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Iron Condor Calculator

See a short iron condor's payoff at expiration: maximum profit and loss, both break-even prices, and the P&L at any closing price. Compare equal or unequal wings using your own premium and fees. Free, with no account or market-data subscription required.
The put spread
Buy put strike
$
Sell put strike
$
$5.00 wide, so the put side can lose at most $5.00 per share before the credit.
The call spread
Sell call strike
$
Buy call strike
$
$5.00 wide, so the call side can lose at most $5.00 per share before the credit.
Premium and size
Net premium per share
$
Total position fees
$
Contracts per leg
Contract multiplier
$2.00 per share= $200.00 collected today
Maximum profit
$200.00between $95.00 and $105.00
Maximum loss
-$300.00at or below $90.00 or at or above $110.00
Lower break-even
$93.00losses start below
Upper break-even
$107.00losses start above
At expiration
Expiration priceP&LOn risk
At or below $90.00

The put spread finishes fully in the money.

-$300.00-100.0%
$95.00 to $105.00

All four options expire worthless and you keep the credit. The best case.

$200.0066.7%
At or above $110.00

The call spread finishes fully in the money.

-$300.00-100.0%
At $100.00

The expiration price set on the chart below.

$200.0066.7%
Net credit
$200.00no fees entered
Return on risk
66.7%max profit / max loss
Reward : risk
0.67 : 1
Profit zone
$14.00between break-evens

This is the payoff at expiration with all four legs held to the end. It does not model closing early, early assignment, pin risk near a short strike, margin, or slippage. Assignment on one leg can leave you holding stock outside this picture.

Profit/Loss at Expiration
Price at expiration
Where the underlying finishes on expiration day (type any price)
$100.00
$80.00$120.00
P&L if it expires at $100.00:$200.00

Want live prices and real position tracking?

This calculator models expiration payoff from the prices you enter. OptionsPro connects your brokerage for live option quotes, P/L, and Greeks on the trades you actually hold.
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What this iron condor calculator does

A short iron condor combines a put credit spread below the market with a call credit spread above it. Buy the lower-strike put, sell the higher-strike put, sell the lower-strike call and buy the higher-strike call, all on the same underlying and expiration. This calculator shows the trade's payoff at expiration: maximum profit and loss, both break-even prices, the P&L in each price region, and the return on the capital at risk, with equal or unequal wings and your own fees.

How to use it

  1. Enter the four strikes in order: the put you buy, the put you sell, the call you sell and the call you buy.
  2. Enter the net premium per share your broker quotes for the whole condor, then the contracts per leg and any fees. Standard US equity options use a multiplier of 100; verify your contract specifications.
  3. Move the Price at expiration slider to read the P&L at any closing price, or hover the chart.
  4. Compare the return on risk against how wide the profit zone is. Narrower short strikes collect more premium but leave less room for the stock to move.

Worked example: $5 wings and a $2 credit

Buy the 90 put, sell the 95 put, sell the 105 call and buy the 110 call. For one contract per leg with a 100 multiplier and no fees, a $2 net premium produces a $200 maximum profit between 95 and 105 at expiration. Maximum loss is $300 at or below 90 or at or above 110. The break-even prices are 93 and 107. Adding $4 in total fees reduces maximum profit to $196, increases maximum loss to $304, and moves break-evens to 93.04 and 106.96.

What the expiration payoff does not show

The expiration payoff assumes the spread stays intact. It is not a broker margin quote or a promise of limited realized losses after assignment. Closing costs, slippage, early exercise and stock exposure are not modeled. Educational use only, not investment advice. For theoretical values before expiration and other strategies, use the options profit calculator. For stock plus a short call, try the covered call calculator.

Frequently asked questions