How are PSCI 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 PSCI iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 17.00%), the computed maximum profit is $127.00 per contract and the computed maximum loss is -$773.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PSCI iron condor?

The breakeven for the PSCI iron condor priced on this page is roughly $173.73 and $196.27 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 PSCI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PSCI implied volatility affect this iron condor?

PSCI ATM IV is at 17.00% with IV rank near 0.12%, 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.

PSCI Iron Condor Strategy

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

The fund generally will invest at least 90% of its total assets in the securities that comprise the index. Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC compiles, maintains and calculates the index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the industrials sector, as defined by the Global Industry Classification Standard.

PSCI (Invesco S&P SmallCap Industrials ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $192.9M, a beta of 1.15 versus the broader market, a 52-week range of 138.89-187.05, average daily share volume of 4K, a public-listing history dating back to 2010. These structural characteristics shape how PSCI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.15 places PSCI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PSCI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on PSCI?

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.

PSCI snapshot

As of August 14, 2026, spot at $183.92, ATM IV 17.00%, IV rank 0.12%, expected move 4.87%. The iron condor on PSCI 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 35-day expiry.

Why this iron condor structure on PSCI specifically: PSCI IV at 17.00% is on the cheap side of its 1-year range, which means a premium-selling PSCI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 4.87% (roughly $8.96 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PSCI expiries trade a higher absolute premium for lower per-day decay. Position sizing on PSCI should anchor to the underlying notional of $183.92 per share and to the trader's directional view on PSCI etf.

PSCI iron condor setup

The PSCI 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 PSCI at $183.92 on that close, the first option leg uses a $195.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PSCI chain at a 35-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 PSCI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$195.00	$0.76
Buy 1	Call	$200.00	$0.29
Sell 1	Put	$175.00	$0.97
Buy 1	Put	$166.00	$0.17

PSCI iron condor risk and reward

Net Premium / Debit: +$127.00
Max Profit (per contract): $127.00
Max Loss (per contract): -$773.00
Breakeven(s): $173.73, $196.27
Risk / Reward Ratio: 0.164

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.

PSCI iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on PSCI. 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%	-$773.00
$40.67	-77.9%	-$773.00
$81.34	-55.8%	-$773.00
$122.00	-33.7%	-$773.00
$162.67	-11.6%	-$773.00
$203.33	+10.6%	-$373.00
$244.00	+32.7%	-$373.00
$284.66	+54.8%	-$373.00
$325.33	+76.9%	-$373.00
$365.99	+99.0%	-$373.00

When traders use iron condor on PSCI

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

PSCI thesis for this iron condor

The market-implied 1-standard-deviation range for PSCI extends from approximately $174.96 on the downside to $192.88 on the upside. A PSCI iron condor is a delta-neutral premium-collection structure that pays off when PSCI 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 PSCI IV rank near 0.12% 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 PSCI at 17.00%. As a Financial Services name, PSCI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PSCI-specific events.

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

Frequently asked questions

What is a iron condor on PSCI?: A iron condor on PSCI is the iron condor strategy applied to PSCI (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 PSCI etf at $183.92 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed PSCI chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PSCI 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 PSCI iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 17.00%), the computed maximum profit is $127.00 per contract and the computed maximum loss is -$773.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PSCI iron condor?: The breakeven for the PSCI iron condor priced on this page is roughly $173.73 and $196.27 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 PSCI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.87%; 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 PSCI?: Iron condors on PSCI are a delta-neutral premium-collection structure that profits if PSCI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current PSCI implied volatility affect this iron condor?: PSCI ATM IV is at 17.00% with IV rank near 0.12%, 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.