carry assignment and commission costs. Options trading carries a high level of risk.

Frequently asked questions

What is an iron condor?
An iron condor is a defined-risk, market-neutral options trade: you sell an out-of-the-money put spread and an out-of-the-money call spread on the same stock and expiration, collecting a net credit. You profit if the stock stays between the two short strikes.
What is the max profit and max loss?
Max profit is the net credit received × 100 per contract, kept if the stock expires between the short strikes. Max loss is (the wider spread width − the credit) × 100 per contract, hit if the stock finishes beyond a long strike.
Where are the breakevens?
Lower breakeven = short put strike − net credit. Upper breakeven = short call strike + net credit. Between them the trade is profitable at expiration.
Why trade iron condors?
They profit from a stock going nowhere and from falling volatility/time decay, with risk capped by the long wings. The trade-off is limited profit and a loss that is larger than the credit if the stock breaks out.
Is anything uploaded?
No — it calculates entirely in your browser.

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