Iron Condor Calculator
An iron condor pairs a bull put spread with a bear call spread. Enter the four strikes, premiums and an expiry price to estimate PnL.
Results
Fill in the inputs and click Calculate.
- Expiry PnL
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- Max Profit
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- Max Loss
- –
- Lower Break-Even
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- Upper Break-Even
- –
Risk disclaimer
This calculator shows theoretical single-settlement PnL (USDT/contract); with uneven wings the worst case uses the larger width. Fees excluded.
How is an iron condor built?
Sell nearer strikes (inner put/call) to collect credit, then buy wings further out for protection on both sides.
If expiry stays between the two inner strikes you keep the credit (max profit); beyond a wing the loss is bounded.
How to use
- Enter the outer put, inner put, inner call and outer call strikes in order.
- Enter the premiums received on the shorts and paid on the longs.
- Enter your expected expiry price and click Calculate for PnL, limits and break-evens.
Formula
- Net Credit = (inner put + inner call) − (outer put + outer call)
- Max Profit ≈ Net Credit between the inner strikes
- Max Loss ≈ larger wing width − net credit; break-evens ≈ inner strikes ∓ net credit
Example
Outer put 80/paid1, inner put 90/recv3, inner call 110/recv3, outer call 120/paid1 → credit 4. Expiry 100 → PnL 4.
Max loss 6 (width 10 − credit 4); break-evens ≈ 86 and 114.
FAQ
When do you lose?
When expiry breaks past an inner strike beyond the break-even; deeper moves approach the max loss.
Vs naked short strangle?
Wings cap the maximum loss at the cost of a smaller credit.