Iron Condor Calculator

Underlying Price (current)

Contracts

Put Side (Bull Put Spread)

Short Put Strike (Sell)

Short Put Premium (Received per share)

Long Put Strike (Buy)

Long Put Premium (Paid per share)

Call Side (Bear Call Spread)

Short Call Strike (Sell)

Short Call Premium (Received per share)

Long Call Strike (Buy)

Long Call Premium (Paid per share)

Results

Net Credit (Received) $0.00

Lower Breakeven $0.00

Upper Breakeven $0.00

Max Profit $0.00

Max Loss $0.00

Profit/Loss Chart

Chart shows payoff at expiration (short iron condor).

This Iron Condor Calculator estimates payoff at expiration for a short iron condor—a defined-risk, non-directional strategy built from two credit spreads: a bull put spread and a bear call spread. Traders typically use an iron condor when they expect the underlying to remain in a range.

Key Formulas

Net Credit = (Put Credit + Call Credit) per share
Lower Breakeven = Put Short Strike − Net Credit
Upper Breakeven = Call Short Strike + Net Credit
Max Profit = Net Credit × 100 × Contracts
Max Loss = (Widest Wing − Net Credit) × 100 × Contracts

When Traders Use an Iron Condor

Iron condors are often used when implied volatility is elevated and you expect volatility to contract or price to stay between the short strikes. Risk is capped by the long options (“wings”), which define worst-case loss on either side.

Related Strategy Calculators

Compare with: Bull Put Spread Calculator, Bear Call Spread Calculator, Iron Butterfly Calculator.

Iron Condor FAQ

When does a short iron condor make money?

It profits at expiration if the underlying finishes between the breakevens: Put Short Strike − Net Credit and Call Short Strike + Net Credit. Max profit occurs if it finishes between the short strikes.

What is the maximum profit?

The maximum profit is the net credit received (credit × 100 × contracts), before fees.

What is the maximum loss?

Max loss is capped by the widest wing: (Widest Wing − Net Credit) × 100 × contracts.

What strikes should I use for an iron condor?

Many traders place short strikes outside a predicted range (often around key support/resistance), then buy wings further out to define risk. Wider wings increase max loss capacity but can reduce margin pressure.