How are REGL 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 REGL iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 18.30%), the computed maximum profit is $61.00 per contract and the computed maximum loss is -$439.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a REGL iron condor?

The breakeven for the REGL iron condor priced on this page is roughly $90.39 and $101.63 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 REGL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current REGL implied volatility affect this iron condor?

REGL ATM IV is at 18.30% with IV rank near 25.61%, 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.

REGL Iron Condor Strategy

REGL (ProShares - S&P MidCap 400 Dividend Aristocrats ETF), in the Financial Services sector, (Asset Management - Income industry), listed on CBOE.

Under ordinary market conditions, this fund is structured to commit a significant majority—at least 80% of its overall investments—to the specific stocks that make up its reference index. This underlying index is composed of a minimum of 40 individual companies, each assigned an identical weighting within the portfolio. Furthermore, to promote diversification, no single industry sector is permitted to constitute more than 30% of the index's total value.

REGL (ProShares - S&P MidCap 400 Dividend Aristocrats ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $1.78B, a beta of 0.65 versus the broader market, a 52-week range of 80.52-95.97, average daily share volume of 62K, a public-listing history dating back to 2015. These structural characteristics shape how REGL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.65 indicates REGL has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. REGL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on REGL?

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.

REGL snapshot

As of August 14, 2026, spot at $95.77, ATM IV 18.30%, IV rank 25.61%, expected move 5.25%. The iron condor on REGL 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 63-day expiry.

Why this iron condor structure on REGL specifically: REGL IV at 18.30% is on the cheap side of its 1-year range, which means a premium-selling REGL iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.25% (roughly $5.02 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated REGL expiries trade a higher absolute premium for lower per-day decay. Position sizing on REGL should anchor to the underlying notional of $95.77 per share and to the trader's directional view on REGL etf.

REGL iron condor setup

The REGL 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 REGL at $95.77 on that close, the first option leg uses a $101.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed REGL chain at a 63-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 REGL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$101.00	$0.76
Buy 1	Call	$102.00	$0.76
Sell 1	Put	$91.00	$0.86
Buy 1	Put	$86.00	$0.25

REGL iron condor risk and reward

Net Premium / Debit: +$61.00
Max Profit (per contract): $61.00
Max Loss (per contract): -$439.00
Breakeven(s): $90.39, $101.63
Risk / Reward Ratio: 0.139

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.

REGL iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on REGL. 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%	-$439.00
$21.18	-77.9%	-$439.00
$42.36	-55.8%	-$439.00
$63.53	-33.7%	-$439.00
$84.71	-11.6%	-$439.00
$105.88	+10.6%	-$39.00
$127.06	+32.7%	-$39.00
$148.23	+54.8%	-$39.00
$169.40	+76.9%	-$39.00
$190.58	+99.0%	-$39.00

When traders use iron condor on REGL

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

REGL thesis for this iron condor

The market-implied 1-standard-deviation range for REGL extends from approximately $90.75 on the downside to $100.79 on the upside. A REGL iron condor is a delta-neutral premium-collection structure that pays off when REGL 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 REGL IV rank near 25.61% 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 REGL at 18.30%. As a Financial Services name, REGL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to REGL-specific events.

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

Frequently asked questions

What is a iron condor on REGL?: A iron condor on REGL is the iron condor strategy applied to REGL (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 REGL etf at $95.77 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed REGL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are REGL 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 REGL iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 18.30%), the computed maximum profit is $61.00 per contract and the computed maximum loss is -$439.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a REGL iron condor?: The breakeven for the REGL iron condor priced on this page is roughly $90.39 and $101.63 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 REGL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.25%; 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 REGL?: Iron condors on REGL are a delta-neutral premium-collection structure that profits if REGL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current REGL implied volatility affect this iron condor?: REGL ATM IV is at 18.30% with IV rank near 25.61%, 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.