How are ION 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 ION iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 379.10%), the computed maximum profit is $194.00 per contract and the computed maximum loss is -$306.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ION iron condor?

The breakeven for the ION iron condor priced on this page is roughly $48.06 and $57.02 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 ION market-implied 1-standard-deviation expected move in the same options snapshot is approximately 108.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ION implied volatility affect this iron condor?

ION ATM IV is at 379.10% with IV rank near 75.68%, 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.

ION Iron Condor Strategy

ION (ProShares S&P Global Core Battery Metals ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

ION is a passively managed ETF that provides exposure to companies engaged in the mining of metals used in battery production. The portfolio is comprised of stocks and depositary receipts that had positive total revenue and production value (dollar market value) from the mining of lithium, nickel, and cobalt during the prior year. Companies could be of any market capitalization from both developed and emerging countries. Using a mathematical approach, the fund determines the type, quantity, and mix of investment positions that are expected to produce returns. Weighting is set to each securitys ranking based on production-value-to-revenue ratio divided by the sum of all ranks. A basket liquidity maximum weight is calculated to determine security capping, with excess amounts redistributed across the portfolio.

ION (ProShares S&P Global Core Battery Metals ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $13.1M, a beta of 1.30 versus the broader market, a 52-week range of 33.64-69.55, average daily share volume of 5K, a public-listing history dating back to 2022. These structural characteristics shape how ION etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.30 places ION roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ION pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on ION?

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.

ION snapshot

As of August 14, 2026, spot at $52.11, ATM IV 379.10%, IV rank 75.68%, expected move 108.69%. The iron condor on ION 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 ION specifically: ION IV at 379.10% is rich versus its 1-year range, which favors premium-selling structures like a ION iron condor, with a market-implied 1-standard-deviation move of approximately 108.69% (roughly $56.64 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 ION expiries trade a higher absolute premium for lower per-day decay. Position sizing on ION should anchor to the underlying notional of $52.11 per share and to the trader's directional view on ION etf.

ION iron condor setup

The ION 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 ION at $52.11 on that close, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ION 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 ION shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$55.00	$1.70
Buy 1	Call	$57.00	$1.00
Sell 1	Put	$50.00	$1.62
Buy 1	Put	$45.00	$0.38

ION iron condor risk and reward

Net Premium / Debit: +$194.00
Max Profit (per contract): $194.00
Max Loss (per contract): -$306.00
Breakeven(s): $48.06, $57.02
Risk / Reward Ratio: 0.634

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.

ION iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on ION. 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%	-$306.00
$11.53	-77.9%	-$306.00
$23.05	-55.8%	-$306.00
$34.57	-33.7%	-$306.00
$46.09	-11.5%	-$196.72
$57.61	+10.6%	-$6.00
$69.13	+32.7%	-$6.00
$80.65	+54.8%	-$6.00
$92.18	+76.9%	-$6.00
$103.70	+99.0%	-$6.00

When traders use iron condor on ION

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

ION thesis for this iron condor

The market-implied 1-standard-deviation range for ION extends from approximately $-4.53 on the downside to $108.75 on the upside. A ION iron condor is a delta-neutral premium-collection structure that pays off when ION 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 ION IV rank near 75.68% 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 ION at 379.10%. As a Financial Services name, ION options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ION-specific events.

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

Frequently asked questions

What is a iron condor on ION?: A iron condor on ION is the iron condor strategy applied to ION (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 ION etf at $52.11 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ION chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ION 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 ION iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 379.10%), the computed maximum profit is $194.00 per contract and the computed maximum loss is -$306.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ION iron condor?: The breakeven for the ION iron condor priced on this page is roughly $48.06 and $57.02 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 ION market-implied 1-standard-deviation expected move in the same options snapshot is approximately 108.69%; 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 ION?: Iron condors on ION are a delta-neutral premium-collection structure that profits if ION etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current ION implied volatility affect this iron condor?: ION ATM IV is at 379.10% with IV rank near 75.68%, 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.