How are PXI 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 PXI iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 19.30%), the computed maximum profit is $192.00 per contract and the computed maximum loss is -$308.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PXI iron condor?

The breakeven for the PXI iron condor priced on this page is roughly $58.08 and $66.92 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 PXI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PXI implied volatility affect this iron condor?

PXI ATM IV is at 19.30% with IV rank near 14.43%, 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.

PXI Iron Condor Strategy

PXI (Invesco Dorsey Wright Energy Momentum ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The Invesco Dorsey Wright Energy Momentum ETF (PXI) is structured to track the performance of the Dorsey Wright Energy Technical Leaders Index. The Fund generally commits at least 90% of its total capital to the constituent securities of this underlying Index. The Index's primary objective is to pinpoint and include companies demonstrating robust relative strength, commonly known as momentum. It is constructed from a selection of no fewer than 30 equities originating from the NASDAQ US Benchmark Index. Relative strength is defined as the measure of a security's historical performance within a given market against that of its peer group over a specified timeframe. Both the ETF and its associated Index are subject to quarterly rebalancing and reconstitution.

PXI (Invesco Dorsey Wright Energy Momentum ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $49.5M, a beta of 0.31 versus the broader market, a 52-week range of 40.88-62.36, average daily share volume of 21K, a public-listing history dating back to 2006. These structural characteristics shape how PXI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.31 indicates PXI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. PXI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on PXI?

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.

PXI snapshot

As of August 14, 2026, spot at $63.08, ATM IV 19.30%, IV rank 14.43%, expected move 5.53%. The iron condor on PXI 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 PXI specifically: PXI IV at 19.30% is on the cheap side of its 1-year range, which means a premium-selling PXI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.53% (roughly $3.49 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 PXI expiries trade a higher absolute premium for lower per-day decay. Position sizing on PXI should anchor to the underlying notional of $63.08 per share and to the trader's directional view on PXI etf.

PXI iron condor setup

The PXI 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 PXI at $63.08 on that close, the first option leg uses a $65.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PXI 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 PXI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$65.00	$1.55
Buy 1	Call	$70.00	$0.40
Sell 1	Put	$60.00	$1.06
Buy 1	Put	$56.00	$0.29

PXI iron condor risk and reward

Net Premium / Debit: +$192.00
Max Profit (per contract): $192.00
Max Loss (per contract): -$308.00
Breakeven(s): $58.08, $66.92
Risk / Reward Ratio: 0.623

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.

PXI iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on PXI. 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%	-$208.00
$13.96	-77.9%	-$208.00
$27.90	-55.8%	-$208.00
$41.85	-33.7%	-$208.00
$55.79	-11.5%	-$208.00
$69.74	+10.6%	-$282.12
$83.69	+32.7%	-$308.00
$97.63	+54.8%	-$308.00
$111.58	+76.9%	-$308.00
$125.53	+99.0%	-$308.00

When traders use iron condor on PXI

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

PXI thesis for this iron condor

The market-implied 1-standard-deviation range for PXI extends from approximately $59.59 on the downside to $66.57 on the upside. A PXI iron condor is a delta-neutral premium-collection structure that pays off when PXI 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 PXI IV rank near 14.43% 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 PXI at 19.30%. As a Financial Services name, PXI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PXI-specific events.

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

Frequently asked questions

What is a iron condor on PXI?: A iron condor on PXI is the iron condor strategy applied to PXI (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 PXI etf at $63.08 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed PXI chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PXI 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 PXI iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 19.30%), the computed maximum profit is $192.00 per contract and the computed maximum loss is -$308.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PXI iron condor?: The breakeven for the PXI iron condor priced on this page is roughly $58.08 and $66.92 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 PXI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.53%; 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 PXI?: Iron condors on PXI are a delta-neutral premium-collection structure that profits if PXI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current PXI implied volatility affect this iron condor?: PXI ATM IV is at 19.30% with IV rank near 14.43%, 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.