How are DLS 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 DLS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 19.20%), the computed maximum profit is $72.00 per contract and the computed maximum loss is -$428.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DLS iron condor?

The breakeven for the DLS iron condor priced on this page is roughly $82.28 and $91.72 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 DLS market-implied 1-standard-deviation expected move is approximately 5.50%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current DLS implied volatility affect this iron condor?

DLS ATM IV is at 19.20% with IV rank near 5.65%, 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.

DLS Iron Condor Strategy

DLS (WisdomTree International SmallCap Dividend Fund), in the Financial Services sector, (Asset Management industry), listed on AMEX.

Under normal circumstances, at least 95% of the fund's total assets (exclusive of collateral held from securities lending) will be invested in component securities of the index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The index is comprised of the small-capitalization segment of the dividend-paying market in the industrialized world outside the U.S. and Canada. The fund is non-diversified.

DLS (WisdomTree International SmallCap Dividend Fund) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.06B, a beta of 0.97 versus the broader market, a 52-week range of 70.95-89.37, average daily share volume of 45K, a public-listing history dating back to 2006. These structural characteristics shape how DLS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.97 places DLS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. DLS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on DLS?

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 DLS snapshot

As of May 15, 2026, spot at $86.92, ATM IV 19.20%, IV rank 5.65%, expected move 5.50%. The iron condor on DLS 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 34-day expiry.

Why this iron condor structure on DLS specifically: DLS IV at 19.20% is on the cheap side of its 1-year range, which means a premium-selling DLS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.50% (roughly $4.78 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DLS expiries trade a higher absolute premium for lower per-day decay. Position sizing on DLS should anchor to the underlying notional of $86.92 per share and to the trader's directional view on DLS etf.

DLS iron condor setup

The DLS 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 DLS near $86.92, the first option leg uses a $91.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DLS chain at a 34-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 DLS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$91.00	$0.72
Buy 1	Call	$92.00	$0.52
Sell 1	Put	$83.00	$0.59
Buy 1	Put	$78.00	$0.07

DLS iron condor risk and reward

Net Premium / Debit: +$72.00
Max Profit (per contract): $72.00
Max Loss (per contract): -$428.00
Breakeven(s): $82.28, $91.72
Risk / Reward Ratio: 0.168

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.

DLS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on DLS. 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$428.00
$19.23	-77.9%	-$428.00
$38.44	-55.8%	-$428.00
$57.66	-33.7%	-$428.00
$76.88	-11.6%	-$428.00
$96.10	+10.6%	-$28.00
$115.31	+32.7%	-$28.00
$134.53	+54.8%	-$28.00
$153.75	+76.9%	-$28.00
$172.97	+99.0%	-$28.00

When traders use iron condor on DLS

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

DLS thesis for this iron condor

The market-implied 1-standard-deviation range for DLS extends from approximately $82.14 on the downside to $91.70 on the upside. A DLS iron condor is a delta-neutral premium-collection structure that pays off when DLS 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 DLS IV rank near 5.65% 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 DLS at 19.20%. As a Financial Services name, DLS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DLS-specific events.

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

Frequently asked questions

What is a iron condor on DLS?: A iron condor on DLS is the iron condor strategy applied to DLS (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 DLS etf trading near $86.92, the strikes shown on this page are snapped to the nearest listed DLS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are DLS 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 DLS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 19.20%), the computed maximum profit is $72.00 per contract and the computed maximum loss is -$428.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DLS iron condor?: The breakeven for the DLS iron condor priced on this page is roughly $82.28 and $91.72 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 DLS market-implied 1-standard-deviation expected move is approximately 5.50%; 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 DLS?: Iron condors on DLS are a delta-neutral premium-collection structure that profits if DLS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current DLS implied volatility affect this iron condor?: DLS ATM IV is at 19.20% with IV rank near 5.65%, 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.