How are DAT 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 DAT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 40.70%), the computed maximum profit is $130.00 per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DAT iron condor?

The breakeven for the DAT iron condor priced on this page is roughly $38.70 and $45.30 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 DAT market-implied 1-standard-deviation expected move is approximately 11.67%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current DAT implied volatility affect this iron condor?

DAT ATM IV is at 40.70% with IV rank near 31.26%, 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.

DAT Iron Condor Strategy

DAT (ProShares - Big Data Refiners ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The ProShares - Big Data Refiners ETF aims to mirror the performance of an underlying index, with its portfolio choices guided by ProShare Advisors. This benchmark index is composed of companies that offer analytical tools and foundational infrastructure for processing and deriving insights from extensive data sets. The fund achieves its objective by employing a full replication strategy, investing directly in essentially all of the index's constituent securities at similar proportional weights. This investment vehicle is designated as non-diversified.

DAT (ProShares - Big Data Refiners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $5.9M, a beta of 1.39 versus the broader market, a 52-week range of 31.875-49.14, average daily share volume of 3K, a public-listing history dating back to 2021. These structural characteristics shape how DAT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.39 indicates DAT 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 DAT?

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 DAT snapshot

As of June 30, 2026, spot at $41.94, ATM IV 40.70%, IV rank 31.26%, expected move 11.67%. The iron condor on DAT 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 80-day expiry.

Why this iron condor structure on DAT specifically: DAT IV at 40.70% is mid-range versus its 1-year history, so the credit collected on a DAT iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 11.67% (roughly $4.89 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DAT expiries trade a higher absolute premium for lower per-day decay. Position sizing on DAT should anchor to the underlying notional of $41.94 per share and to the trader's directional view on DAT etf.

DAT iron condor setup

The DAT 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 DAT near $41.94, the first option leg uses a $44.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DAT chain at a 80-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 DAT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$44.00	$1.94
Buy 1	Call	$46.00	$1.28
Sell 1	Put	$40.00	$1.68
Buy 1	Put	$38.00	$1.04

DAT iron condor risk and reward

Net Premium / Debit: +$130.00
Max Profit (per contract): $130.00
Max Loss (per contract): -$70.00
Breakeven(s): $38.70, $45.30
Risk / Reward Ratio: 1.857

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.

DAT iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on DAT. 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%	-$70.00
$9.28	-77.9%	-$70.00
$18.55	-55.8%	-$70.00
$27.83	-33.7%	-$70.00
$37.10	-11.5%	-$70.00
$46.37	+10.6%	-$70.00
$55.64	+32.7%	-$70.00
$64.91	+54.8%	-$70.00
$74.19	+76.9%	-$70.00
$83.46	+99.0%	-$70.00

When traders use iron condor on DAT

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

DAT thesis for this iron condor

The market-implied 1-standard-deviation range for DAT extends from approximately $37.05 on the downside to $46.83 on the upside. A DAT iron condor is a delta-neutral premium-collection structure that pays off when DAT 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 DAT IV rank near 31.26% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on DAT should anchor more to the directional view and the expected-move geometry. As a Financial Services name, DAT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DAT-specific events.

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

Frequently asked questions

What is a iron condor on DAT?: A iron condor on DAT is the iron condor strategy applied to DAT (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 DAT etf trading near $41.94, the strikes shown on this page are snapped to the nearest listed DAT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are DAT 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 DAT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 40.70%), the computed maximum profit is $130.00 per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DAT iron condor?: The breakeven for the DAT iron condor priced on this page is roughly $38.70 and $45.30 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 DAT market-implied 1-standard-deviation expected move is approximately 11.67%; 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 DAT?: Iron condors on DAT are a delta-neutral premium-collection structure that profits if DAT etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current DAT implied volatility affect this iron condor?: DAT ATM IV is at 40.70% with IV rank near 31.26%, 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.