How are GGLS 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 GGLS iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 27.40%), the computed maximum profit is $110.50 per contract and the computed maximum loss is -$189.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GGLS iron condor?

The breakeven for the GGLS iron condor priced on this page is roughly $53.90 and $62.11 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 GGLS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GGLS implied volatility affect this iron condor?

GGLS ATM IV is at 27.40% with IV rank near 5.35%, 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.

GGLS Iron Condor Strategy

GGLS (Direxion Daily GOOGL Bear 1X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

These Direxion funds, the Daily GOOGL Bull 2X ETF and the Daily GOOGL Bear 1X ETF, are structured to achieve distinct daily investment outcomes, not including costs and charges. The Bull ETF endeavors to yield twice the daily performance of Alphabet Inc.'s (NASDAQ: GOOGL) Class A shares, whereas the Bear ETF aims for returns equivalent to the single inverse (or opposite) daily movement of these same shares.

GGLS (Direxion Daily GOOGL Bear 1X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $11.9M, a beta of -1.11 versus the broader market, a 52-week range of 50.65-111.19, average daily share volume of 1.2M, a public-listing history dating back to 2022. These structural characteristics shape how GGLS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -1.11 indicates GGLS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GGLS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on GGLS?

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.

GGLS snapshot

As of August 14, 2026, spot at $58.40, ATM IV 27.40%, IV rank 5.35%, expected move 7.86%. The iron condor on GGLS 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 GGLS specifically: GGLS IV at 27.40% is on the cheap side of its 1-year range, which means a premium-selling GGLS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.86% (roughly $4.59 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 GGLS expiries trade a higher absolute premium for lower per-day decay. Position sizing on GGLS should anchor to the underlying notional of $58.40 per share and to the trader's directional view on GGLS etf.

GGLS iron condor setup

The GGLS 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 GGLS at $58.40 on that close, the first option leg uses a $61.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GGLS 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 GGLS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$61.00	$0.98
Buy 1	Call	$64.00	$0.39
Sell 1	Put	$55.00	$0.80
Buy 1	Put	$53.00	$0.28

GGLS iron condor risk and reward

Net Premium / Debit: +$110.50
Max Profit (per contract): $110.50
Max Loss (per contract): -$189.50
Breakeven(s): $53.90, $62.11
Risk / Reward Ratio: 0.583

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.

GGLS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on GGLS. 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%	-$89.50
$12.92	-77.9%	-$89.50
$25.83	-55.8%	-$89.50
$38.74	-33.7%	-$89.50
$51.66	-11.5%	-$89.50
$64.57	+10.6%	-$189.50
$77.48	+32.7%	-$189.50
$90.39	+54.8%	-$189.50
$103.30	+76.9%	-$189.50
$116.21	+99.0%	-$189.50

When traders use iron condor on GGLS

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

GGLS thesis for this iron condor

The market-implied 1-standard-deviation range for GGLS extends from approximately $53.81 on the downside to $62.99 on the upside. A GGLS iron condor is a delta-neutral premium-collection structure that pays off when GGLS 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 GGLS IV rank near 5.35% 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 GGLS at 27.40%. As a Financial Services name, GGLS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GGLS-specific events.

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

Frequently asked questions

What is a iron condor on GGLS?: A iron condor on GGLS is the iron condor strategy applied to GGLS (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 GGLS etf at $58.40 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed GGLS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are GGLS 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 GGLS iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 27.40%), the computed maximum profit is $110.50 per contract and the computed maximum loss is -$189.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GGLS iron condor?: The breakeven for the GGLS iron condor priced on this page is roughly $53.90 and $62.11 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 GGLS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.86%; 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 GGLS?: Iron condors on GGLS are a delta-neutral premium-collection structure that profits if GGLS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current GGLS implied volatility affect this iron condor?: GGLS ATM IV is at 27.40% with IV rank near 5.35%, 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.