How are MNRS 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 MNRS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 78.00%), the computed maximum profit is $132.50 per contract and the computed maximum loss is -$67.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MNRS iron condor?

The breakeven for the MNRS iron condor priced on this page is roughly $39.68 and $47.33 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 MNRS market-implied 1-standard-deviation expected move is approximately 22.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current MNRS implied volatility affect this iron condor?

MNRS ATM IV is at 78.00% with IV rank near 73.59%, 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.

MNRS Iron Condor Strategy

MNRS (Grayscale Bitcoin Miners ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on AMEX.

The Grayscale Bitcoin Miners ETF (MNRS) is designed to offer investors targeted participation in the Bitcoin mining industry and its broader ecosystem. It provides a gateway to companies that form the operational core of Bitcoin, a foundational element of the entire Bitcoin economy. MNRS concentrates its holdings on publicly listed global Bitcoin mining firms that are crucial to the security and functioning of the Bitcoin network. Ultimately, the fund endeavors to replicate the gross returns (before any fees or expenses) of its underlying benchmark, the Indxx Bitcoin Miners Index.

MNRS (Grayscale Bitcoin Miners ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $6.6M, a beta of 4.47 versus the broader market, a 52-week range of 23.24-56.46, average daily share volume of 11K, a public-listing history dating back to 2025. These structural characteristics shape how MNRS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 4.47 indicates MNRS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MNRS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on MNRS?

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 MNRS snapshot

As of June 29, 2026, spot at $43.36, ATM IV 78.00%, IV rank 73.59%, expected move 22.36%. The iron condor on MNRS 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 MNRS specifically: MNRS IV at 78.00% is rich versus its 1-year range, which favors premium-selling structures like a MNRS iron condor, with a market-implied 1-standard-deviation move of approximately 22.36% (roughly $9.70 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 MNRS expiries trade a higher absolute premium for lower per-day decay. Position sizing on MNRS should anchor to the underlying notional of $43.36 per share and to the trader's directional view on MNRS etf.

MNRS iron condor setup

The MNRS 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 MNRS near $43.36, the first option leg uses a $46.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MNRS 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 MNRS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$46.00	$1.70
Buy 1	Call	$48.00	$1.18
Sell 1	Put	$41.00	$2.05
Buy 1	Put	$39.00	$1.25

MNRS iron condor risk and reward

Net Premium / Debit: +$132.50
Max Profit (per contract): $132.50
Max Loss (per contract): -$67.50
Breakeven(s): $39.68, $47.33
Risk / Reward Ratio: 1.963

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.

MNRS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on MNRS. 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%	-$67.50
$9.60	-77.9%	-$67.50
$19.18	-55.8%	-$67.50
$28.77	-33.7%	-$67.50
$38.35	-11.5%	-$67.50
$47.94	+10.6%	-$61.52
$57.53	+32.7%	-$67.50
$67.11	+54.8%	-$67.50
$76.70	+76.9%	-$67.50
$86.28	+99.0%	-$67.50

When traders use iron condor on MNRS

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

MNRS thesis for this iron condor

The market-implied 1-standard-deviation range for MNRS extends from approximately $33.66 on the downside to $53.06 on the upside. A MNRS iron condor is a delta-neutral premium-collection structure that pays off when MNRS 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 MNRS IV rank near 73.59% 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 MNRS at 78.00%. As a Financial Services name, MNRS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MNRS-specific events.

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

Frequently asked questions

What is a iron condor on MNRS?: A iron condor on MNRS is the iron condor strategy applied to MNRS (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 MNRS etf trading near $43.36, the strikes shown on this page are snapped to the nearest listed MNRS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MNRS 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 MNRS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 78.00%), the computed maximum profit is $132.50 per contract and the computed maximum loss is -$67.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MNRS iron condor?: The breakeven for the MNRS iron condor priced on this page is roughly $39.68 and $47.33 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 MNRS market-implied 1-standard-deviation expected move is approximately 22.36%; 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 MNRS?: Iron condors on MNRS are a delta-neutral premium-collection structure that profits if MNRS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current MNRS implied volatility affect this iron condor?: MNRS ATM IV is at 78.00% with IV rank near 73.59%, 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.