Iron Condor & Credit Spread Calculator
Max profit, max loss, both break-evens and P/L at any settle for iron condors and put or call credit spreads, after fees. You pick every strike; nothing is suggested.
Payoff at expiry
Your strikesThe implied move is yours to enter. For listed expiries it is on each symbol's max pain page, from a delayed chain.
Dots mark the break-evens. Hover, or focus the chart and use the arrow keys, to read any settle.
| Settle | What it is | P/L after fees |
|---|---|---|
| 95.00 | long put | −$325.20 |
| 98.25 | break-even | $0.00 |
| 99.00 | your settle | +$74.80 |
| 100.00 | short put | +$174.80 |
| 105.00 | +$174.80 | |
| 110.00 | short call | +$174.80 |
| 111.00 | +$74.80 | |
| 111.75 | break-even | $0.00 |
| 115.00 | long call | −$325.20 |
Add a ticker and today's price to measure how often it has settled inside these strikes.
Expiry payoff only: no time value, early assignment, dividends or margin. You choose every strike; we suggest none.
How it works
A credit spread sells one option and buys a cheaper one further out as protection. A put credit spread sells a put and buys a lower put; a call credit spread sells a call and buys a higher call. An iron condor is both at once, so it keeps the whole credit when the stock settles between the two short strikes.
Enter the strike and the price of each leg, the number of contracts and your broker's fee per contract per leg. The calculator shows the net credit, the most the trade can make and lose, where it breaks even, and the profit or loss at any settle price you type, including the partial zone between a short strike and its wing, where most sellers' surprises happen.
If you know the expiry's implied move (each listed symbol's max pain page shows it, from a delayed chain), enter it with today's price and each short strike's distance is printed in implied moves: 1.00 means the strike sits one implied move away.
The formula
Per share, with C = the short legs' prices minus the long legs' prices (the net credit) and S the settle price:
- Put side: C − max(short put − S, 0) + max(long put − S, 0).
- Call side: C − max(S − short call, 0) + max(S − long call, 0).
- Iron condor: both, with one credit. At expiry only one side can be in the money.
- Dollars: per share × 100 × contracts, minus fees (legs × contracts × fee, doubled if you count both ways).
- Max profit: the credit after fees, when S sits between the short strikes.
- Max loss: the wider wing minus the credit, × 100 × contracts, plus fees.
- Break-evens: short put − (credit after fees) and short call + (credit after fees).
Worked example: a 5-wide iron condor
Sell the 100 put for 1.30 and buy the 95 put for 0.40; sell the 110 call for 1.20 and buy the 115 call for 0.30. One contract, no fees.
- Net credit = (1.30 − 0.40) + (1.20 − 0.30) = 1.80 a share, 180 USD.
- Max profit = 180 USD, for any settle from 100 to 110.
- Max loss = (5 − 1.80) × 100 = 320 USD, at or below 95, or at or above 115.
- Break-evens = 100 − 1.80 = 98.20 and 110 + 1.80 = 111.80.
- A settle at 99, one point past the short put, still makes (1.80 − 1) × 100 = 80 USD.
- With 0.65 a leg counted both ways, fees are 4 × 0.65 × 2 = 5.20 USD: max profit 174.80, max loss 325.20.
The same arithmetic catches a common mistake: with 50-wide wings, the max loss is 50 points minus the credit, so a 3.20 credit risks 46.80 a share (4,680 USD a contract), not 3.20.
FAQ
How do you calculate the max loss on an iron condor?
Take the wider of the two wings (the distance between each short strike and its long strike), subtract the net credit, and multiply by 100 per contract, then add fees. A 5-wide condor sold for 1.80 loses at most 3.20 a share, 320 USD a contract.
Where are the break-evens of an iron condor?
The short put minus the net credit, and the short call plus the net credit, with fees taken off the credit first. A 100/110 condor sold for 1.80 breaks even at 98.20 and 111.80 before fees.
What happens if the stock settles between a short strike and its wing?
That is the partial zone. Every point past the short strike costs one point of the credit, so a settle 1 point past a short strike on a 1.80 condor still makes 0.80 a share, 80 USD a contract, before fees.
Does this calculator suggest strikes or read live option prices?
No. You enter every strike and the price of every leg. It models the payoff at expiry from your numbers, so it has no time value, no early assignment and no margin rules.
How are fees counted?
As a charge per contract for each leg. A four-leg condor pays it four times per contract to open, and four more to close or settle if you count both ways.
Continue your analysis
Educational disclaimer
An expiry payoff model for education only, not financial advice and not a recommendation to trade options. It uses the strikes and prices you enter, not live quotes, and leaves out time value, implied volatility changes, bid and ask spreads, early assignment, dividends, margin requirements and taxes.