How are PGJ 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 PGJ iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 18.70%), the computed maximum profit is $42.00 per contract and the computed maximum loss is -$158.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PGJ iron condor?

The breakeven for the PGJ iron condor priced on this page is roughly $20.58 and $23.42 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 PGJ market-implied 1-standard-deviation expected move is approximately 5.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PGJ implied volatility affect this iron condor?

PGJ ATM IV is at 18.70% with IV rank near 2.02%, 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.

PGJ Iron Condor Strategy

PGJ (Invesco Golden Dragon China ETF), in the Financial Services sector, (Asset Management - Global industry), listed on NASDAQ.

The Invesco Golden Dragon China ETF (PGJ) is designed to mirror the performance of the NASDAQ Golden Dragon China Index. To achieve this objective, the fund typically allocates a minimum of 90% of its total assets to the shares of companies included in that index. The NASDAQ Golden Dragon China Index, in turn, comprises companies listed on US stock exchanges that are either headquartered or legally established in the People's Republic of China, or generate the vast majority of their income from that country. Both the ETF's portfolio and its underlying benchmark index undergo quarterly adjustments and updates.

PGJ (Invesco Golden Dragon China ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $100.3M, a beta of 0.84 versus the broader market, a 52-week range of 21.69-34.54, average daily share volume of 25K, a public-listing history dating back to 2004. These structural characteristics shape how PGJ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.84 places PGJ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PGJ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on PGJ?

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 PGJ snapshot

As of June 29, 2026, spot at $22.35, ATM IV 18.70%, IV rank 2.02%, expected move 5.36%. The iron condor on PGJ 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 PGJ specifically: PGJ IV at 18.70% is on the cheap side of its 1-year range, which means a premium-selling PGJ iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.36% (roughly $1.20 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 PGJ expiries trade a higher absolute premium for lower per-day decay. Position sizing on PGJ should anchor to the underlying notional of $22.35 per share and to the trader's directional view on PGJ etf.

PGJ iron condor setup

The PGJ 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 PGJ near $22.35, the first option leg uses a $23.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PGJ 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 PGJ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$23.00	$0.35
Buy 1	Call	$25.00	$0.03
Sell 1	Put	$21.00	$0.13
Buy 1	Put	$20.00	$0.03

PGJ iron condor risk and reward

Net Premium / Debit: +$42.00
Max Profit (per contract): $42.00
Max Loss (per contract): -$158.00
Breakeven(s): $20.58, $23.42
Risk / Reward Ratio: 0.266

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.

PGJ iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on PGJ. 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%	-$58.00
$4.95	-77.8%	-$58.00
$9.89	-55.7%	-$58.00
$14.83	-33.6%	-$58.00
$19.77	-11.5%	-$58.00
$24.71	+10.6%	-$129.30
$29.65	+32.7%	-$158.00
$34.59	+54.8%	-$158.00
$39.53	+76.9%	-$158.00
$44.48	+99.0%	-$158.00

When traders use iron condor on PGJ

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

PGJ thesis for this iron condor

The market-implied 1-standard-deviation range for PGJ extends from approximately $21.15 on the downside to $23.55 on the upside. A PGJ iron condor is a delta-neutral premium-collection structure that pays off when PGJ 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 PGJ IV rank near 2.02% 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 PGJ at 18.70%. As a Financial Services name, PGJ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PGJ-specific events.

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

Frequently asked questions

What is a iron condor on PGJ?: A iron condor on PGJ is the iron condor strategy applied to PGJ (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 PGJ etf trading near $22.35, the strikes shown on this page are snapped to the nearest listed PGJ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PGJ 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 PGJ iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 18.70%), the computed maximum profit is $42.00 per contract and the computed maximum loss is -$158.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PGJ iron condor?: The breakeven for the PGJ iron condor priced on this page is roughly $20.58 and $23.42 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 PGJ market-implied 1-standard-deviation expected move is approximately 5.36%; 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 PGJ?: Iron condors on PGJ are a delta-neutral premium-collection structure that profits if PGJ etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current PGJ implied volatility affect this iron condor?: PGJ ATM IV is at 18.70% with IV rank near 2.02%, 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.