How are NEBX 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 NEBX iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 151.40%), the computed maximum profit is $82.50 per contract and the computed maximum loss is -$17.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NEBX iron condor?

The breakeven for the NEBX iron condor priced on this page is roughly $25.18 and $29.83 at expiration, derived from the September 29, 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 NEBX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 43.41%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NEBX implied volatility affect this iron condor?

NEBX ATM IV is at 151.40% with IV rank near 3.69%, 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.

NEBX Iron Condor Strategy

NEBX (Tradr 2X Long NBIS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

NEBX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Nebius Group (NASDAQ: NBIS), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror NBISs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold NBIS stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending, and holders are on the positive corresponding side of that trade.

NEBX (Tradr 2X Long NBIS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $198.2M, a beta of 7.89 versus the broader market, a 52-week range of 6.61633-70.77, average daily share volume of 2.5M, a public-listing history dating back to 2025. These structural characteristics shape how NEBX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 7.89 indicates NEBX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a iron condor on NEBX?

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.

NEBX snapshot

As of September 29, 2026, spot at $27.36, ATM IV 151.40%, IV rank 3.69%, expected move 43.41%. The iron condor on NEBX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this iron condor structure on NEBX specifically: NEBX IV at 151.40% is on the cheap side of its 1-year range, which means a premium-selling NEBX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 43.41% (roughly $11.88 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NEBX expiries trade a higher absolute premium for lower per-day decay. Position sizing on NEBX should anchor to the underlying notional of $27.36 per share and to the trader's directional view on NEBX etf.

NEBX iron condor setup

The NEBX iron condor below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NEBX at $27.36 on that close, the first option leg uses a $29.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NEBX chain at a 17-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 NEBX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$29.00	$3.23
Buy 1	Call	$30.00	$2.78
Sell 1	Put	$26.00	$2.68
Buy 1	Put	$25.00	$2.30

NEBX iron condor risk and reward

Net Premium / Debit: +$82.50
Max Profit (per contract): $82.50
Max Loss (per contract): -$17.50
Breakeven(s): $25.18, $29.83
Risk / Reward Ratio: 4.714

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.

NEBX iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on NEBX. 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%	-$17.50
$6.06	-77.9%	-$17.50
$12.11	-55.8%	-$17.50
$18.16	-33.6%	-$17.50
$24.20	-11.5%	-$17.50
$30.25	+10.6%	-$17.50
$36.30	+32.7%	-$17.50
$42.35	+54.8%	-$17.50
$48.40	+76.9%	-$17.50
$54.45	+99.0%	-$17.50

When traders use iron condor on NEBX

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

NEBX thesis for this iron condor

The market-implied 1-standard-deviation range for NEBX extends from approximately $15.48 on the downside to $39.24 on the upside. A NEBX iron condor is a delta-neutral premium-collection structure that pays off when NEBX 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 NEBX IV rank near 3.69% 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 NEBX at 151.40%. As a Financial Services name, NEBX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NEBX-specific events.

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

Frequently asked questions

What is a iron condor on NEBX?: A iron condor on NEBX is the iron condor strategy applied to NEBX (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 NEBX etf at $27.36 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed NEBX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NEBX 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 NEBX iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 151.40%), the computed maximum profit is $82.50 per contract and the computed maximum loss is -$17.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NEBX iron condor?: The breakeven for the NEBX iron condor priced on this page is roughly $25.18 and $29.83 at expiration, derived from the September 29, 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 NEBX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 43.41%; 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 NEBX?: Iron condors on NEBX are a delta-neutral premium-collection structure that profits if NEBX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current NEBX implied volatility affect this iron condor?: NEBX ATM IV is at 151.40% with IV rank near 3.69%, 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.