Explore the range where a four-leg iron condor earns a profit at expiration.
Your position
Illustrative starting values · USD
Use one stock or ETF and the same expiration for every option leg. Premiums are per share.
Modified position
Stock quantities are shares. Option quantities are contracts. Enter the total fees for the entire position once.
Net entry cost
Maximum profit
Maximum loss
Breakeven stock price
Profit / loss at expiration
Entire position · Includes entered fees
Move over the chart or adjust the stock price to inspect a scenario. Shading marks profit and loss.
What if the stock ends at…
Profit / loss at expiration
View payoff table
Sample outcomes at expiration, including strike and breakeven prices
Stock price
Profit / loss
Maximum profit and loss consider all stock prices from zero upward, including prices outside the chart. Results use the legs entered; editing a strategy can change its risk.
How to use the iron condor calculator
Buy a lower put, sell a higher put, sell a higher call, and buy an even higher call. Use equal quantities and one expiration. The short put strike is below the short call strike.
Understanding the payoff
For a credit condor, maximum profit is the net credit. Maximum loss is the wider wing width × shares represented, less the net credit. Breakevens are short put strike − credit per share and short call strike + credit per share.
These formulas describe the standard strategy before fees. The results above include the total fees entered and are calculated from your actual legs.
Worked example
Buy the $90 put for $1, sell the $95 put for $2, sell the $105 call for $2, and buy the $110 call for $1. One condor collects $200, risks $300, and breaks even at $93 and $107 before fees.
This is an expiration payoff estimate, not a live option quote or a prediction. It assumes all option legs expire together on one stock or ETF, the stock price cannot be negative, and options settle at intrinsic value. The default multiplier is 100 shares per contract; adjust it for the contract being modeled. Early assignment, exercise decisions, dividends, interest, taxes, and slippage can change realized results. Cash requirements and broker margin are separate from maximum loss. Different expirations, futures options, and adjusted contracts with non-cash deliverables are not supported.
Method: add each leg’s intrinsic value at expiration, subtract its entry cost with the correct buy/sell sign, and subtract total fees. See Cboe’s worked spread example on Fidelity for a reference calculation.