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LIVE@blakegrindsNVDA+$12,450•
LIVE@queenofcallsTSLA+$3,280•
LIVE@dragonbtcBTC+$5,120•
LIVE@mikemoneyES-$840•
LIVE@kira_optionsSPY+$1,940•
LIVE@apewolfGME+$23,900•
LIVE@thejackalAAPL+$2,847•
OPTIONS STRATEGIES·NEUTRAL·4 LEGS

Iron condor

Combine a bull put spread and a bear call spread on the same underlying and expiry. Collect a credit; profit if the stock stays between the two short strikes.

INPUTS
Underlying price
$
Centers the payoff chart and computes P&L at this price.
LEGS
Long lower put
Type
Side
Strike
$
Qty
Premium
$
Short upper put
Type
Side
Strike
$
Qty
Premium
$
Short lower call
Type
Side
Strike
$
Qty
Premium
$
Long upper call
Type
Side
Strike
$
Qty
Premium
$
RESULT
BE $93.80BE $106.20spot $100.00
$60.004 strikes$140.00
P&L at current spot (expiry)
+$120
Net credit+$120
Max profit+$120
Max loss−$380
Breakevens$93.80 · $106.20
Risk / reward0.32 : 1
RISK PROFILE
Max profit
Net credit received
Max loss
Widest wing × 100 − net credit
Breakeven
Short put strike − credit/share, Short call strike + credit/share
RELATED STRATEGIES
Iron butterfly
Short volatility · Pin risk play, max profit at the short strike.
Bull put spread
Bullish · Credit spread, defined risk.
Bear call spread
Bearish · Credit spread, defined risk.
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