How are DLLL 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 DLLL iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 157.70%), the computed maximum profit is $135.00 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DLLL iron condor?

The breakeven for the DLLL iron condor priced on this page is roughly $26.65 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 DLLL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 45.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current DLLL implied volatility affect this iron condor?

DLLL ATM IV is at 157.70% with IV rank near 61.32%, 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.

DLLL Iron Condor Strategy

DLLL (GraniteShares 2x Long DELL Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

This ETF aims to deliver daily investment returns, prior to the deduction of fees and expenses, that are double (200%) the daily percentage fluctuation of Dell Technologies Inc.'s common stock (NASDAQ: DELL). It is important to understand that there is no assurance the fund will consistently achieve this target. Furthermore, investors should not anticipate that this fund will provide two times the cumulative return of DELL for holding periods extending beyond a single day.

DLLL (GraniteShares 2x Long DELL Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $144.9M, a beta of 7.46 versus the broader market, a 52-week range of 2.1675-30.62375, average daily share volume of 2.0M, a public-listing history dating back to 2025. These structural characteristics shape how DLLL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 7.46 indicates DLLL 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 DLLL?

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.

DLLL snapshot

As of August 14, 2026, spot at $29.17, ATM IV 157.70%, IV rank 61.32%, expected move 45.21%. The iron condor on DLLL 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 DLLL specifically: DLLL IV at 157.70% is mid-range versus its 1-year history, so the credit collected on a DLLL iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 45.21% (roughly $13.19 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 DLLL expiries trade a higher absolute premium for lower per-day decay. Position sizing on DLLL should anchor to the underlying notional of $29.17 per share and to the trader's directional view on DLLL etf.

DLLL iron condor setup

The DLLL 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 DLLL at $29.17 on that close, the first option leg uses a $31.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DLLL 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 DLLL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$31.00	$5.15
Buy 1	Call	$32.00	$4.85
Sell 1	Put	$28.00	$4.85
Buy 1	Put	$26.00	$3.80

DLLL iron condor risk and reward

Net Premium / Debit: +$135.00
Max Profit (per contract): $135.00
Max Loss (per contract): -$65.00
Breakeven(s): $26.65
Risk / Reward Ratio: 2.077

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.

DLLL iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on DLLL. 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%	-$65.00
$6.46	-77.9%	-$65.00
$12.91	-55.8%	-$65.00
$19.36	-33.6%	-$65.00
$25.80	-11.5%	-$65.00
$32.25	+10.6%	+$35.00
$38.70	+32.7%	+$35.00
$45.15	+54.8%	+$35.00
$51.60	+76.9%	+$35.00
$58.05	+99.0%	+$35.00

When traders use iron condor on DLLL

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

DLLL thesis for this iron condor

The market-implied 1-standard-deviation range for DLLL extends from approximately $15.98 on the downside to $42.36 on the upside. A DLLL iron condor is a delta-neutral premium-collection structure that pays off when DLLL 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 DLLL IV rank near 61.32% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on DLLL should anchor more to the directional view and the expected-move geometry. As a Financial Services name, DLLL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DLLL-specific events.

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

Frequently asked questions

What is a iron condor on DLLL?: A iron condor on DLLL is the iron condor strategy applied to DLLL (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 DLLL etf at $29.17 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed DLLL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are DLLL 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 DLLL iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 157.70%), the computed maximum profit is $135.00 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DLLL iron condor?: The breakeven for the DLLL iron condor priced on this page is roughly $26.65 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 DLLL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 45.21%; 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 DLLL?: Iron condors on DLLL are a delta-neutral premium-collection structure that profits if DLLL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current DLLL implied volatility affect this iron condor?: DLLL ATM IV is at 157.70% with IV rank near 61.32%, 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.