How are EZBC 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 EZBC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 42.40%), the computed maximum profit is $84.50 per contract and the computed maximum loss is -$115.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a EZBC iron condor?

The breakeven for the EZBC iron condor priced on this page is roughly $32.16 and $37.85 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 EZBC market-implied 1-standard-deviation expected move is approximately 12.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current EZBC implied volatility affect this iron condor?

EZBC ATM IV is at 42.40% with IV rank near 14.73%, 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.

EZBC Iron Condor Strategy

EZBC (Franklin Bitcoin ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

The shares are intended to offer a convenient means of making an investment similar to an investment in bitcoin relative to acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset exchange. The shares have been designed to remove obstacles associated with the complexities and operational burdens involved in a direct investment in bitcoin by providing an investment with a value that reflects the price of the bitcoin owned by the fund at such time, less the fund’s expenses.

EZBC (Franklin Bitcoin ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $425.1M, a beta of 2.02 versus the broader market, a 52-week range of 33.5-73.16, average daily share volume of 191K, a public-listing history dating back to 2024. These structural characteristics shape how EZBC etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.02 indicates EZBC 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 EZBC?

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 EZBC snapshot

As of June 29, 2026, spot at $34.90, ATM IV 42.40%, IV rank 14.73%, expected move 12.16%. The iron condor on EZBC 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 18-day expiry.

Why this iron condor structure on EZBC specifically: EZBC IV at 42.40% is on the cheap side of its 1-year range, which means a premium-selling EZBC iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.16% (roughly $4.24 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EZBC expiries trade a higher absolute premium for lower per-day decay. Position sizing on EZBC should anchor to the underlying notional of $34.90 per share and to the trader's directional view on EZBC etf.

EZBC iron condor setup

The EZBC 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 EZBC near $34.90, the first option leg uses a $37.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EZBC chain at a 18-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 EZBC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$37.00	$0.58
Buy 1	Call	$38.00	$0.23
Sell 1	Put	$33.00	$0.80
Buy 1	Put	$31.00	$0.30

EZBC iron condor risk and reward

Net Premium / Debit: +$84.50
Max Profit (per contract): $84.50
Max Loss (per contract): -$115.50
Breakeven(s): $32.16, $37.85
Risk / Reward Ratio: 0.732

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.

EZBC iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on EZBC. 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%	-$115.50
$7.73	-77.9%	-$115.50
$15.44	-55.8%	-$115.50
$23.16	-33.6%	-$115.50
$30.87	-11.5%	-$115.50
$38.59	+10.6%	-$15.50
$46.30	+32.7%	-$15.50
$54.02	+54.8%	-$15.50
$61.73	+76.9%	-$15.50
$69.45	+99.0%	-$15.50

When traders use iron condor on EZBC

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

EZBC thesis for this iron condor

The market-implied 1-standard-deviation range for EZBC extends from approximately $30.66 on the downside to $39.14 on the upside. A EZBC iron condor is a delta-neutral premium-collection structure that pays off when EZBC 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 EZBC IV rank near 14.73% 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 EZBC at 42.40%. As a Financial Services name, EZBC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EZBC-specific events.

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

Frequently asked questions

What is a iron condor on EZBC?: A iron condor on EZBC is the iron condor strategy applied to EZBC (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 EZBC etf trading near $34.90, the strikes shown on this page are snapped to the nearest listed EZBC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are EZBC 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 EZBC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 42.40%), the computed maximum profit is $84.50 per contract and the computed maximum loss is -$115.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EZBC iron condor?: The breakeven for the EZBC iron condor priced on this page is roughly $32.16 and $37.85 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 EZBC market-implied 1-standard-deviation expected move is approximately 12.16%; 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 EZBC?: Iron condors on EZBC are a delta-neutral premium-collection structure that profits if EZBC etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current EZBC implied volatility affect this iron condor?: EZBC ATM IV is at 42.40% with IV rank near 14.73%, 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.