What's my max profit, max loss, and breakeven on an iron condor?
Enter Your Iron Condor
Your Result
Fill in your four strikes, net credit, and contracts, then click Calculate to see your max profit, max loss, and breakeven prices.
How this is calculated
Max profit equals the net credit you collect, multiplied by 100 shares per contract and your number of contracts. This is the most you can make, and it happens only if the stock finishes between your two short strikes at expiration.
Max loss equals the wider of your two spread widths (put side or call side) minus the net credit, multiplied by 100 and your contracts. This is the most you can lose on either side of the trade.
Breakeven prices are your short put strike minus the credit on the downside, and your short call strike plus the credit on the upside.
This assumes a standard equity option contract represents 100 shares, and calculates value at expiration only. It does not account for early assignment risk on your short strikes, which can happen before expiration.
You enter the net credit for the whole four-leg structure directly. This tool does not calculate that credit from individual bid and ask prices.
Risk & liability disclaimer: This calculator produces a mathematical estimate based on the numbers you enter. It is not financial advice and does not guarantee any trading outcome. Options trading involves risk of loss, including the risk of assignment before expiration, and past option strategies do not predict future results. Trading Habits is not a broker-dealer, registered investment adviser, or tax professional, and is not affiliated with any broker, exchange, or data provider. We do not guarantee this tool is error-free or suitable for your situation, always verify results independently and consult a licensed professional before making any trading or financial decision. You could lose some or all of the capital you trade with.
Know Your Range Before You Enter
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