How are PSCH 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 PSCH iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 33.40%), the computed maximum profit is $35.00 per contract and the computed maximum loss is -$165.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PSCH iron condor?

The breakeven for the PSCH iron condor priced on this page is roughly $51.66 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 PSCH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.58%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PSCH implied volatility affect this iron condor?

PSCH ATM IV is at 33.40% with IV rank near 31.22%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

PSCH Iron Condor Strategy

PSCH (Invesco S&P SmallCap Health Care ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

Invesco Exchange-Traded Fund Trust II - Invesco S&P SmallCap Health Care ETF is an exchange traded fund launched and managed by Invesco Capital Management LLC. It invests in public equity markets of the United States. It invests in stocks of companies operating across health care sectors. It invests in growth and value stocks of small-cap companies. It seeks to track the performance of the S&P SmallCap 600 Capped Health Care Index, by using full replication technique. Invesco Exchange-Traded Fund Trust II - Invesco S&P SmallCap Health Care ETF was formed on April 7, 2010 and is domiciled in the United States.

PSCH (Invesco S&P SmallCap Health Care ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $161.2M, a beta of 0.96 versus the broader market, a 52-week range of 39.08-55.67, average daily share volume of 21K, a public-listing history dating back to 2010. These structural characteristics shape how PSCH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.96 places PSCH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PSCH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on PSCH?

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.

PSCH snapshot

As of August 14, 2026, spot at $55.23, ATM IV 33.40%, IV rank 31.22%, expected move 9.58%. The iron condor on PSCH 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 7-day expiry.

Why this iron condor structure on PSCH specifically: PSCH IV at 33.40% is mid-range versus its 1-year history, so the credit collected on a PSCH iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 9.58% (roughly $5.29 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PSCH expiries trade a higher absolute premium for lower per-day decay. Position sizing on PSCH should anchor to the underlying notional of $55.23 per share and to the trader's directional view on PSCH etf.

PSCH iron condor setup

The PSCH 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 PSCH at $55.23 on that close, the first option leg uses a $58.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PSCH chain at a 7-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 PSCH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$58.00	$0.80
Buy 1	Call	$58.00	$0.80
Sell 1	Put	$52.00	$0.58
Buy 1	Put	$50.00	$0.23

PSCH iron condor risk and reward

Net Premium / Debit: +$35.00
Max Profit (per contract): $35.00
Max Loss (per contract): -$165.00
Breakeven(s): $51.66
Risk / Reward Ratio: 0.212

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.

PSCH iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on PSCH. 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%	-$165.00
$12.22	-77.9%	-$165.00
$24.43	-55.8%	-$165.00
$36.64	-33.7%	-$165.00
$48.85	-11.5%	-$165.00
$61.06	+10.6%	+$35.00
$73.27	+32.7%	+$35.00
$85.48	+54.8%	+$35.00
$97.69	+76.9%	+$35.00
$109.90	+99.0%	+$35.00

When traders use iron condor on PSCH

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

PSCH thesis for this iron condor

The market-implied 1-standard-deviation range for PSCH extends from approximately $49.94 on the downside to $60.52 on the upside. A PSCH iron condor is a delta-neutral premium-collection structure that pays off when PSCH 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 PSCH IV rank near 31.22% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on PSCH should anchor more to the directional view and the expected-move geometry. As a Financial Services name, PSCH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PSCH-specific events.

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

Frequently asked questions

What is a iron condor on PSCH?: A iron condor on PSCH is the iron condor strategy applied to PSCH (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 PSCH etf at $55.23 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed PSCH chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PSCH 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 PSCH iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 33.40%), the computed maximum profit is $35.00 per contract and the computed maximum loss is -$165.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PSCH iron condor?: The breakeven for the PSCH iron condor priced on this page is roughly $51.66 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 PSCH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.58%; 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 PSCH?: Iron condors on PSCH are a delta-neutral premium-collection structure that profits if PSCH etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current PSCH implied volatility affect this iron condor?: PSCH ATM IV is at 33.40% with IV rank near 31.22%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.