Iron Condor Payoff and Profit Calculator

Calculator Inputs

Example Data Table

Formula Used

Gross credit per share = short put premium + short call premium - long put premium - long call premium.

Total fees = commission per leg per contract × 4 × contracts + other fees.

Net credit = gross credit per share × contract multiplier × contracts - total fees.

Put spread width = short put strike - long put strike.

Call spread width = long call strike - short call strike.

Maximum profit = net credit after fees.

Maximum loss = widest spread width × contract multiplier × contracts - gross credit total + total fees.

Lower break-even = short put strike - net credit per share.

Upper break-even = short call strike + net credit per share.

Expiration payoff = long put intrinsic - short put intrinsic - short call intrinsic + long call intrinsic.

Total profit = expiration payoff + gross premium credit - fees.

How To Use This Calculator

1. Enter the current underlying price and the expiry price to test.
2. Enter all four iron condor strikes in the correct order.
3. Add premiums received for short legs and premiums paid for long legs.
4. Enter contracts, multiplier, commissions, and other fees.
5. Set a scenario price range for the payoff table.
6. Click the calculate button.
7. Review max profit, max loss, break-even levels, and scenario outcomes.
8. Use CSV or PDF export to save the results.

Advanced Iron Condor Planning

An iron condor is a defined risk options spread. It sells one put spread and one call spread. Traders often use it when they expect price to stay inside a range. This calculator turns each leg into a clear expiration model. It separates option payoff from total profit. That makes the trade easier to inspect.

Why The Inputs Matter

Every strike controls a different edge of the position. The long put limits downside loss. The short put creates lower side credit. The short call creates upper side credit. The long call limits upside loss. Premiums decide the net credit. Contract size and quantity scale every number. Fees reduce the final result, so they are included.

Risk And Reward View

The best result usually happens between the short put and short call. In that zone, all options expire worthless. The trader keeps the net credit after costs. Loss begins when price moves beyond a break-even point. The worst case occurs beyond the protective long strikes. Unequal wings can create different side risk, so the calculator uses the larger spread width for maximum loss.

Scenario Testing

A single expiration price is useful, but a range is better. The scenario table shows possible outcomes across many prices. It helps reveal where profit fades, where loss starts, and how quickly risk grows. CSV export supports spreadsheet review. The PDF button creates a simple record for notes or trade journals.

Practical Use

Use this tool before opening, adjusting, or reviewing a position. Enter realistic premiums and include commissions. Check strike order carefully. Compare max profit against max loss. Review break-even prices before sizing the trade. The result does not predict market direction. It shows the expiration math for the values entered. Real trades may differ because of assignment, liquidity, volatility, taxes, and closing costs.

Position Management Notes

Many traders close iron condors before expiration. Early exits may lock profits or reduce sudden gap risk. Adjustments can move strikes, reduce size, or close one tested side. The calculator is still helpful after entry. Update premiums with current marks. Then compare the new payoff with the original plan. This builds discipline. It also supports clearer reviews with mentors, teams, or personal journals later.

FAQs