Free Iron Condor Calculator
Calculate iron condor profit, loss, breakeven points, and Greeks instantly. Analyze risk/reward, optimize strike selection, and understand your position with real-time market data.
What is an Iron Condor Calculator?
An iron condor calculator is a specialized tool that performs all the complex calculations needed to analyze iron condor option spreads:
- Maximum Profit: Total credit received from both spreads
- Maximum Loss: Wing width minus credit received
- Breakeven Points: Upper and lower price levels for profitability
- Probability of Profit: Likelihood of stock staying in profit zone
- Greeks: Delta, theta, vega, gamma for the entire position
- P&L Scenarios: Profit/loss at any stock price or date
Why Use an Iron Condor Calculator?
- ✅ Save time: Instant calculations vs manual math
- ✅ Avoid errors: No calculation mistakes
- ✅ Optimize strikes: Compare different strike combinations
- ✅ Understand risk: See exact max loss and breakevens
- ✅ Real-time data: Current option prices, not delayed
How to Calculate Iron Condor Profit & Loss
Iron Condor Structure Reminder
An iron condor has 4 legs:
- Leg 1: Buy OTM put (protective, lower strike)
- Leg 2: Sell OTM put (income, higher strike than Leg 1)
- Leg 3: Sell OTM call (income, lower strike than Leg 4)
- Leg 4: Buy OTM call (protective, higher strike)
Maximum Profit Calculation
Formula
Max Profit = Total Credit Received × 100
Example Calculation
Setup: SPY Iron Condor
- Buy $490 put @ $0.80
- Sell $495 put @ $2.20 → $1.40 credit
- Sell $510 call @ $2.10
- Buy $515 call @ $0.70 → $1.40 credit
Total Credit: $1.40 + $1.40 = $2.80 per share
Max Profit = $2.80 × 100 = $280
Occurs when: SPY stays between $495-$510 at expiration
Maximum Loss Calculation
Formula
Max Loss = (Wing Width - Credit Received) × 100
Using Same Example
Wing Width: $5 (both put and call spreads are $5 wide)
Credit Received: $2.80
Calculation: ($5.00 - $2.80) × 100
Max Loss = $220
Occurs when: SPY < $490 or > $515 at expiration
Breakeven Point Calculations
Formulas
Lower Breakeven = Short Put Strike - Total Credit
Upper Breakeven = Short Call Strike + Total Credit
Using Same Example
Short put strike: $495
Short call strike: $510
Total credit: $2.80
Lower BE = $495 - $2.80 = $492.20
Upper BE = $510 + $2.80 = $512.80
Profit Zone: $492.20 to $512.80
Zone Width: $20.60 (4.1% of stock price)
Understanding Iron Condor Greeks
Our calculator shows position-level Greeks to help you understand how your iron condor will behave:
Delta: Directional Risk
Iron condor delta: Near 0 (typically -0.05 to +0.05)
What it means: Position is nearly neutral
Example: +0.02 delta = gains $2 if stock rises $1
Management: Delta should stay near zero; adjust if > ±0.15
Theta: Time Decay (Your Friend)
Iron condor theta: Always positive
What it means: You make money as time passes
Example: +$8/day theta = position gains $8 daily from decay
Peak decay: Final 30 days to expiration
Vega: Volatility Risk
Iron condor vega: Always negative
What it means: You lose if IV increases
Example: -$15 vega = lose $15 if IV rises 1%
Best entry: High IV environments (IV rank > 50)
Gamma: Delta Change Risk
Iron condor gamma: Negative (small)
What it means: Delta changes as stock moves
Risk: Increases dramatically in final week
Management: Close 7-10 days before expiration
Real Iron Condor Calculator Example
AAPL Iron Condor Analysis
Market Data (Current)
Stock Price: AAPL = $182.50
IV Rank: 65 (high - ideal for iron condors)
Days to Expiration: 35 days
Strike Selection
- Buy $175 put: $1.20
- Sell $180 put: $3.50 → $2.30 credit
- Sell $190 call: $2.80
- Buy $195 call: $0.90 → $1.90 credit
- Total Credit: $4.20 per share = $420 income
Calculator Results
| Max Profit | $420 (Credit received) |
| Max Loss | $80 ($5 wing - $4.20 credit) |
| Risk/Reward Ratio | 1:5.25 (Excellent!) |
| Lower Breakeven | $175.80 ($180 - $4.20) |
| Upper Breakeven | $194.20 ($190 + $4.20) |
| Profit Zone Width | $18.40 (10.1% of stock price) |
| Probability of Profit | ~72% (based on delta) |
| ROI | 525% on capital at risk |
Position Greeks
| Greek | Value | Impact |
|---|---|---|
| Delta | -0.03 | Nearly neutral (slight bearish) |
| Theta | +$12/day | Earns $12 daily from time decay |
| Vega | -$18 | Loses $18 per 1% IV increase |
| Gamma | -0.004 | Low gamma risk at this stage |
Strike Selection Guidelines
Choosing Optimal Strikes
Standard Iron Condor (Balanced)
Put spread: 5-10% below current price
Call spread: 5-10% above current price
Wing width: $5 for stocks $100-500
