Iron Condor Calculator
Max profit, max loss, breakevens, POP, POT. Live 4-leg auto-fill.
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- ✓ P&L at expiration
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- ✓ Breakeven analysis
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- ✗ Real IV data
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- ✓ Real-time ORATS data
- ✓ 5,500+ tickers
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- ✓ Scenario & IV analysis
- ✓ Portfolio-level Greeks
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- ✓ Earnings IV crush
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What is Iron Condor Calculator?
Iron Condor Calculator is a specialized tool that calculates profit, loss, breakeven points, probability of profit, and Greeks specifically for iron condor option spreads.
Use an iron condor calculator to optimize strike selection, understand risk/reward, and analyze how your position changes with market movements.
What Can You Calculate?
Maximum Profit
Total credit received from selling both spreads. This is realized when the stock stays between the short strikes at expiration.
Maximum Loss
Wing width minus credit received. Occurs if the stock moves beyond either long strike at expiration.
Breakeven Points
Upper and lower price levels where you break even. The stock must stay within these for profitability.
All Greeks
Delta, Gamma, Theta, and Vega for the combined four-leg position. Understand your exposure at a glance.
P&L Chart
Visual payoff diagram showing profit and loss at every stock price. See your profit zone and risk zones clearly.
Net Credit
Total premium collected minus premium paid. This is the income you receive upfront when opening the trade.
Iron Condor Max Profit, Max Loss & Breakeven Formulas
Iron Condor Max Profit
Max Profit = Net Credit × 100
Realized when the underlying closes between the two short strikes at expiration. Every leg expires worthless and you keep the entire credit collected.
Example: $1.40 net credit on a $5-wide condor = $140 max profit per condor.
Iron Condor Max Loss
Max Loss = (Wing Width − Net Credit) × 100
Realized when the underlying closes beyond either long strike at expiration. One spread realizes its full width loss; the other expires worthless.
Example: $5 wing width − $1.40 credit = $360 max loss per condor.
Iron Condor Breakeven Points
Lower BE = Short Put − Net Credit
Upper BE = Short Call + Net Credit
Two breakeven points define the profitable range at expiration. The trade is profitable anywhere between them.
Example: short 440P, short 460C, $1.40 credit → BEs at 438.60 and 461.40.
Iron Condor Probability of Profit (POP)
POP is the model-implied probability that the trade is profitable at expiration. The calculator computes POP from the short-strike deltas using the Black-Scholes N(d2) formula.
POP ≈ 1 − (short put delta + short call delta)
Standard 15-delta iron condors target a 70% POP at entry. Tighter strikes (20Δ) target ~60%; wider strikes (10Δ) target ~80%.
How to Calculate Iron Condor Profit & Loss
Enter Stock Price
Type the current stock price. The calculator uses this as the center point for your iron condor analysis and P&L chart.
Set Your 4 Strikes
Enter the short put, long put (protection), short call, and long call (protection) strike prices. Both wings should typically be the same width.
Enter Premiums
Fill in the premium for each leg. The calculator determines your net credit, max profit, and max loss automatically.
View Results
Instantly see max profit, max loss, both breakevens, the P&L chart, and position-level Greeks. Adjust inputs to test different scenarios.
Iron Condor Formulas
- + Max Profit: Net credit received x 100 x contracts
- - Max Loss: (Wing width - net credit) x 100 x contracts
- = Lower B/E: Short put strike - net credit
- = Upper B/E: Short call strike + net credit
Understanding Iron Condor Greeks
Delta
Near 0 (neutral). The iron condor profits from the stock staying still, not moving directionally.
Gamma
Negative (small). Delta changes work against you as the stock moves. Increases near expiration.
Theta
Positive (your friend). You earn money each day from time decay. Accelerates in the final 30 days.
Vega
Negative. You lose if IV increases. Enter iron condors when IV rank is high (above 50).
Example: AAPL Iron Condor
Walk through a real example to see exactly how the calculator works with Apple stock.
