Spot stuck at 100
All four options expire out of the money relative to this structure’s long wings. You lose the 10 net debit — the worst case for this long condor.
- Expiry P&L
- −10
- Max loss (long)
- 10
Iron Condor Calculator
A put spread plus a call spread. On this page a long condor wants a large move (long the inner options); a short condor wants spot to stay in the middle.
Defaults are puts at 70 and 90 and calls at 110 and 130, priced 7 / 12 / 12 / 7. Click Calculate, then use the sliders. Figures are theoretical and for information only.
Type a symbol, then Load or leave the field. Spot, ~30-day historical realized vol, and a US risk-free proxy are filled when the ticker is found. Strikes and target are recentered near the new spot.
Delayed/free data. Historical realized vol is not implied vol from an options chain. Not investment advice.
New Option 1 Price:
New Option 2 Price:
New Option 3 Price:
New Option 4 Price:
How the iron condor P&L is calculated
An iron condor is a put spread plus a call spread. On this page a long iron condor is short the 70 put, long the 90 put, long the 110 call, and short the 130 call — a long strangle with short wings, so you want a large move. A short iron condor flips those signs and wants spot to stay in the middle.
Expiry P&L = d × [Q(V − max(K − S, 0)) + Q2(max(K2 − S, 0) − V2) + Q3(max(S − K3, 0) − V3) + Q4(V4 − max(S − K4, 0))]
- d — +1 long iron condor, −1 short
- Legs 1–2 are puts (defaults K = 70, K2 = 90); legs 3–4 are calls (K3 = 110, K4 = 130)
- Live P&L reprices all four with Black-Scholes
Default premiums 7 / 12 / 12 / 7 imply 55.88%, 45.21%, 38.81%, and 39.46%. Net debit on the long condor is (−7 + 12 + 12 − 7) = 10.
Worked examples
Long iron condor with the default strikes and premiums, one lot each. These points match the chart’s expiry line.
Spot at 70 or 130 (the short strikes)
The 20-point put or call spread is fully in the money. Width 20 minus the 10 debit leaves a 10 profit — the cap on this long condor.
- Expiry P&L
- 10
- Max gain (long)
- 10
Implied vols on the four legs
Each premium is inverted on its own. A short iron condor would flip the first two cards’ P&L signs (profit in the middle, limited loss in the tails).
- Puts 70 / 90
- 55.88% / 45.21%
- Calls 110 / 130
- 38.81% / 39.46%
Related calculators on this site
A strangle is this structure without the short wings. A butterfly is the call-only (or put-only) cousin. Spreads are half of the condor.
Iron condor FAQ
On this page “long” means long the inner options and short the outer wings: you own a strangle and finance it by selling further OTM options. That pays when spot exits the inner strikes. Many brokers label the opposite (short the inner options) as a short condor; use the Short Iron Condor choice for that payoff.
Yes, if the quantities match. The short 70 put and short 130 call cap how much the long 90 put and long 110 call can pay. Max gain and max loss are both 10 on the default 20-point wings with a 10 debit.
A strangle has unlimited tails. The condor sells those tails so the payoff flattens beyond the outer strikes. You give up some upside for a smaller debit (or a credit, on the short condor).
A 7 price on a 30-point OTM one-year put is a very rich premium, so the 70-strike put prints 55.88%. Type market prices closer to Black-Scholes if you want vols near 30%.
A textbook condor uses 1×1×1×1. Unequal sizes leave a residual spread or naked tail; the chart will plot whatever you enter.
Puts on legs 1–2 and calls on legs 3–4, all European vanilla Black-Scholes — the same engine as the option calculator. Each vol slider is independent.
Disclaimer: the contents of this website are for informational purposes only and do not constitute any investment recommendation. The visitor acts at his own risk.