How are BIS iron condor max profit and max loss calculated?

Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the BIS iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 47.20%), the computed maximum profit is $43.00 per contract and the computed maximum loss is -$57.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BIS iron condor?

The breakeven for the BIS iron condor priced on this page is roughly $11.57 and $13.43 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BIS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BIS implied volatility affect this iron condor?

BIS ATM IV is at 47.20% with IV rank near 9.75%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

BIS Iron Condor Strategy

BIS (ProShares - UltraShort Nasdaq Biotechnology), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

The ProShares UltraShort Nasdaq Biotechnology fund is engineered to achieve daily returns that are precisely two times the inverse (-2x) of the Nasdaq Biotechnology Index's daily performance. This objective is measured before accounting for any associated fees and operational expenses.

BIS (ProShares - UltraShort Nasdaq Biotechnology) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $2.0M, a beta of -1.18 versus the broader market, a 52-week range of 12.3-29.74, average daily share volume of 8K, a public-listing history dating back to 2010, approximately 98 full-time employees. These structural characteristics shape how BIS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -1.18 indicates BIS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. BIS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on BIS?

An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.

BIS snapshot

As of August 14, 2026, spot at $12.66, ATM IV 47.20%, IV rank 9.75%, expected move 13.53%. The iron condor on BIS below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this iron condor structure on BIS specifically: BIS IV at 47.20% is on the cheap side of its 1-year range, which means a premium-selling BIS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.53% (roughly $1.71 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BIS expiries trade a higher absolute premium for lower per-day decay. Position sizing on BIS should anchor to the underlying notional of $12.66 per share and to the trader's directional view on BIS etf.

BIS iron condor setup

The BIS iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BIS at $12.66 on that close, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BIS chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 BIS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$13.00	$0.58
Buy 1	Call	$14.00	$0.29
Sell 1	Put	$12.00	$0.33
Buy 1	Put	$11.00	$0.18

BIS iron condor risk and reward

Net Premium / Debit: +$43.00
Max Profit (per contract): $43.00
Max Loss (per contract): -$57.00
Breakeven(s): $11.57, $13.43
Risk / Reward Ratio: 0.754

Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.

BIS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on BIS. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$57.00
$2.81	-77.8%	-$57.00
$5.61	-55.7%	-$57.00
$8.40	-33.6%	-$57.00
$11.20	-11.5%	-$36.76
$14.00	+10.6%	-$57.00
$16.80	+32.7%	-$57.00
$19.60	+54.8%	-$57.00
$22.39	+76.9%	-$57.00
$25.19	+99.0%	-$57.00

When traders use iron condor on BIS

Iron condors on BIS are a delta-neutral premium-collection structure that profits if BIS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

BIS thesis for this iron condor

The market-implied 1-standard-deviation range for BIS extends from approximately $10.95 on the downside to $14.37 on the upside. A BIS iron condor is a delta-neutral premium-collection structure that pays off when BIS stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current BIS IV rank near 9.75% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on BIS at 47.20%. As a Financial Services name, BIS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BIS-specific events.

BIS iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. BIS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BIS alongside the broader basket even when BIS-specific fundamentals are unchanged. Short-premium structures like a iron condor on BIS carry tail risk when realized volatility exceeds the implied move; review historical BIS earnings reactions and macro stress periods before sizing. Always rebuild the position from current BIS chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on BIS?: A iron condor on BIS is the iron condor strategy applied to BIS (etf). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With BIS etf at $12.66 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed BIS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BIS iron condor max profit and max loss calculated?: Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the BIS iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 47.20%), the computed maximum profit is $43.00 per contract and the computed maximum loss is -$57.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BIS iron condor?: The breakeven for the BIS iron condor priced on this page is roughly $11.57 and $13.43 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BIS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a iron condor on BIS?: Iron condors on BIS are a delta-neutral premium-collection structure that profits if BIS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current BIS implied volatility affect this iron condor?: BIS ATM IV is at 47.20% with IV rank near 9.75%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.