Iron condor calculator
Model an iron condor — a defined-risk, range-bound credit strategy — and see its payoff diagram instantly: the flat max-profit zone between the short strikes, both breakevens, and the capped max loss past each wing. Adjust the strikes, wing width, and net credit and watch the numbers update live.
What it shows
Profit plateau
The flat zone between the short strikes where you keep the full credit.
Both breakevens
Short put − credit on the downside, short call + credit on the upside.
Max profit & loss
Max profit is the credit; max loss is wing width minus credit.
Live strikes & wings
Drag the short strikes, wing width, and credit to reshape the range.
How to use it
- 1. Open the builder — it starts you with a four-leg iron condor on live chain data.
- 2. Set the short put and short call strikes to bracket the range you expect.
- 3. Choose your wing width to define the max loss you accept.
- 4. Read the payoff: profit plateau, both breakevens, and max profit/loss update live.
Common questions
How do I calculate iron condor max profit and max loss?
Max profit is the net credit you collect, kept if the stock finishes between the short strikes. Max loss is the width of one wing minus the net credit. The two breakevens are the short put strike minus the credit and the short call strike plus the credit.
When does an iron condor make money?
An iron condor profits when the underlying stays between the inner short strikes through expiration — it is a range-bound, short-volatility strategy. Large moves in either direction are the risk.
Is the iron condor calculator free?
Yes. You can build the four-leg structure and read its payoff, breakevens, and max profit/loss for free. An account is only needed to save a strategy.
Is this financial advice?
No. ThetaViz is an educational visualization tool. It does not provide financial advice or recommendations.
Learn the concepts
Understand the structure and where it sits among range-bound trades.
Iron Condor
Four-leg neutral strategy combining bull put and bear call spreads for range-bound outlooks.
Butterflies and Condors Overview
Range-bound strategies using three or four strikes across calls and puts.
Iron Condor vs Iron Butterfly
Compare profit zones, credit, and when to use condors vs butterflies.
Credit Spreads vs Debit Spreads
Money in vs money out at entry and how that maps to outlook and risk.
Keep exploring
Compare it with the full options payoff calculator, model a straddle, or read the free guides.
ThetaViz is an educational visualization tool. Market data is for educational use only and this is not financial advice.