How are FCG 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 FCG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 328.60%), the computed maximum profit is $28.00 per contract and the computed maximum loss is -$72.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FCG iron condor?

The breakeven for the FCG iron condor priced on this page is roughly $24.72 and $28.28 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 FCG market-implied 1-standard-deviation expected move is approximately 94.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FCG implied volatility affect this iron condor?

FCG ATM IV is at 328.60% with IV rank near 100.00%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

FCG Iron Condor Strategy

FCG (First Trust Natural Gas ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

As an exchange-traded fund, the First Trust Natural Gas ETF strives to deliver investment returns that broadly mimic the price and yield of the ISE-Revere Natural Gas Index, an equity benchmark. This performance matching is measured before accounting for the fund's internal fees and expenses.

FCG (First Trust Natural Gas ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $513.8M, a beta of -0.08 versus the broader market, a 52-week range of 21.76-33.03, average daily share volume of 1.2M, a public-listing history dating back to 2007. These structural characteristics shape how FCG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.08 indicates FCG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. FCG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on FCG?

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 FCG snapshot

As of June 29, 2026, spot at $26.56, ATM IV 328.60%, IV rank 100.00%, expected move 94.21%. The iron condor on FCG 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 17-day expiry.

Why this iron condor structure on FCG specifically: FCG IV at 328.60% is rich versus its 1-year range, which favors premium-selling structures like a FCG iron condor, with a market-implied 1-standard-deviation move of approximately 94.21% (roughly $25.02 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FCG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FCG should anchor to the underlying notional of $26.56 per share and to the trader's directional view on FCG etf.

FCG iron condor setup

The FCG 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 FCG near $26.56, the first option leg uses a $28.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FCG chain at a 17-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 FCG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$28.00	$0.30
Buy 1	Call	$29.00	$0.12
Sell 1	Put	$25.00	$0.14
Buy 1	Put	$24.00	$0.04

FCG iron condor risk and reward

Net Premium / Debit: +$28.00
Max Profit (per contract): $28.00
Max Loss (per contract): -$72.00
Breakeven(s): $24.72, $28.28
Risk / Reward Ratio: 0.389

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.

FCG iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on FCG. 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%	-$72.00
$5.88	-77.9%	-$72.00
$11.75	-55.7%	-$72.00
$17.62	-33.6%	-$72.00
$23.50	-11.5%	-$72.00
$29.37	+10.6%	-$72.00
$35.24	+32.7%	-$72.00
$41.11	+54.8%	-$72.00
$46.98	+76.9%	-$72.00
$52.85	+99.0%	-$72.00

When traders use iron condor on FCG

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

FCG thesis for this iron condor

The market-implied 1-standard-deviation range for FCG extends from approximately $1.54 on the downside to $51.58 on the upside. A FCG iron condor is a delta-neutral premium-collection structure that pays off when FCG 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 FCG IV rank near 100.00% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on FCG at 328.60%. As a Financial Services name, FCG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FCG-specific events.

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

Frequently asked questions

What is a iron condor on FCG?: A iron condor on FCG is the iron condor strategy applied to FCG (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 FCG etf trading near $26.56, the strikes shown on this page are snapped to the nearest listed FCG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FCG 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 FCG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 328.60%), the computed maximum profit is $28.00 per contract and the computed maximum loss is -$72.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FCG iron condor?: The breakeven for the FCG iron condor priced on this page is roughly $24.72 and $28.28 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 FCG market-implied 1-standard-deviation expected move is approximately 94.21%; 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 FCG?: Iron condors on FCG are a delta-neutral premium-collection structure that profits if FCG etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current FCG implied volatility affect this iron condor?: FCG ATM IV is at 328.60% with IV rank near 100.00%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.