How are CLIX 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 CLIX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 23.30%), the computed maximum profit is $55.00 per contract and the computed maximum loss is -$245.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLIX iron condor?

The breakeven for the CLIX iron condor priced on this page is roughly $51.45 and $58.55 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CLIX market-implied 1-standard-deviation expected move is approximately 6.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLIX implied volatility affect this iron condor?

CLIX ATM IV is at 23.30% with IV rank near 36.64%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

CLIX Iron Condor Strategy

CLIX (ProShares - Long Online/Short Stores ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

Managed by ProShare Advisors, this ETF invests in financial instruments intended to replicate the performance of a specific benchmark. The underlying index strategically takes long positions in e-commerce companies, specifically those listed in the ProShares Online Retail Index. Simultaneously, it establishes short positions in conventional brick-and-mortar retailers, drawing from the Solactive-ProShares Bricks and Mortar Retail Store Index. This fund operates with a non-diversified investment approach.

CLIX (ProShares - Long Online/Short Stores ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $7.3M, a beta of 0.94 versus the broader market, a 52-week range of 50.29-62.855, average daily share volume of 0K, a public-listing history dating back to 2017. These structural characteristics shape how CLIX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.94 places CLIX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CLIX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on CLIX?

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.

Current CLIX snapshot

As of June 30, 2026, spot at $55.11, ATM IV 23.30%, IV rank 36.64%, expected move 6.68%. The iron condor on CLIX below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this iron condor structure on CLIX specifically: CLIX IV at 23.30% is mid-range versus its 1-year history, so the credit collected on a CLIX iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 6.68% (roughly $3.68 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLIX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLIX should anchor to the underlying notional of $55.11 per share and to the trader's directional view on CLIX etf.

CLIX iron condor setup

The CLIX iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CLIX near $55.11, the first option leg uses a $58.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLIX chain at a 17-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 CLIX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$58.00	$0.41
Buy 1	Call	$61.00	$0.07
Sell 1	Put	$52.00	$0.28
Buy 1	Put	$50.00	$0.07

CLIX iron condor risk and reward

Net Premium / Debit: +$55.00
Max Profit (per contract): $55.00
Max Loss (per contract): -$245.00
Breakeven(s): $51.45, $58.55
Risk / Reward Ratio: 0.224

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.

CLIX iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on CLIX. 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	-100.0%	-$145.00
$12.19	-77.9%	-$145.00
$24.38	-55.8%	-$145.00
$36.56	-33.7%	-$145.00
$48.75	-11.5%	-$145.00
$60.93	+10.6%	-$238.01
$73.11	+32.7%	-$245.00
$85.30	+54.8%	-$245.00
$97.48	+76.9%	-$245.00
$109.67	+99.0%	-$245.00

When traders use iron condor on CLIX

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

CLIX thesis for this iron condor

The market-implied 1-standard-deviation range for CLIX extends from approximately $51.43 on the downside to $58.79 on the upside. A CLIX iron condor is a delta-neutral premium-collection structure that pays off when CLIX 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 CLIX IV rank near 36.64% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CLIX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CLIX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLIX-specific events.

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

Frequently asked questions

What is a iron condor on CLIX?: A iron condor on CLIX is the iron condor strategy applied to CLIX (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 CLIX etf trading near $55.11, the strikes shown on this page are snapped to the nearest listed CLIX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CLIX 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 CLIX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 23.30%), the computed maximum profit is $55.00 per contract and the computed maximum loss is -$245.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLIX iron condor?: The breakeven for the CLIX iron condor priced on this page is roughly $51.45 and $58.55 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CLIX market-implied 1-standard-deviation expected move is approximately 6.68%; 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 CLIX?: Iron condors on CLIX are a delta-neutral premium-collection structure that profits if CLIX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current CLIX implied volatility affect this iron condor?: CLIX ATM IV is at 23.30% with IV rank near 36.64%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.