How are PSI 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 PSI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 57.30%), the computed maximum profit is $560.00 per contract and the computed maximum loss is -$440.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PSI iron condor?

The breakeven for the PSI iron condor priced on this page is roughly $164.40 and $190.60 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 PSI market-implied 1-standard-deviation expected move is approximately 16.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PSI implied volatility affect this iron condor?

PSI ATM IV is at 57.30% with IV rank near 75.79%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

PSI Iron Condor Strategy

PSI (Invesco Semiconductors ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The Invesco Semiconductors ETF (referred to as "the Fund") is designed to mirror the performance of the Dynamic Semiconductor Intellidex Index. Typically, the Fund allocates a minimum of 90% of its total assets to the common equity securities included within this Index. The Index itself aims for capital appreciation, achieved through a rigorous evaluation of companies based on key investment criteria. These include their price momentum, earnings momentum, overall quality, management efficacy, and intrinsic value. It is composed of common stocks from 30 U.S.-based companies, all primarily focused on semiconductor manufacturing. Both the Fund and its underlying Index undergo rebalancing and reconstitution on a quarterly schedule, specifically in February, May, August, and November.

PSI (Invesco Semiconductors ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.77B, a beta of 2.33 versus the broader market, a 52-week range of 57.31-184.65, average daily share volume of 415K, a public-listing history dating back to 2005. These structural characteristics shape how PSI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.33 indicates PSI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. PSI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on PSI?

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 PSI snapshot

As of June 29, 2026, spot at $177.38, ATM IV 57.30%, IV rank 75.79%, expected move 16.43%. The iron condor on PSI 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 PSI specifically: PSI IV at 57.30% is rich versus its 1-year range, which favors premium-selling structures like a PSI iron condor, with a market-implied 1-standard-deviation move of approximately 16.43% (roughly $29.14 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 PSI expiries trade a higher absolute premium for lower per-day decay. Position sizing on PSI should anchor to the underlying notional of $177.38 per share and to the trader's directional view on PSI etf.

PSI iron condor setup

The PSI 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 PSI near $177.38, the first option leg uses a $185.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PSI 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 PSI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$185.00	$5.40
Buy 1	Call	$195.00	$2.65
Sell 1	Put	$170.00	$6.30
Buy 1	Put	$160.00	$3.45

PSI iron condor risk and reward

Net Premium / Debit: +$560.00
Max Profit (per contract): $560.00
Max Loss (per contract): -$440.00
Breakeven(s): $164.40, $190.60
Risk / Reward Ratio: 1.273

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.

PSI iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on PSI. 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%	-$440.00
$39.23	-77.9%	-$440.00
$78.45	-55.8%	-$440.00
$117.67	-33.7%	-$440.00
$156.88	-11.6%	-$440.00
$196.10	+10.6%	-$440.00
$235.32	+32.7%	-$440.00
$274.54	+54.8%	-$440.00
$313.76	+76.9%	-$440.00
$352.98	+99.0%	-$440.00

When traders use iron condor on PSI

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

PSI thesis for this iron condor

The market-implied 1-standard-deviation range for PSI extends from approximately $148.24 on the downside to $206.52 on the upside. A PSI iron condor is a delta-neutral premium-collection structure that pays off when PSI 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 PSI IV rank near 75.79% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on PSI at 57.30%. As a Financial Services name, PSI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PSI-specific events.

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

Frequently asked questions

What is a iron condor on PSI?: A iron condor on PSI is the iron condor strategy applied to PSI (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 PSI etf trading near $177.38, the strikes shown on this page are snapped to the nearest listed PSI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PSI 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 PSI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 57.30%), the computed maximum profit is $560.00 per contract and the computed maximum loss is -$440.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PSI iron condor?: The breakeven for the PSI iron condor priced on this page is roughly $164.40 and $190.60 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 PSI market-implied 1-standard-deviation expected move is approximately 16.43%; 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 PSI?: Iron condors on PSI are a delta-neutral premium-collection structure that profits if PSI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current PSI implied volatility affect this iron condor?: PSI ATM IV is at 57.30% with IV rank near 75.79%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.