How are NVDX 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 NVDX iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 76.67%), the computed maximum profit is $72.50 per contract and the computed maximum loss is -$27.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NVDX iron condor?

The breakeven for the NVDX iron condor priced on this page is roughly $18.78 and $22.73 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 NVDX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.98%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NVDX implied volatility affect this iron condor?

NVDX ATM IV is at 76.67% with IV rank near 28.96%, 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.

NVDX Iron Condor Strategy

NVDX (T-REX 2X Long NVIDIA Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.

Under typical market conditions, this fund primarily allocates at least 80% of its net assets to swap agreements. These agreements are structured to deliver two times (200%) the daily return of NVIDIA (NVDA) stock. The fund enters into these derivative contracts with major global financial institutions. Through these arrangements, the fund and the counterparty institution agree to exchange returns, targeting a daily outcome equivalent to 200% of the fund's net asset value. This investment vehicle maintains a non-diversified portfolio.

NVDX (T-REX 2X Long NVIDIA Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $570.6M, a beta of 4.18 versus the broader market, a 52-week range of 12.41-24.72, average daily share volume of 9.2M, a public-listing history dating back to 2023. These structural characteristics shape how NVDX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 4.18 indicates NVDX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. NVDX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on NVDX?

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.

NVDX snapshot

As of August 14, 2026, spot at $20.74, ATM IV 76.67%, IV rank 28.96%, expected move 21.98%. The iron condor on NVDX 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 28-day expiry.

Why this iron condor structure on NVDX specifically: NVDX IV at 76.67% is on the cheap side of its 1-year range, which means a premium-selling NVDX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.98% (roughly $4.56 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NVDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on NVDX should anchor to the underlying notional of $20.74 per share and to the trader's directional view on NVDX etf.

NVDX iron condor setup

The NVDX 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 NVDX at $20.74 on that close, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NVDX chain at a 28-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 NVDX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$22.00	$1.23
Buy 1	Call	$23.00	$0.98
Sell 1	Put	$19.50	$1.20
Buy 1	Put	$18.50	$0.73

NVDX iron condor risk and reward

Net Premium / Debit: +$72.50
Max Profit (per contract): $72.50
Max Loss (per contract): -$27.50
Breakeven(s): $18.78, $22.73
Risk / Reward Ratio: 2.636

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.

NVDX iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on NVDX. 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%	-$27.50
$4.59	-77.8%	-$27.50
$9.18	-55.7%	-$27.50
$13.76	-33.6%	-$27.50
$18.35	-11.5%	-$27.50
$22.93	+10.6%	-$20.81
$27.52	+32.7%	-$27.50
$32.10	+54.8%	-$27.50
$36.69	+76.9%	-$27.50
$41.27	+99.0%	-$27.50

When traders use iron condor on NVDX

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

NVDX thesis for this iron condor

The market-implied 1-standard-deviation range for NVDX extends from approximately $16.18 on the downside to $25.30 on the upside. A NVDX iron condor is a delta-neutral premium-collection structure that pays off when NVDX 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 NVDX IV rank near 28.96% 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 NVDX at 76.67%. As a Financial Services name, NVDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NVDX-specific events.

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

Frequently asked questions

What is a iron condor on NVDX?: A iron condor on NVDX is the iron condor strategy applied to NVDX (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 NVDX etf at $20.74 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed NVDX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NVDX 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 NVDX iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 76.67%), the computed maximum profit is $72.50 per contract and the computed maximum loss is -$27.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NVDX iron condor?: The breakeven for the NVDX iron condor priced on this page is roughly $18.78 and $22.73 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 NVDX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.98%; 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 NVDX?: Iron condors on NVDX are a delta-neutral premium-collection structure that profits if NVDX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current NVDX implied volatility affect this iron condor?: NVDX ATM IV is at 76.67% with IV rank near 28.96%, 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.