How are PSR 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 PSR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 15.20%), the computed maximum profit is $64.00 per contract and the computed maximum loss is -$436.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PSR iron condor?

The breakeven for the PSR iron condor priced on this page is roughly $94.38 and $105.64 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 PSR market-implied 1-standard-deviation expected move is approximately 4.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PSR implied volatility affect this iron condor?

PSR ATM IV is at 15.20% with IV rank near 7.56%, 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.

PSR Iron Condor Strategy

PSR (Invesco Active U.S. Real Estate ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The Invesco Active U.S. Real Estate ETF PSR is an actively managed exchange-traded fund (ETF) that investments primarily from a universe of securities that are included within the FTSE NAREIT All Equity REITs Index at the time of purchase. The selection methodology uses quantitative and statistical metrics to identify attractively priced securities and manage risk. The Fund seeks to achieve high total return through growth of capital and current income by investing principally in equity real estate investment trusts (REITs). Portfolio management generally conducts a security and portfolio evaluation monthly.

PSR (Invesco Active U.S. Real Estate ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $51.6M, a beta of 1.04 versus the broader market, a 52-week range of 89.15-102.5, average daily share volume of 2K, a public-listing history dating back to 2008. These structural characteristics shape how PSR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.04 places PSR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PSR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on PSR?

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 PSR snapshot

As of May 15, 2026, spot at $99.56, ATM IV 15.20%, IV rank 7.56%, expected move 4.36%. The iron condor on PSR 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 34-day expiry.

Why this iron condor structure on PSR specifically: PSR IV at 15.20% is on the cheap side of its 1-year range, which means a premium-selling PSR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 4.36% (roughly $4.34 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PSR expiries trade a higher absolute premium for lower per-day decay. Position sizing on PSR should anchor to the underlying notional of $99.56 per share and to the trader's directional view on PSR etf.

PSR iron condor setup

The PSR 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 PSR near $99.56, the first option leg uses a $105.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PSR chain at a 34-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 PSR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$105.00	$0.26
Buy 1	Call	$110.00	$0.01
Sell 1	Put	$95.00	$0.44
Buy 1	Put	$90.00	$0.05

PSR iron condor risk and reward

Net Premium / Debit: +$64.00
Max Profit (per contract): $64.00
Max Loss (per contract): -$436.00
Breakeven(s): $94.38, $105.64
Risk / Reward Ratio: 0.147

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.

PSR iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on PSR. 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$436.00
$22.02	-77.9%	-$436.00
$44.03	-55.8%	-$436.00
$66.05	-33.7%	-$436.00
$88.06	-11.6%	-$436.00
$110.07	+10.6%	-$436.00
$132.08	+32.7%	-$436.00
$154.10	+54.8%	-$436.00
$176.11	+76.9%	-$436.00
$198.12	+99.0%	-$436.00

When traders use iron condor on PSR

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

PSR thesis for this iron condor

The market-implied 1-standard-deviation range for PSR extends from approximately $95.22 on the downside to $103.90 on the upside. A PSR iron condor is a delta-neutral premium-collection structure that pays off when PSR 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 PSR IV rank near 7.56% 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 PSR at 15.20%. As a Financial Services name, PSR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PSR-specific events.

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

Frequently asked questions

What is a iron condor on PSR?: A iron condor on PSR is the iron condor strategy applied to PSR (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 PSR etf trading near $99.56, the strikes shown on this page are snapped to the nearest listed PSR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PSR 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 PSR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 15.20%), the computed maximum profit is $64.00 per contract and the computed maximum loss is -$436.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PSR iron condor?: The breakeven for the PSR iron condor priced on this page is roughly $94.38 and $105.64 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 PSR market-implied 1-standard-deviation expected move is approximately 4.36%; 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 PSR?: Iron condors on PSR are a delta-neutral premium-collection structure that profits if PSR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current PSR implied volatility affect this iron condor?: PSR ATM IV is at 15.20% with IV rank near 7.56%, 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.