How are RDTL 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 RDTL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 123.50%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a RDTL iron condor?

The breakeven for the RDTL iron condor priced on this page is roughly $17.33 and $20.68 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 RDTL market-implied 1-standard-deviation expected move is approximately 35.41%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current RDTL implied volatility affect this iron condor?

RDTL ATM IV is at 123.50% with IV rank near 15.05%, 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.

RDTL Iron Condor Strategy

RDTL (GraniteShares 2x Long RDDT Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Reddit Inc, (NASDAQ: RDDT) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of RDDT for periods greater than a day.

RDTL (GraniteShares 2x Long RDDT Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $12.8M, a beta of 2.84 versus the broader market, a 52-week range of 11.761-89.84, average daily share volume of 610K, a public-listing history dating back to 2025. These structural characteristics shape how RDTL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.84 indicates RDTL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a iron condor on RDTL?

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 RDTL snapshot

As of May 15, 2026, spot at $19.03, ATM IV 123.50%, IV rank 15.05%, expected move 35.41%. The iron condor on RDTL 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 RDTL specifically: RDTL IV at 123.50% is on the cheap side of its 1-year range, which means a premium-selling RDTL iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 35.41% (roughly $6.74 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 RDTL expiries trade a higher absolute premium for lower per-day decay. Position sizing on RDTL should anchor to the underlying notional of $19.03 per share and to the trader's directional view on RDTL etf.

RDTL iron condor setup

The RDTL 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 RDTL near $19.03, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RDTL 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 RDTL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$20.00	$2.20
Buy 1	Call	$21.00	$2.03
Sell 1	Put	$18.00	$2.33
Buy 1	Put	$17.00	$1.83

RDTL iron condor risk and reward

Net Premium / Debit: +$67.50
Max Profit (per contract): $67.50
Max Loss (per contract): -$32.50
Breakeven(s): $17.33, $20.68
Risk / Reward Ratio: 2.077

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.

RDTL iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on RDTL. 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	-99.9%	-$32.50
$4.22	-77.8%	-$32.50
$8.42	-55.7%	-$32.50
$12.63	-33.6%	-$32.50
$16.84	-11.5%	-$32.50
$21.04	+10.6%	-$32.50
$25.25	+32.7%	-$32.50
$29.46	+54.8%	-$32.50
$33.66	+76.9%	-$32.50
$37.87	+99.0%	-$32.50

When traders use iron condor on RDTL

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

RDTL thesis for this iron condor

The market-implied 1-standard-deviation range for RDTL extends from approximately $12.29 on the downside to $25.77 on the upside. A RDTL iron condor is a delta-neutral premium-collection structure that pays off when RDTL 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 RDTL IV rank near 15.05% 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 RDTL at 123.50%. As a Financial Services name, RDTL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RDTL-specific events.

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

Frequently asked questions

What is a iron condor on RDTL?: A iron condor on RDTL is the iron condor strategy applied to RDTL (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 RDTL etf trading near $19.03, the strikes shown on this page are snapped to the nearest listed RDTL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are RDTL 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 RDTL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 123.50%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a RDTL iron condor?: The breakeven for the RDTL iron condor priced on this page is roughly $17.33 and $20.68 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 RDTL market-implied 1-standard-deviation expected move is approximately 35.41%; 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 RDTL?: Iron condors on RDTL are a delta-neutral premium-collection structure that profits if RDTL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current RDTL implied volatility affect this iron condor?: RDTL ATM IV is at 123.50% with IV rank near 15.05%, 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.