How are BOIL 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 BOIL iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 55.29%), the computed maximum profit is $58.50 per contract and the computed maximum loss is -$41.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BOIL iron condor?

The breakeven for the BOIL iron condor priced on this page is roughly $17.92 and $21.09 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 BOIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BOIL implied volatility affect this iron condor?

BOIL ATM IV is at 55.29% with IV rank near 0.00%, 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.

BOIL Iron Condor Strategy

BOIL (ProShares Ultra Bloomberg Natural Gas), in the Financial Services sector, (Asset Management industry), listed on AMEX.

ProShares Trust II - ProShares Ultra Bloomberg Natural Gas is an exchange traded fund launched by ProShare Capital Management LLC. The fund seeks to track 2x the daily performance of the Bloomberg Natural Gas Subindex. It takes long positions and uses derivatives like futures contracts to invest in the natural gas sector.

BOIL (ProShares Ultra Bloomberg Natural Gas) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $253.7M, a beta of 3.18 versus the broader market, a 52-week range of 18.41-93.7, average daily share volume of 4.4M, a public-listing history dating back to 2011. These structural characteristics shape how BOIL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.18 indicates BOIL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a iron condor on BOIL?

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.

BOIL snapshot

As of August 14, 2026, spot at $19.38, ATM IV 55.29%, IV rank 0.00%, expected move 15.85%. The iron condor on BOIL 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 28-day expiry.

Why this iron condor structure on BOIL specifically: BOIL IV at 55.29% is on the cheap side of its 1-year range, which means a premium-selling BOIL iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.85% (roughly $3.07 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BOIL expiries trade a higher absolute premium for lower per-day decay. Position sizing on BOIL should anchor to the underlying notional of $19.38 per share and to the trader's directional view on BOIL etf.

BOIL iron condor setup

The BOIL 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 BOIL at $19.38 on that close, the first option leg uses a $20.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BOIL chain at a 28-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 BOIL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$20.50	$0.93
Buy 1	Call	$21.50	$0.66
Sell 1	Put	$18.50	$0.69
Buy 1	Put	$17.50	$0.38

BOIL iron condor risk and reward

Net Premium / Debit: +$58.50
Max Profit (per contract): $58.50
Max Loss (per contract): -$41.50
Breakeven(s): $17.92, $21.09
Risk / Reward Ratio: 1.410

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.

BOIL iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on BOIL. 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%	-$41.50
$4.29	-77.8%	-$41.50
$8.58	-55.7%	-$41.50
$12.86	-33.6%	-$41.50
$17.15	-11.5%	-$41.50
$21.43	+10.6%	-$34.46
$25.71	+32.7%	-$41.50
$30.00	+54.8%	-$41.50
$34.28	+76.9%	-$41.50
$38.57	+99.0%	-$41.50

When traders use iron condor on BOIL

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

BOIL thesis for this iron condor

The market-implied 1-standard-deviation range for BOIL extends from approximately $16.31 on the downside to $22.45 on the upside. A BOIL iron condor is a delta-neutral premium-collection structure that pays off when BOIL 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 BOIL IV rank near 0.00% 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 BOIL at 55.29%. As a Financial Services name, BOIL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BOIL-specific events.

BOIL 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. BOIL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BOIL alongside the broader basket even when BOIL-specific fundamentals are unchanged. Short-premium structures like a iron condor on BOIL carry tail risk when realized volatility exceeds the implied move; review historical BOIL earnings reactions and macro stress periods before sizing. Always rebuild the position from current BOIL chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on BOIL?: A iron condor on BOIL is the iron condor strategy applied to BOIL (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 BOIL etf at $19.38 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed BOIL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BOIL 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 BOIL iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 55.29%), the computed maximum profit is $58.50 per contract and the computed maximum loss is -$41.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BOIL iron condor?: The breakeven for the BOIL iron condor priced on this page is roughly $17.92 and $21.09 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 BOIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.85%; 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 BOIL?: Iron condors on BOIL are a delta-neutral premium-collection structure that profits if BOIL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current BOIL implied volatility affect this iron condor?: BOIL ATM IV is at 55.29% with IV rank near 0.00%, 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.