How are QLD 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 QLD iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 53.50%), the computed maximum profit is $275.00 per contract and the computed maximum loss is -$425.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a QLD iron condor?

The breakeven for the QLD iron condor priced on this page is roughly $86.25 and $100.75 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 QLD market-implied 1-standard-deviation expected move is approximately 15.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current QLD implied volatility affect this iron condor?

QLD ATM IV is at 53.50% with IV rank near 72.07%, 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.

QLD Iron Condor Strategy

QLD (ProShares - Ultra QQQ), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The ProShares Ultra QQQ (QLD) is designed to deliver investment returns each day that are double the daily performance of the Nasdaq-100 Index, prior to accounting for any fees and expenses.

QLD (ProShares - Ultra QQQ) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $10.87B, a beta of 2.53 versus the broader market, a 52-week range of 56.6-101.19, average daily share volume of 5.3M, a public-listing history dating back to 2006. These structural characteristics shape how QLD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.53 indicates QLD has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. QLD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on QLD?

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 QLD snapshot

As of June 29, 2026, spot at $93.50, ATM IV 53.50%, IV rank 72.07%, expected move 15.34%. The iron condor on QLD 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 QLD specifically: QLD IV at 53.50% is rich versus its 1-year range, which favors premium-selling structures like a QLD iron condor, with a market-implied 1-standard-deviation move of approximately 15.34% (roughly $14.34 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 QLD expiries trade a higher absolute premium for lower per-day decay. Position sizing on QLD should anchor to the underlying notional of $93.50 per share and to the trader's directional view on QLD etf.

QLD iron condor setup

The QLD 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 QLD near $93.50, the first option leg uses a $98.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QLD 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 QLD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$98.00	$2.35
Buy 1	Call	$105.00	$0.50
Sell 1	Put	$89.00	$2.55
Buy 1	Put	$84.00	$1.65

QLD iron condor risk and reward

Net Premium / Debit: +$275.00
Max Profit (per contract): $275.00
Max Loss (per contract): -$425.00
Breakeven(s): $86.25, $100.75
Risk / Reward Ratio: 0.647

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.

QLD iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on QLD. 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%	-$225.00
$20.68	-77.9%	-$225.00
$41.35	-55.8%	-$225.00
$62.03	-33.7%	-$225.00
$82.70	-11.6%	-$225.00
$103.37	+10.6%	-$262.13
$124.04	+32.7%	-$425.00
$144.72	+54.8%	-$425.00
$165.39	+76.9%	-$425.00
$186.06	+99.0%	-$425.00

When traders use iron condor on QLD

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

QLD thesis for this iron condor

The market-implied 1-standard-deviation range for QLD extends from approximately $79.16 on the downside to $107.84 on the upside. A QLD iron condor is a delta-neutral premium-collection structure that pays off when QLD 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 QLD IV rank near 72.07% 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 QLD at 53.50%. As a Financial Services name, QLD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QLD-specific events.

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

Frequently asked questions

What is a iron condor on QLD?: A iron condor on QLD is the iron condor strategy applied to QLD (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 QLD etf trading near $93.50, the strikes shown on this page are snapped to the nearest listed QLD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are QLD 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 QLD iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 53.50%), the computed maximum profit is $275.00 per contract and the computed maximum loss is -$425.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a QLD iron condor?: The breakeven for the QLD iron condor priced on this page is roughly $86.25 and $100.75 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 QLD market-implied 1-standard-deviation expected move is approximately 15.34%; 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 QLD?: Iron condors on QLD are a delta-neutral premium-collection structure that profits if QLD etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current QLD implied volatility affect this iron condor?: QLD ATM IV is at 53.50% with IV rank near 72.07%, 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.