How are CSD 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 CSD iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 25.00%), the computed maximum profit is $270.50 per contract and the computed maximum loss is -$429.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CSD iron condor?

The breakeven for the CSD iron condor priced on this page is roughly $117.30 and $137.71 at expiration, derived from the November 13, 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 CSD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CSD implied volatility affect this iron condor?

CSD ATM IV is at 25.00% with IV rank near 49.61%, 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.

CSD Iron Condor Strategy

CSD (Invesco S&P Spin-Off ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The Invesco S&P Spin-Off ETF (CSD) aims to mirror the performance of the S&P U.S. Spin-Off Index. This fund commits at least 90% of its total investments to the stocks and depositary receipts that make up its benchmark index. The index itself consists of businesses that have separated from larger parent entities within the last four years. Its performance is measured using the gross total return, which fully incorporates all dividend payments. Both the ETF and its tracking index are adjusted on a monthly basis.

CSD (Invesco S&P Spin-Off ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $105.7M, a beta of 1.15 versus the broader market, a 52-week range of 91.45-150.43, average daily share volume of 11K, a public-listing history dating back to 2006. These structural characteristics shape how CSD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.15 places CSD roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CSD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on CSD?

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.

CSD snapshot

As of November 13, 2026, spot at $128.90, ATM IV 25.00%, IV rank 49.61%, expected move 7.17%. The iron condor on CSD below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 63-day expiry.

Why this iron condor structure on CSD specifically: CSD IV at 25.00% is mid-range versus its 1-year history, so the credit collected on a CSD iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 7.17% (roughly $9.24 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CSD expiries trade a higher absolute premium for lower per-day decay. Position sizing on CSD should anchor to the underlying notional of $128.90 per share and to the trader's directional view on CSD etf.

CSD iron condor setup

The CSD iron condor below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CSD at $128.90 on that close, the first option leg uses a $135.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CSD chain at a 63-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 CSD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$135.00	$2.93
Buy 1	Call	$142.00	$1.17
Sell 1	Put	$120.00	$2.07
Buy 1	Put	$115.00	$1.12

CSD iron condor risk and reward

Net Premium / Debit: +$270.50
Max Profit (per contract): $270.50
Max Loss (per contract): -$429.50
Breakeven(s): $117.30, $137.71
Risk / Reward Ratio: 0.630

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.

CSD iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on CSD. 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%	-$229.50
$28.51	-77.9%	-$229.50
$57.01	-55.8%	-$229.50
$85.51	-33.7%	-$229.50
$114.01	-11.6%	-$229.50
$142.51	+10.6%	-$429.50
$171.01	+32.7%	-$429.50
$199.51	+54.8%	-$429.50
$228.01	+76.9%	-$429.50
$256.50	+99.0%	-$429.50

When traders use iron condor on CSD

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

CSD thesis for this iron condor

The market-implied 1-standard-deviation range for CSD extends from approximately $119.66 on the downside to $138.14 on the upside. A CSD iron condor is a delta-neutral premium-collection structure that pays off when CSD 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 CSD IV rank near 49.61% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CSD should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CSD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CSD-specific events.

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

Frequently asked questions

What is a iron condor on CSD?: A iron condor on CSD is the iron condor strategy applied to CSD (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 CSD etf at $128.90 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed CSD chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CSD 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 CSD iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 25.00%), the computed maximum profit is $270.50 per contract and the computed maximum loss is -$429.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CSD iron condor?: The breakeven for the CSD iron condor priced on this page is roughly $117.30 and $137.71 at expiration, derived from the November 13, 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 CSD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.17%; 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 CSD?: Iron condors on CSD are a delta-neutral premium-collection structure that profits if CSD etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current CSD implied volatility affect this iron condor?: CSD ATM IV is at 25.00% with IV rank near 49.61%, 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.