The Setup
Stock Price: AAPL at $185
Put Side: Sell $176 put, Buy $171 put
Call Side: Sell $194 call, Buy $199 call
DTE: 30 days to expiration
Net Credit: $2.58 per share ($258 total)
Max Profit: $258 (credit received)
Max Loss: $242 ($5 wing - $2.58 credit)
Breakevens: $173.42 / $196.58
What the Calculator Shows
- + Theta: +$8.60/day (earns from time decay daily)
- + Delta: ~0.02 (nearly market-neutral)
- + Vega: -$0.15 (benefits from IV contraction)
- + P&L Chart: Clear profit zone between $173 and $197
- + Risk/Reward: 1.07:1 ratio on this setup
Strike Selection Guidelines
Standard (Balanced)
- • Short strikes 5-10% from stock price
- • $5 wing width for $100-500 stocks
- • ~70% probability of profit
- • Best for: neutral outlook, high IV
Wide (Conservative)
- • Short strikes 10-15% from stock price
- • $5-10 wing width
- • ~80% probability of profit
- • Best for: volatile stocks, lower confidence
Tight (Aggressive)
- • Short strikes 2-5% from stock price
- • $2-5 wing width
- • ~60% probability of profit
- • Best for: very high IV, strong range conviction
Frequently Asked Questions
What is an iron condor calculator?
An iron condor calculator is a tool that calculates the profit, loss, breakeven points, and Greeks for iron condor option spreads. It helps traders analyze risk/reward, determine optimal strike selection, and understand how the position will behave under different market scenarios.
How do you calculate iron condor max profit?
Max profit = Total credit received from selling both spreads. For example: Sell the put spread for $1.40 credit + Sell the call spread for $1.40 credit = $2.80 total credit = $280 max profit per iron condor. This occurs when the stock stays between the short strikes at expiration.
How do you calculate iron condor max loss?
Max loss = (Wing width - Credit received) x 100. For example: $5 wide wings with $2.80 credit received. Max loss = ($5.00 - $2.80) x 100 = $220. This occurs if the stock moves beyond either long strike at expiration.
What are the breakeven points for an iron condor?
Lower breakeven = Short put strike - Credit received. Upper breakeven = Short call strike + Credit received. For example: Short $95 put, short $110 call, $2.80 credit. Lower BE = $95 - $2.80 = $92.20. Upper BE = $110 + $2.80 = $112.80. Profit occurs if the stock stays between these points at expiration.
Is this iron condor calculator free?
Yes! Our iron condor calculator is completely free with instant P&L calculations, breakeven analysis, a visual payoff chart, and Greeks. For live data on all 5,500+ tickers with advanced scenario analysis, start a free 7-day trial.
ApexVol vs OptionsProfitCalculator, tastytrade & OptionAlpha
How the Iron Condor Calculator on ApexVol compares to the three most-used free alternatives. Last refreshed 2026-05-12.
| Feature | ApexVol | OptionsProfitCalculator | tastytrade | OptionAlpha |
|---|---|---|---|---|
| Live ORATS data | ✓ Institutional feed | 15-min delayed | Brokerage account required | Paid tier required |
| No signup for AAPL | ✓ Plus SPY, NVDA, TSLA, +10 more | ✓ | ✗ Account required | ✗ Account required |
| All 5 Greeks (Δ Γ Θ V ρ) | ✓ | Δ only | ✓ | ✓ |
| Live IV rank lookup | ✓ On the calculator page | ✗ | Only inside platform | Paid tier |
| Multi-leg auto-fill from chain | ✓ One-click ATM / 15Δ short | Ticker-only | ✓ | Paid tier |
| Probability of profit + POT | ✓ N(d₂) + 2×POITM | ✗ | POP only | POP only |
| IV crush calculator | ✓ With Vega impact | ✗ | ✗ | Paid tier |
| 3D vol surface viewer | ✓ Free for AAPL | ✗ | Inside platform | ✗ |
| Stress-test scenarios | ✓ Six BSM scenarios per trade | ✗ | Manual | Backtest only |
| Free tier coverage | 13 tickers · all calculators | All tickers (delayed data) | Account-gated | Limited content |
Notes: OptionsProfitCalculator (OPC) is free with 15-minute-delayed quotes; tastytrade requires a brokerage account; OptionAlpha gates most features behind a paid platform subscription. ApexVol's free tier covers 13 of the most-traded tickers with live ORATS data — see /methodology for full sourcing.
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Learn More About Iron Condors
Iron Condor Strategy Guide
Complete guide to trading iron condors. Learn when to enter, how to manage, and real examples.
Options Greeks Guide
Understand theta, vega, delta, and gamma -- the key Greeks for iron condor success.
Implied Volatility Guide
Master IV to identify the best iron condor entry points (high IV environments).
Credit Spread Strategy
Learn credit spreads -- the building blocks of iron condors. Simpler 2-leg alternative.
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