How are FTRI 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 FTRI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 440.40%), the computed maximum profit is $29.00 per contract and the computed maximum loss is -$71.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FTRI iron condor?

The breakeven for the FTRI iron condor priced on this page is roughly $15.71 and $18.29 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 FTRI market-implied 1-standard-deviation expected move is approximately 126.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FTRI implied volatility affect this iron condor?

FTRI ATM IV is at 440.40% with IV rank near 90.64%, 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.

FTRI Iron Condor Strategy

FTRI (First Trust Indxx Global Natural Resources Income ETF), in the Financial Services sector, (Asset Management - Income industry), listed on NASDAQ.

The First Trust Indxx Global Natural Resources Income ETF is an exchange-trade fund. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of an equity index called the Indxx Global Natural Resources Income Index.

FTRI (First Trust Indxx Global Natural Resources Income ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $110.7M, a beta of 0.61 versus the broader market, a 52-week range of 13.25-19.13, average daily share volume of 44K, a public-listing history dating back to 2010. These structural characteristics shape how FTRI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.61 indicates FTRI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. FTRI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on FTRI?

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 FTRI snapshot

As of May 15, 2026, spot at $17.17, ATM IV 440.40%, IV rank 90.64%, expected move 126.26%. The iron condor on FTRI 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 FTRI specifically: FTRI IV at 440.40% is rich versus its 1-year range, which favors premium-selling structures like a FTRI iron condor, with a market-implied 1-standard-deviation move of approximately 126.26% (roughly $21.68 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 FTRI expiries trade a higher absolute premium for lower per-day decay. Position sizing on FTRI should anchor to the underlying notional of $17.17 per share and to the trader's directional view on FTRI etf.

FTRI iron condor setup

The FTRI 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 FTRI near $17.17, the first option leg uses a $18.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FTRI 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 FTRI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$18.00	$0.26
Buy 1	Call	$19.00	$0.08
Sell 1	Put	$16.00	$0.13
Buy 1	Put	$15.00	$0.02

FTRI iron condor risk and reward

Net Premium / Debit: +$29.00
Max Profit (per contract): $29.00
Max Loss (per contract): -$71.00
Breakeven(s): $15.71, $18.29
Risk / Reward Ratio: 0.408

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.

FTRI iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on FTRI. 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	-99.9%	-$71.00
$3.81	-77.8%	-$71.00
$7.60	-55.7%	-$71.00
$11.40	-33.6%	-$71.00
$15.19	-11.5%	-$51.89
$18.99	+10.6%	-$69.64
$22.78	+32.7%	-$71.00
$26.58	+54.8%	-$71.00
$30.37	+76.9%	-$71.00
$34.17	+99.0%	-$71.00

When traders use iron condor on FTRI

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

FTRI thesis for this iron condor

The market-implied 1-standard-deviation range for FTRI extends from approximately $-4.51 on the downside to $38.85 on the upside. A FTRI iron condor is a delta-neutral premium-collection structure that pays off when FTRI 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 FTRI IV rank near 90.64% 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 FTRI at 440.40%. As a Financial Services name, FTRI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FTRI-specific events.

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

Frequently asked questions

What is a iron condor on FTRI?: A iron condor on FTRI is the iron condor strategy applied to FTRI (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 FTRI etf trading near $17.17, the strikes shown on this page are snapped to the nearest listed FTRI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FTRI 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 FTRI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 440.40%), the computed maximum profit is $29.00 per contract and the computed maximum loss is -$71.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FTRI iron condor?: The breakeven for the FTRI iron condor priced on this page is roughly $15.71 and $18.29 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 FTRI market-implied 1-standard-deviation expected move is approximately 126.26%; 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 FTRI?: Iron condors on FTRI are a delta-neutral premium-collection structure that profits if FTRI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current FTRI implied volatility affect this iron condor?: FTRI ATM IV is at 440.40% with IV rank near 90.64%, 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.