How are HDGE 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 HDGE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 29.90%), the computed maximum profit is $54.50 per contract and the computed maximum loss is -$45.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HDGE iron condor?

The breakeven for the HDGE iron condor priced on this page is roughly $16.46 and $18.55 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 HDGE market-implied 1-standard-deviation expected move is approximately 8.57%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HDGE implied volatility affect this iron condor?

HDGE ATM IV is at 29.90% with IV rank near 3.63%, 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.

HDGE Iron Condor Strategy

HDGE (AdvisorShares Ranger Equity Bear ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The Sub-Advisor seeks to achieve the fund's investment objective by short selling a portfolio of liquid mid- and large-cap U.S. exchange-traded equity securities, ETFs, ETNs and other exchange-traded products. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in short positions in equity securities. The Sub-Advisor implements a bottom-up, fundamental, research driven security selection process.

HDGE (AdvisorShares Ranger Equity Bear ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $57.1M, a beta of -1.21 versus the broader market, a 52-week range of 15.62-18.45, average daily share volume of 226K, a public-listing history dating back to 2011. These structural characteristics shape how HDGE etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -1.21 indicates HDGE has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. HDGE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on HDGE?

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 HDGE snapshot

As of May 15, 2026, spot at $17.59, ATM IV 29.90%, IV rank 3.63%, expected move 8.57%. The iron condor on HDGE 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 HDGE specifically: HDGE IV at 29.90% is on the cheap side of its 1-year range, which means a premium-selling HDGE iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.57% (roughly $1.51 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 HDGE expiries trade a higher absolute premium for lower per-day decay. Position sizing on HDGE should anchor to the underlying notional of $17.59 per share and to the trader's directional view on HDGE etf.

HDGE iron condor setup

The HDGE 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 HDGE near $17.59, 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 HDGE 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 HDGE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$18.00	$0.53
Buy 1	Call	$19.00	$0.21
Sell 1	Put	$17.00	$0.32
Buy 1	Put	$16.00	$0.09

HDGE iron condor risk and reward

Net Premium / Debit: +$54.50
Max Profit (per contract): $54.50
Max Loss (per contract): -$45.50
Breakeven(s): $16.46, $18.55
Risk / Reward Ratio: 1.198

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.

HDGE iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on HDGE. 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%	-$45.50
$3.90	-77.8%	-$45.50
$7.79	-55.7%	-$45.50
$11.67	-33.6%	-$45.50
$15.56	-11.5%	-$45.50
$19.45	+10.6%	-$45.50
$23.34	+32.7%	-$45.50
$27.23	+54.8%	-$45.50
$31.12	+76.9%	-$45.50
$35.00	+99.0%	-$45.50

When traders use iron condor on HDGE

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

HDGE thesis for this iron condor

The market-implied 1-standard-deviation range for HDGE extends from approximately $16.08 on the downside to $19.10 on the upside. A HDGE iron condor is a delta-neutral premium-collection structure that pays off when HDGE 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 HDGE IV rank near 3.63% 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 HDGE at 29.90%. As a Financial Services name, HDGE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HDGE-specific events.

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

Frequently asked questions

What is a iron condor on HDGE?: A iron condor on HDGE is the iron condor strategy applied to HDGE (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 HDGE etf trading near $17.59, the strikes shown on this page are snapped to the nearest listed HDGE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HDGE 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 HDGE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 29.90%), the computed maximum profit is $54.50 per contract and the computed maximum loss is -$45.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HDGE iron condor?: The breakeven for the HDGE iron condor priced on this page is roughly $16.46 and $18.55 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 HDGE market-implied 1-standard-deviation expected move is approximately 8.57%; 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 HDGE?: Iron condors on HDGE are a delta-neutral premium-collection structure that profits if HDGE etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current HDGE implied volatility affect this iron condor?: HDGE ATM IV is at 29.90% with IV rank near 3.63%, 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.