How are NANR 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 NANR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 22.40%), the computed maximum profit is $104.00 per contract and the computed maximum loss is -$296.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NANR iron condor?

The breakeven for the NANR iron condor priced on this page is roughly $77.96 and $88.04 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 NANR market-implied 1-standard-deviation expected move is approximately 6.42%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NANR implied volatility affect this iron condor?

NANR ATM IV is at 22.40% with IV rank near 28.95%, 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.

NANR Iron Condor Strategy

NANR (State Street SPDR S&P North American Natural Resources ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The State Street SPDR S&P North American Natural Resources ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P BMI North American Natural Resources Index (the "Index")Seeks to provide exposure to U.S. and Canadian publicly traded large and mid cap companies within the sub-industries of the energy, metals & mining or agriculture categoriesAt each quarterly Index rebalancing, the combined weight of securities of companies in the energy, metals & mining and agriculture categories are set at 45%, 35% and 20%, respectively

NANR (State Street SPDR S&P North American Natural Resources ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $817.3M, a beta of 0.56 versus the broader market, a 52-week range of 53.31-86.58, average daily share volume of 75K, a public-listing history dating back to 2015. These structural characteristics shape how NANR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

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

What is a iron condor on NANR?

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 NANR snapshot

As of May 15, 2026, spot at $82.92, ATM IV 22.40%, IV rank 28.95%, expected move 6.42%. The iron condor on NANR 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 NANR specifically: NANR IV at 22.40% is on the cheap side of its 1-year range, which means a premium-selling NANR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.42% (roughly $5.33 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 NANR expiries trade a higher absolute premium for lower per-day decay. Position sizing on NANR should anchor to the underlying notional of $82.92 per share and to the trader's directional view on NANR etf.

NANR iron condor setup

The NANR 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 NANR near $82.92, the first option leg uses a $87.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NANR 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 NANR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$87.00	$0.66
Buy 1	Call	$90.00	$0.26
Sell 1	Put	$79.00	$0.87
Buy 1	Put	$75.00	$0.23

NANR iron condor risk and reward

Net Premium / Debit: +$104.00
Max Profit (per contract): $104.00
Max Loss (per contract): -$296.00
Breakeven(s): $77.96, $88.04
Risk / Reward Ratio: 0.351

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.

NANR iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on NANR. 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	-100.0%	-$296.00
$18.34	-77.9%	-$296.00
$36.68	-55.8%	-$296.00
$55.01	-33.7%	-$296.00
$73.34	-11.6%	-$296.00
$91.67	+10.6%	-$196.00
$110.01	+32.7%	-$196.00
$128.34	+54.8%	-$196.00
$146.67	+76.9%	-$196.00
$165.01	+99.0%	-$196.00

When traders use iron condor on NANR

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

NANR thesis for this iron condor

The market-implied 1-standard-deviation range for NANR extends from approximately $77.59 on the downside to $88.25 on the upside. A NANR iron condor is a delta-neutral premium-collection structure that pays off when NANR 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 NANR IV rank near 28.95% 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 NANR at 22.40%. As a Financial Services name, NANR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NANR-specific events.

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

Frequently asked questions

What is a iron condor on NANR?: A iron condor on NANR is the iron condor strategy applied to NANR (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 NANR etf trading near $82.92, the strikes shown on this page are snapped to the nearest listed NANR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NANR 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 NANR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 22.40%), the computed maximum profit is $104.00 per contract and the computed maximum loss is -$296.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NANR iron condor?: The breakeven for the NANR iron condor priced on this page is roughly $77.96 and $88.04 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 NANR market-implied 1-standard-deviation expected move is approximately 6.42%; 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 NANR?: Iron condors on NANR are a delta-neutral premium-collection structure that profits if NANR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current NANR implied volatility affect this iron condor?: NANR ATM IV is at 22.40% with IV rank near 28.95%, 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.