How are MAXI 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 MAXI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 53.10%), the computed maximum profit is $27.50 per contract and the computed maximum loss is -$72.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MAXI iron condor?

The breakeven for the MAXI iron condor priced on this page is roughly $12.28 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 MAXI market-implied 1-standard-deviation expected move is approximately 15.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current MAXI implied volatility affect this iron condor?

MAXI ATM IV is at 53.10% with IV rank near 19.40%, 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.

MAXI Iron Condor Strategy

MAXI (Simplify Bitcoin Strategy PLUS Income ETF), in the Financial Services sector, (Asset Management - Income industry), listed on NASDAQ.

The Simplify Bitcoin Strategy PLUS Income ETF (MAXI) seeks capital gains through an actively managed Bitcoin strategy. A risk-managed options overlay is added to provide income. The Bitcoin exposure will vary between 50% to 200% of the fund’s net assets, based on a proprietary technical model. Exposure may be gained through various instruments, including Bitcoin ETFs, futures, options, or swaps. The options income strategy will focus on selling put spreads on a variety of instruments, including equity indices as well as bond and commodity ETFs.* *The fund does not invest in bitcoin directly.

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $34.1M, a beta of 1.53 versus the broader market, a 52-week range of 9.2-36.34, average daily share volume of 29K, a public-listing history dating back to 2022. These structural characteristics shape how MAXI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.53 indicates MAXI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MAXI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on MAXI?

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 MAXI snapshot

As of May 15, 2026, spot at $11.70, ATM IV 53.10%, IV rank 19.40%, expected move 15.22%. The iron condor on MAXI 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 MAXI specifically: MAXI IV at 53.10% is on the cheap side of its 1-year range, which means a premium-selling MAXI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.22% (roughly $1.78 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 MAXI expiries trade a higher absolute premium for lower per-day decay. Position sizing on MAXI should anchor to the underlying notional of $11.70 per share and to the trader's directional view on MAXI etf.

MAXI iron condor setup

The MAXI 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 MAXI near $11.70, the first option leg uses a $12.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MAXI 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 MAXI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$12.00	$0.53
Buy 1	Call	$13.00	$0.25
Sell 1	Put	$11.00	$0.55
Buy 1	Put	$11.00	$0.55

MAXI iron condor risk and reward

Net Premium / Debit: +$27.50
Max Profit (per contract): $27.50
Max Loss (per contract): -$72.50
Breakeven(s): $12.28
Risk / Reward Ratio: 0.379

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.

MAXI iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on MAXI. 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%	+$27.50
$2.60	-77.8%	+$27.50
$5.18	-55.7%	+$27.50
$7.77	-33.6%	+$27.50
$10.35	-11.5%	+$27.50
$12.94	+10.6%	-$66.41
$15.52	+32.7%	-$72.50
$18.11	+54.8%	-$72.50
$20.70	+76.9%	-$72.50
$23.28	+99.0%	-$72.50

When traders use iron condor on MAXI

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

MAXI thesis for this iron condor

The market-implied 1-standard-deviation range for MAXI extends from approximately $9.92 on the downside to $13.48 on the upside. A MAXI iron condor is a delta-neutral premium-collection structure that pays off when MAXI 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 MAXI IV rank near 19.40% 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 MAXI at 53.10%. As a Financial Services name, MAXI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MAXI-specific events.

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

Frequently asked questions

What is a iron condor on MAXI?: A iron condor on MAXI is the iron condor strategy applied to MAXI (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 MAXI etf trading near $11.70, the strikes shown on this page are snapped to the nearest listed MAXI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MAXI 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 MAXI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 53.10%), the computed maximum profit is $27.50 per contract and the computed maximum loss is -$72.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MAXI iron condor?: The breakeven for the MAXI iron condor priced on this page is roughly $12.28 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 MAXI market-implied 1-standard-deviation expected move is approximately 15.22%; 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 MAXI?: Iron condors on MAXI are a delta-neutral premium-collection structure that profits if MAXI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current MAXI implied volatility affect this iron condor?: MAXI ATM IV is at 53.10% with IV rank near 19.40%, 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.