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MULTI-LEG OPTIONS STRATEGY

Iron Condor Calculator

Calculate a defined-risk four-leg credit position from live or manual option legs.

Live or manual option legs

Select a Schwab-backed contract or enter the strike and premium directly.

Long lower put · long 1×
Short put · short 1×
Short call · short 1×
Long higher call · long 1×

Payoff summary

Expiration payoff for the complete position.

Net credit
$400.00
Maximum profit
$400.00
Maximum loss
$100.00
Lower break-even
$91.00
Upper break-even
$109.00
Return on risk
400.00%

OPTIONS TRADE

MANUAL long put 90 1 / short put 95 3 / short call 105 3 / long call 110 1
Expiration
StrategyIRON CONDOR
Contracts1 CONTRACT
Net credit
MAX PROFIT400
MAX LOSS100

Risk and methodology

Maximum loss uses the wider wing. Assignment, early exercise, fees, and changes before expiration are not included.

How this calculator works

An iron condor combines a put credit spread and call credit spread around the underlying to collect premium in a range.

How to use it

Enter all four strikes from low put wing through high call wing and the total credit. Review both break-evens, the distance from the current price, and the wider wing risk rather than evaluating only the credit received.

Formula, payoff, and assumptions

Maximum profit equals net credit; maximum loss is the wider wing width minus credit; break-evens adjust short strikes by credit.

The maximum-loss figure uses the wider wing. This expiration model does not estimate the effect of closing one side early, rolling, or managing a tested short strike.

Practical example

A 95/90 put wing plus 105/110 call wing sold for $2 has a $2 profit per share if it expires between the short strikes.

Reading this result

The break-even range is narrower than the short-strike range because the collected credit must absorb any move beyond a short strike. Compare that range with the same-expiration expected move.

Common planning mistake

Do not assume symmetric wings create symmetric risk management. One side can be tested first, and closing or rolling a challenged side can differ materially from the expiration model.

Risk and limitations

A move through either side can create the defined maximum loss. Assignment, volatility, and commissions are excluded.