SPYEQUITY
—NO QUOTE
Equities
Futures
% r
% q

Iron Condor Calculator

How this strategy works →
AssistantPRO
Type a trade in plain English. A fine-tuned model returns the symbol, structure, expiry and size — never a strike or a price.
RECORDED EXAMPLE1/3
“bull call spread on NVDA, 30 days, 2 contracts”
NVDAEQUITYBull Call Spread30d2×
Not a live answer. Captured from api.optionsandfuturescalculator.com on 2026-08-11 and replayed here — the assistant did not run just now. Type your own above and press Parse for a real one.
Trained on ES and NQ futures only — commodity roots are refused, not guessed.A bare futures directive (“Long NQ, 45 days”) often returns no parameters.Exercise style and averaging come from a keyword scan of your words.
Strategy47
Single-leg calls and puts are free
Spreads, straddles, condors, butterflies and futures spreads need Pro. 7 days free, then $9.99/month or $99/year.
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Ticket
Averaging
Debit · 1 × 100—
Position · 0 legs
No legsSelect strikes from the option chain to build a position.
Exercise & Averaging
Exercise
Dividend yield is not modelled on this tree (drift is r − σ²/2). The strategy panel prices with a dividend yield; this panel does not.
Averaging
No resultPick a strike with a live quote to price the tree.
Saved
Nothing saved yetBuild a position, name it, and it will be here next time.
Probability Distribution
No distribution yetThe curve needs a live spot, an implied volatility off the option chain, and a real expiry. Add priced legs to draw it.
P&L matrixprice × date
price–
No grid yetAdd priced legs to compute P&L across price and date.
P&L surfaceprice × date × profit
Surface offTurn on 3D to see the position as a height field.
Option Chain
Outcome
No resultRun a calculation to see outcome, probability and Greeks.

Four legs on one expiry: a put spread sold below the market and a call spread sold above it. Two credits go in and both are kept if the underlying finishes between the short strikes, so this is a position on a range rather than on a direction. The long wings are what convert two obligations with no natural limit into a loss you can size in advance. Its failure mode is slow and then sudden — a long run of small gains interrupted by one move straight through a wing. Set the four strikes here and read the profitable band against the probability distribution drawn beside it.

The full Iron Condor guide, worked example and FAQs →

Four legs, two verticals, usually filled as one combined order — most platforms treat 'iron condor' as its own order type rather than four separate legs, which is what makes the execution practical. The two short strikes are the entire decision; the long wings exist only to define the risk and are usually placed at a fixed width rather than chosen independently. Because it is a net-credit, defined-risk position, margin is set by the wider wing minus the total credit, not by the sum of both wings.

Sizing and account notes

Margin is set by the wider wing minus the total credit, so widening one wing without widening the other raises the buying power required without raising the credit collected — check both together, not just the credit, when comparing two condors on the same underlying. Many traders size a condor so the credit is a fixed fraction of the maximum loss, commonly a third or better, rather than sizing purely by contract count. Rolling the untested side to collect additional credit after the market has moved is a common adjustment; it changes both breakevens and should be planned before the position is opened, not improvised after.

Common mistake. The common mistake is widening the short strikes for a higher win rate without checking that the resulting credit still compensates for the wider wing's now-larger maximum loss.

At a glance

Legs
4
Market view
Neutral — range-bound
Opened for
Credit
What bounds the profit
Capped: the total credit received
What bounds the loss
Capped: wider wing minus the credit

The order ticket, from the worked example

#ActionInstrumentStrike
1BuyPut545
2SellPut555
3SellCall605
4BuyCall615

Payoff at expiry, across a price grid

Computed from the same strikes and net premium as the worked example above — not a simulation, the closed-form payoff evaluated at each price.

SPY at expiryP&L
520-$710.00
545-$710.00
580$290.00
605$290.00
615-$710.00
640-$710.00

How this compares with related strategies

StrategyMarket viewOpened forLegs vs. this one
Iron ButterflyNeutral — pinnedCredit-1
Long StrangleVolatility — direction-agnosticDebit-2
Bull Put SpreadBullish to neutral — incomeCredit-2
Call CondorNeutral — range-boundDebitsame