How are FTA 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 FTA iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 16.90%), the computed maximum profit is $59.00 per contract and the computed maximum loss is -$441.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FTA iron condor?

The breakeven for the FTA iron condor priced on this page is roughly $98.41 and $109.57 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 FTA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FTA implied volatility affect this iron condor?

FTA ATM IV is at 16.90% with IV rank near 1.94%, 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.

FTA Iron Condor Strategy

FTA (First Trust Large Cap Value AlphaDEX Fund), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The First Trust Large Cap Value AlphaDEX Fund functions as an exchange-traded fund (ETF). Its main purpose is to closely replicate the overall financial return, including both asset appreciation and income, of a specific equity benchmark known as the Nasdaq AlphaDEX Large Cap Value Index, prior to accounting for any associated costs and charges.

FTA (First Trust Large Cap Value AlphaDEX Fund) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.35B, a beta of 0.64 versus the broader market, a 52-week range of 80.69-103.06, average daily share volume of 33K, a public-listing history dating back to 2007. These structural characteristics shape how FTA etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.64 indicates FTA has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. FTA pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on FTA?

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.

FTA snapshot

As of August 14, 2026, spot at $104.23, ATM IV 16.90%, IV rank 1.94%, expected move 4.85%. The iron condor on FTA 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 FTA specifically: FTA IV at 16.90% is on the cheap side of its 1-year range, which means a premium-selling FTA iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 4.85% (roughly $5.05 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 FTA expiries trade a higher absolute premium for lower per-day decay. Position sizing on FTA should anchor to the underlying notional of $104.23 per share and to the trader's directional view on FTA etf.

FTA iron condor setup

The FTA 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 FTA at $104.23 on that close, the first option leg uses a $109.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FTA 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 FTA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$109.00	$0.62
Buy 1	Call	$110.00	$0.45
Sell 1	Put	$99.00	$0.47
Buy 1	Put	$94.00	$0.05

FTA iron condor risk and reward

Net Premium / Debit: +$59.00
Max Profit (per contract): $59.00
Max Loss (per contract): -$441.00
Breakeven(s): $98.41, $109.57
Risk / Reward Ratio: 0.134

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.

FTA iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on FTA. 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%	-$441.00
$23.05	-77.9%	-$441.00
$46.10	-55.8%	-$441.00
$69.14	-33.7%	-$441.00
$92.19	-11.6%	-$441.00
$115.23	+10.6%	-$41.00
$138.28	+32.7%	-$41.00
$161.32	+54.8%	-$41.00
$184.37	+76.9%	-$41.00
$207.41	+99.0%	-$41.00

When traders use iron condor on FTA

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

FTA thesis for this iron condor

The market-implied 1-standard-deviation range for FTA extends from approximately $99.18 on the downside to $109.28 on the upside. A FTA iron condor is a delta-neutral premium-collection structure that pays off when FTA 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 FTA IV rank near 1.94% 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 FTA at 16.90%. As a Financial Services name, FTA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FTA-specific events.

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

Frequently asked questions

What is a iron condor on FTA?: A iron condor on FTA is the iron condor strategy applied to FTA (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 FTA etf at $104.23 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FTA chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FTA 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 FTA iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 16.90%), the computed maximum profit is $59.00 per contract and the computed maximum loss is -$441.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FTA iron condor?: The breakeven for the FTA iron condor priced on this page is roughly $98.41 and $109.57 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 FTA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.85%; 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 FTA?: Iron condors on FTA are a delta-neutral premium-collection structure that profits if FTA etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current FTA implied volatility affect this iron condor?: FTA ATM IV is at 16.90% with IV rank near 1.94%, 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.