Iron Condor Calculator
Estimate payoff, risk, and breakevens for iron condor options strategies.
Calculator
Results
Source of Data and Methodology
All calculations are based strictly on the mathematical formulas and data provided by the Options Industry Council.
The Formula Explained
Maximum Gain = Premium Received
Maximum Loss = (Upper Strike - Lower Strike) - Premium Received
Lower Break-even = Lower Strike + Premium Received
Upper Break-even = Upper Strike - Premium Received
Glossary of Variables
- Stock Price: The current price of the underlying stock.
- Lower Strike Price: The lower strike price in the Iron Condor strategy.
- Upper Strike Price: The upper strike price in the Iron Condor strategy.
- Premium Received: The total premium received from selling the options.
- Maximum Gain: The maximum profit potential of the strategy.
- Maximum Loss: The maximum loss potential of the strategy.
- Lower Break-even: Price at which no profit or loss is realized at the lower end.
- Upper Break-even: Price at which no profit or loss is realized at the upper end.
FAQ
What is an Iron Condor?
An Iron Condor is an options trading strategy that involves four different options contracts aimed at capitalizing on low volatility in the underlying asset.
How do I use this calculator?
Enter the current stock price, lower and upper strike prices, and the premium received. Click "Calculate" to view potential gains and risks.
What factors affect the Iron Condor strategy?
Market volatility, time decay, and changes in the underlying asset's price can affect the profitability of the Iron Condor strategy.
Can I use this calculator for other options strategies?
This calculator is specifically designed for the Iron Condor strategy. Different strategies require different calculations.
What is the break-even point?
The break-even points are the stock prices at which you neither gain nor lose money on the strategy.
Formula (LaTeX) + variables + units
','
{maxGain.toFixed(2)}`; document.getElementById('maxLoss').textContent = `
{lowerBreakEven.toFixed(2)}`; document.getElementById('upperBreakEven').textContent = `
Maximum Gain = Premium Received Maximum Loss = (Upper Strike - Lower Strike) - Premium Received Lower Break-even = Lower Strike + Premium Received Upper Break-even = Upper Strike - Premium Received
- No variables provided in audit spec.
- NIST — Weights and measures — nist.gov · Accessed 2026-01-19
https://www.nist.gov/pml/weights-and-measures - FTC — Consumer advice — consumer.ftc.gov · Accessed 2026-01-19
https://consumer.ftc.gov/
Last code update: 2026-01-19
- Initial audit spec draft generated from HTML extraction (review required).
- Verify formulas match the calculator engine and convert any text-only formulas to LaTeX.
- Confirm sources are authoritative and relevant to the calculator methodology.