Option spread calculator
Max gain, max loss and break-even of a vertical spread.
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Iron condor calculator
The range an iron condor needs the price to stay in, and what it makes or loses on expiry.
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The condor
The range
It keeps money if the price ends between 93.20 and 106.80 on expiry. Most it can make $180.00, most it can lose $320.00.
- Room to move
- 6.8% down or 6.8% up from 100.00 before it loses money.
- Reward to risk
- 0.56 to 1: a win makes less than a loss costs, so it needs to win most of the time. Compare the range with the expected move.
The result on expiry at other prices, for the whole position.
| Price on expiry | Move | Result |
|---|---|---|
| 85.00 | -15.0% | -$320.00 |
| 90.00 | -10.0% | -$320.00 |
| 93.20 | -6.8% | $0.00 |
| 100.00 | +0.0% | +$180.00 |
| 106.80 | +6.8% | $0.00 |
| 110.00 | +10.0% | -$320.00 |
| 115.00 | +15.0% | -$320.00 |
Education only, not investment advice. The answer comes from the numbers you typed in, not from your account or the market. Simulated results are hypothetical and have limits: real trading has slippage, gaps, changing results and emotions. Trading leveraged products can lose money quickly, including all of it. Risk warning
Educational only, not financial advice; trading involves risk.
Selling a quiet market
An iron condor sells a put and a call around today's price and buys a further put and call as wings, so the loss is capped. It is a bet that the price stays inside a range until expiry: it keeps the credit if it does, and loses the width of a wing less the credit if the price runs through one side.
Most condors win; the few that lose take back several wins, so the result depends on how often the price breaks out. Check the range against the move the options price in with the implied volatility calculator; for one side only, see the option spread calculator.
Not advice. Arithmetic on the numbers you type; results are on expiry and leave out fees and early assignment.
Next tools
Straddle and strangle calculator
Break-evens and the move a straddle needs.
Implied volatility calculator
The volatility and move an option price carries.
Pricing
Three ways in. Pick yours.
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Baroq never holds your money and never trades for you. Educational only, not financial advice; trading involves risk.