Example: Stock at $100 → $90/$95 puts, $105/$110 calls
Best for: True neutral outlook, high IV
Wide Iron Condor (Conservative)
Put spread: 10-15% below current price
Call spread: 10-15% above current price
Wing width: $5-10
Characteristics: Lower credit, higher win rate, wider profit zone
Best for: Volatile stocks, lower confidence
Tight Iron Condor (Aggressive)
Put spread: 2-5% below current price
Call spread: 2-5% above current price
Wing width: $2-5
Characteristics: Higher credit, lower win rate, narrow profit zone
Best for: Very high IV, strong confidence in range
Probability of Profit Analysis
Our calculator shows probability of profit (POP) based on current option deltas:
How POP is Calculated
Formula: POP ≈ 100% - (Put spread delta + Call spread delta)
Example: Put spread delta = 0.15, Call spread delta = 0.13
POP = 100% - (15% + 13%) = 72%
Interpreting POP
- 60-70% POP: Aggressive setup, higher reward
- 70-80% POP: Balanced setup, typical for iron condors
- 80-90% POP: Conservative setup, lower reward but safer
Note: Higher POP = lower max profit. Trade-off between probability and reward.
Using the Calculator for Adjustments
Scenario Analysis
Use the calculator to test "what-if" scenarios:
Scenario 1: Stock Approaches Short Put
Calculator input: Move stock price to short put strike
Shows: Current P&L, delta change, adjustment options
Decision: Close put side? Roll down? Close entire position?
Scenario 2: IV Expansion
Calculator input: Increase IV by 10%
Shows: Position loses value (negative vega)
Decision: Hold if still profitable, or exit early
Scenario 3: Time Decay Benefit
Calculator input: Advance date by 7 days
Shows: Theta profit accumulated
Decision: How much profit captured? Close or hold?
Calculator Features
Real-Time Pricing
Live option prices updating every 15ms during market hours
Visual P&L Chart
See profit/loss curve at expiration and current date
Greeks Tracking
Position-level Greeks (delta, theta, vega, gamma)
Probability Analysis
Probability of profit, probability of max profit/loss
Scenario Testing
Test different stock prices, IV levels, and dates
Strike Comparison
Compare multiple strike combinations side-by-side
Related Tools
Options Calculator
General options calculator for all strategies. Calculate profit/loss for any spread type.
Open CalculatorIV Calculator
Calculate implied volatility, IV rank, and IV percentile. Essential for iron condor timing.
Check IVGreeks Heatmap
Visualize Greeks across all strikes. Optimize iron condor strike selection.
View HeatmapStrategy Simulator
Build and backtest iron condors. See historical performance and win rates.
SimulateFrequently Asked Questions
How accurate is the iron condor calculator?
Our calculator uses real-time market data updating every 15ms and industry-standard Black-Scholes pricing models. Calculations for max profit, max loss, and breakevens are 100% accurate. Greeks and probability estimates are highly accurate but represent theoretical values that may vary slightly from actual market behavior.
Can I use this calculator for paper trading?
Yes! The calculator is perfect for paper trading. Test different iron condor setups, track theoretical positions, and analyze adjustments without risking real capital. Use the scenario testing feature to see how your position would perform under different market conditions.
Does the calculator work for other spread strategies?
Yes. While optimized for iron condors, our calculator works for credit spreads, debit spreads, butterflies, condors, and other multi-leg strategies. Select your strategy type and the calculator will show appropriate calculations.
How do I find the best strikes for my iron condor?
Use the calculator's strike comparison feature. Input different strike combinations and compare max profit, max loss, breakevens, and probability of profit side-by-side. Generally, aim for 70-80% probability of profit for balanced risk/reward.
What's the ideal ROI for an iron condor?
Typical iron condor ROI: 10-40% on capital at risk for 30-45 day holds. Higher ROI means tighter strikes and lower probability. Lower ROI means wider strikes and higher probability. Most traders target 15-25% ROI with 70-75% probability of profit.
Start Using the Iron Condor Calculator
Calculate profit, loss, and Greeks for iron condors with professional-grade tools. Free for AAPL, or unlock all 8,000+ stocks with a free trial.
No credit card required for free AAPL calculator. Full access includes all stocks, backtesting, and advanced features.