How are IVOL 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 IVOL iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 6.60%), the computed maximum profit is $48.00 per contract and the computed maximum loss is -$52.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a IVOL iron condor?

The breakeven for the IVOL iron condor priced on this page is roughly $16.52 and $18.48 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 IVOL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 1.89%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current IVOL implied volatility affect this iron condor?

IVOL ATM IV is at 6.60% with IV rank near 0.44%, 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.

IVOL Iron Condor Strategy

IVOL (Quadratic Interest Rate Volatility and Inflation Hedge ETF), in the Financial Services sector, (Asset Management - Bonds industry), listed on AMEX.

The Quadratic Interest Rate Volatility and Inflation Hedge ETF (IVOL) is under active management, aiming to achieve its financial objectives. Its primary investment strategy involves deploying capital into a combination of U.S. Treasury Inflation-Protected Securities (TIPS) and long-position options whose value is tied to the structure of the U.S. interest rate curve. This fund operates on a non-diversified basis.

IVOL (Quadratic Interest Rate Volatility and Inflation Hedge ETF) trades in the Financial Services sector, specifically Asset Management - Bonds, with a market capitalization of approximately $453.1M, a beta of 0.56 versus the broader market, a 52-week range of 17.141-20.255, average daily share volume of 216K, a public-listing history dating back to 2019. These structural characteristics shape how IVOL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.56 indicates IVOL has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. IVOL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on IVOL?

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.

IVOL snapshot

As of August 14, 2026, spot at $17.52, ATM IV 6.60%, IV rank 0.44%, expected move 1.89%. The iron condor on IVOL 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 IVOL specifically: IVOL IV at 6.60% is on the cheap side of its 1-year range, which means a premium-selling IVOL iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 1.89% (roughly $0.33 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 IVOL expiries trade a higher absolute premium for lower per-day decay. Position sizing on IVOL should anchor to the underlying notional of $17.52 per share and to the trader's directional view on IVOL etf.

IVOL iron condor setup

The IVOL 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 IVOL at $17.52 on that close, 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 IVOL 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 IVOL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$18.00	$0.15
Buy 1	Call	$19.00	$0.03
Sell 1	Put	$17.00	$0.48
Buy 1	Put	$16.00	$0.12

IVOL iron condor risk and reward

Net Premium / Debit: +$48.00
Max Profit (per contract): $48.00
Max Loss (per contract): -$52.00
Breakeven(s): $16.52, $18.48
Risk / Reward Ratio: 0.923

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.

IVOL iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on IVOL. 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	-99.9%	-$52.00
$3.88	-77.8%	-$52.00
$7.76	-55.7%	-$52.00
$11.63	-33.6%	-$52.00
$15.50	-11.5%	-$52.00
$19.37	+10.6%	-$52.00
$23.25	+32.7%	-$52.00
$27.12	+54.8%	-$52.00
$30.99	+76.9%	-$52.00
$34.86	+99.0%	-$52.00

When traders use iron condor on IVOL

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

IVOL thesis for this iron condor

The market-implied 1-standard-deviation range for IVOL extends from approximately $17.19 on the downside to $17.85 on the upside. A IVOL iron condor is a delta-neutral premium-collection structure that pays off when IVOL 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 IVOL IV rank near 0.44% 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 IVOL at 6.60%. As a Financial Services name, IVOL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IVOL-specific events.

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

Frequently asked questions

What is a iron condor on IVOL?: A iron condor on IVOL is the iron condor strategy applied to IVOL (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 IVOL etf at $17.52 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed IVOL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are IVOL 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 IVOL iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 6.60%), the computed maximum profit is $48.00 per contract and the computed maximum loss is -$52.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a IVOL iron condor?: The breakeven for the IVOL iron condor priced on this page is roughly $16.52 and $18.48 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 IVOL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 1.89%; 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 IVOL?: Iron condors on IVOL are a delta-neutral premium-collection structure that profits if IVOL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current IVOL implied volatility affect this iron condor?: IVOL ATM IV is at 6.60% with IV rank near 0.44%, 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.