What is an iron condor?

An iron condor is a four-leg options strategy combining a bull put spread and a bear call spread on the same underlying. It profits when the underlying stays between the two short strikes at expiration.

What is the maximum profit of an iron condor?

Maximum profit equals the net credit (premium) received when selling the spread. You keep the full credit if the underlying closes between the two short strikes at expiration.

What is the maximum loss?

Maximum loss is the wider spread width minus the net credit received. For example, a $5 wide spread with $1.50 credit has a max loss of $3.50 per share ($350 per contract).

How are the breakeven prices calculated?

The lower breakeven is the short put strike minus the net credit. The upper breakeven is the short call strike plus the net credit. As long as the stock stays between these two prices, the trade is profitable.

Does this calculator account for commissions?

No. Enter your net credit after commissions to get accurate results, or subtract your expected commission cost from the credit before entering it.

What if both spreads have different widths?

This tool assumes the put spread width and call spread width are equal (standard iron condor). If your spreads differ in width, max loss is based on the wider leg.

Iron Condor Calculator

Name: Iron Condor Calculator
Availability: InStock
Author: Nham Vu

Enter your four strike prices and net premium to instantly see max profit, max loss, breakeven points, and the full P&L zone diagram for an iron condor.

Strike Prices

Enter strikes in ascending order: LP < SP < SC < LC

Long Put Strike (LP) — lowest

Short Put Strike (SP)

Short Call Strike (SC)

Long Call Strike (LC) — highest

Net Credit Received (per share)

Number of Contracts

Enter your strike prices and net credit, then click Calculate.

Summary

Enter your four strike prices and net premium to instantly see max profit, max loss, breakeven points, and the full P&L zone diagram for an iron condor.

How it works

Enter the four strike prices: lower put (long), upper put (short), lower call (short), upper call (long).
Enter the net premium credit received for the entire spread.
The calculator determines the max profit, which equals the net premium collected.
Max loss is calculated as the spread width minus the net premium.
Both breakeven prices are shown: short put strike minus credit, and short call strike plus credit.
A visual P&L zone diagram shows profit and loss regions across the price spectrum.

Use cases

Evaluate risk/reward before entering an iron condor position.
Compare different strike combinations to find the best risk-adjusted setup.
Understand the exact breakeven prices before placing the trade.
Check how wide the profit zone is relative to the underlying price.
Teach options strategy concepts in a classroom or study context.
Quickly verify broker-quoted risk metrics before executing.

Frequently Asked Questions

Last updated: 2026-07-23 · Reviewed by Nham Vu