Iron condor calculator
Four strikes, one credit, and a box the stock has to stay in. See the most you can make, the most you can lose, and where the trade flips on each side.
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How it works: an iron condor is two credit spreads on the same stock and date. Below the price you sell a put and buy a cheaper one under it. Above the price you sell a call and buy a cheaper one over it. You keep the whole credit if the stock ends between the two strikes you sold. That credit is the most you can make. Only one side can lose at expiry, so the most you can lose = (gap on the WIDER side − credit) × 100 × condors. Lower break-even = put you sell − credit. Upper break-even = call you sell + credit. Win rate needed to break even = max loss ÷ (max loss + max gain). Expiry only, fees left out.
Why the max loss is so much bigger than the credit
You get paid a little for each day the stock stays in its box. If it leaves the box and keeps going, you lose the gap between the strikes, minus what you were paid. Look at the table: the rows past either bought strike all show the same full loss. That is the bought options capping the damage. It also means one bad month can erase several quiet ones. The break-even win rate tells you how often the stock has to stay put just for you to stay even. The iron condor guide walks through a full trade, and vertical spreads explains each half.
An iron condor vs the wheel
In the wheel strategy you sell a put and are happy to own the shares if it drops. A condor never gives you shares at expiry. If the stock falls through your put side, you take the loss and the trade is over. The upside: a condor ties up only the max loss, not the full strike × 100. The catch: there is no "I'll just own it and wait" step. See the wheel vs an iron condor.
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