How are FIGG 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 FIGG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 166.40%), the computed maximum profit is $75.00 per contract and the computed maximum loss is -$25.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FIGG iron condor?

The breakeven for the FIGG iron condor priced on this page is roughly $14.25 and $16.75 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 FIGG market-implied 1-standard-deviation expected move is approximately 47.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FIGG implied volatility affect this iron condor?

FIGG ATM IV is at 166.40% with IV rank near 30.56%, 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.

FIGG Iron Condor Strategy

FIGG (Leverage Shares 2x Long FIG Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

The Leverage Shares 2x Long FIG Daily ETF, identified by its ticker FIGG, is a financial product specifically tailored for active traders aiming to significantly amplify their short-term market gains. This fund is engineered to provide twice (200%) the daily return, or loss, of FIG stock. As a "bullish" or "long" investment, it's designed to profit from upward price movements, with its leveraged exposure resetting each day. All reported performance is net of the ETF's operational fees and expenses.

FIGG (Leverage Shares 2x Long FIG Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $1.7M, a beta of 2.78 versus the broader market, a 52-week range of 12.4-326.8, average daily share volume of 268K, a public-listing history dating back to 2025. These structural characteristics shape how FIGG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.78 indicates FIGG 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 FIGG?

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 FIGG snapshot

As of June 29, 2026, spot at $15.61, ATM IV 166.40%, IV rank 30.56%, expected move 47.71%. The iron condor on FIGG 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 FIGG specifically: FIGG IV at 166.40% is mid-range versus its 1-year history, so the credit collected on a FIGG iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 47.71% (roughly $7.45 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 FIGG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIGG should anchor to the underlying notional of $15.61 per share and to the trader's directional view on FIGG etf.

FIGG iron condor setup

The FIGG 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 FIGG near $15.61, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIGG 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 FIGG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$16.00	$1.98
Buy 1	Call	$17.00	$1.68
Sell 1	Put	$15.00	$2.05
Buy 1	Put	$14.00	$1.60

FIGG iron condor risk and reward

Net Premium / Debit: +$75.00
Max Profit (per contract): $75.00
Max Loss (per contract): -$25.00
Breakeven(s): $14.25, $16.75
Risk / Reward Ratio: 3.000

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.

FIGG iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on FIGG. 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	-99.9%	-$25.00
$3.46	-77.8%	-$25.00
$6.91	-55.7%	-$25.00
$10.36	-33.6%	-$25.00
$13.81	-11.5%	-$25.00
$17.26	+10.6%	-$25.00
$20.71	+32.7%	-$25.00
$24.16	+54.8%	-$25.00
$27.61	+76.9%	-$25.00
$31.06	+99.0%	-$25.00

When traders use iron condor on FIGG

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

FIGG thesis for this iron condor

The market-implied 1-standard-deviation range for FIGG extends from approximately $8.16 on the downside to $23.06 on the upside. A FIGG iron condor is a delta-neutral premium-collection structure that pays off when FIGG 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 FIGG IV rank near 30.56% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on FIGG should anchor more to the directional view and the expected-move geometry. As a Financial Services name, FIGG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIGG-specific events.

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

Frequently asked questions

What is a iron condor on FIGG?: A iron condor on FIGG is the iron condor strategy applied to FIGG (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 FIGG etf trading near $15.61, the strikes shown on this page are snapped to the nearest listed FIGG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FIGG 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 FIGG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 166.40%), the computed maximum profit is $75.00 per contract and the computed maximum loss is -$25.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FIGG iron condor?: The breakeven for the FIGG iron condor priced on this page is roughly $14.25 and $16.75 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 FIGG market-implied 1-standard-deviation expected move is approximately 47.71%; 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 FIGG?: Iron condors on FIGG are a delta-neutral premium-collection structure that profits if FIGG etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current FIGG implied volatility affect this iron condor?: FIGG ATM IV is at 166.40% with IV rank near 30.56%, 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.