How are INTW 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 INTW iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 174.40%), the computed maximum profit is $200.00 per contract and the computed maximum loss is -$50.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a INTW iron condor?

The breakeven for the INTW iron condor priced on this page is roughly $40.50 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 INTW market-implied 1-standard-deviation expected move is approximately 50.00%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current INTW implied volatility affect this iron condor?

INTW ATM IV is at 174.40% with IV rank near 67.57%, 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.

INTW Iron Condor Strategy

INTW (GraniteShares 2x Long INTC Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

This Exchange Traded Fund (ETF) is designed to provide daily investment performance that is double (200%) the day-to-day percentage change in the share price of Intel Corporation (NASDAQ: INTC), prior to the deduction of its own fees and expenses. It is crucial to understand that the fund's ability to consistently achieve this specific target cannot be guaranteed. Moreover, investors should not expect this ETF to generate a cumulative return of twice INTC's performance over durations longer than a single trading day.

INTW (GraniteShares 2x Long INTC Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $556.9M, a beta of 4.26 versus the broader market, a 52-week range of 1.7175-52.625, average daily share volume of 840K, a public-listing history dating back to 2025. These structural characteristics shape how INTW etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 4.26 indicates INTW 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 INTW?

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 INTW snapshot

As of June 29, 2026, spot at $44.54, ATM IV 174.40%, IV rank 67.57%, expected move 50.00%. The iron condor on INTW 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 INTW specifically: INTW IV at 174.40% is mid-range versus its 1-year history, so the credit collected on a INTW iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 50.00% (roughly $22.27 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 INTW expiries trade a higher absolute premium for lower per-day decay. Position sizing on INTW should anchor to the underlying notional of $44.54 per share and to the trader's directional view on INTW etf.

INTW iron condor setup

The INTW 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 INTW near $44.54, the first option leg uses a $46.88 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INTW 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 INTW shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$46.88	$5.70
Buy 1	Call	$48.75	$4.95
Sell 1	Put	$42.50	$5.85
Buy 1	Put	$40.00	$4.60

INTW iron condor risk and reward

Net Premium / Debit: +$200.00
Max Profit (per contract): $200.00
Max Loss (per contract): -$50.00
Breakeven(s): $40.50
Risk / Reward Ratio: 4.000

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.

INTW iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on INTW. 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%	-$50.00
$9.86	-77.9%	-$50.00
$19.70	-55.8%	-$50.00
$29.55	-33.7%	-$50.00
$39.40	-11.5%	-$50.00
$49.24	+10.6%	+$13.00
$59.09	+32.7%	+$13.00
$68.94	+54.8%	+$13.00
$78.79	+76.9%	+$13.00
$88.63	+99.0%	+$13.00

When traders use iron condor on INTW

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

INTW thesis for this iron condor

The market-implied 1-standard-deviation range for INTW extends from approximately $22.27 on the downside to $66.81 on the upside. A INTW iron condor is a delta-neutral premium-collection structure that pays off when INTW 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 INTW IV rank near 67.57% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on INTW should anchor more to the directional view and the expected-move geometry. As a Financial Services name, INTW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INTW-specific events.

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

Frequently asked questions

What is a iron condor on INTW?: A iron condor on INTW is the iron condor strategy applied to INTW (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 INTW etf trading near $44.54, the strikes shown on this page are snapped to the nearest listed INTW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are INTW 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 INTW iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 174.40%), the computed maximum profit is $200.00 per contract and the computed maximum loss is -$50.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a INTW iron condor?: The breakeven for the INTW iron condor priced on this page is roughly $40.50 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 INTW market-implied 1-standard-deviation expected move is approximately 50.00%; 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 INTW?: Iron condors on INTW are a delta-neutral premium-collection structure that profits if INTW etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current INTW implied volatility affect this iron condor?: INTW ATM IV is at 174.40% with IV rank near 67.57%, 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.