Iron Condor Calculator
An iron condor pairs a bull put spread and a bear call spread for a net credit—often used when you expect range-bound price action with capped risk beyond the wings.
Stock Details
Put Spread (Lower Wing)
Call Spread (Upper Wing)
Enter option details to see payoff diagram
Trade Summary
Credit Received
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Return on Risk
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Commonly asked Iron Condor questions
How is an iron condor built?
Four legs: long put, short put, short call, long call—typically OTM shorts with further OTM longs on each side for defined risk.
Where is max profit?
Often when the underlying expires between the short strikes, keeping all short legs OTM—credit received is the best-case before fees.
What is max loss?
Capped by the wider vertical minus net credit (per standard width assumptions); confirm on your broker’s risk profile.
Why sell iron condors when IV is high?
Higher credits can improve reward-to-risk, but spikes in realized vol can still breach a wing.
How do traders manage risk?
Close at a profit target, roll untested side, or widen/tighten strikes—avoid fighting a strong trend.
Iron condor vs iron butterfly?
Iron butterfly uses the same short call and put strike (straddle body); iron condor separates short strikes for a wider profit zone.
Related Calculators
Daily Cumulative P&L
$33,989.51+$32,609.07
Avg Trade: $60.80
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Best Performing
Morning Breakouts
82% Win Rate
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