How are SCO 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 SCO iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 72.23%), the computed maximum profit is $82.50 per contract and the computed maximum loss is -$67.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SCO iron condor?

The breakeven for the SCO iron condor priced on this page is roughly $24.18 and $28.33 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 SCO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SCO implied volatility affect this iron condor?

SCO ATM IV is at 72.23% with IV rank near 23.51%, 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.

SCO Iron Condor Strategy

SCO (ProShares - UltraShort Bloomberg Crude Oil), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

ProShares UltraShort Bloomberg Crude Oil is an investment vehicle engineered to deliver daily returns that are twice the inverse of the Bloomberg Commodity Balanced WTI Crude Oil Index's daily performance. This means that, before accounting for fees and expenses, the fund aims to move in the opposite direction of the index's daily changes, at a magnitude of 200%.

SCO (ProShares - UltraShort Bloomberg Crude Oil) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $650.3M, a beta of -2.47 versus the broader market, a 52-week range of 22.84-84.16, average daily share volume of 9.4M, a public-listing history dating back to 2008. These structural characteristics shape how SCO etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -2.47 indicates SCO has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a iron condor on SCO?

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.

SCO snapshot

As of August 14, 2026, spot at $26.09, ATM IV 72.23%, IV rank 23.51%, expected move 20.71%. The iron condor on SCO 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 28-day expiry.

Why this iron condor structure on SCO specifically: SCO IV at 72.23% is on the cheap side of its 1-year range, which means a premium-selling SCO iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.71% (roughly $5.40 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SCO expiries trade a higher absolute premium for lower per-day decay. Position sizing on SCO should anchor to the underlying notional of $26.09 per share and to the trader's directional view on SCO etf.

SCO iron condor setup

The SCO 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 SCO at $26.09 on that close, the first option leg uses a $27.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SCO chain at a 28-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 SCO shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$27.50	$1.63
Buy 1	Call	$28.50	$1.38
Sell 1	Put	$25.00	$1.50
Buy 1	Put	$23.50	$0.93

SCO iron condor risk and reward

Net Premium / Debit: +$82.50
Max Profit (per contract): $82.50
Max Loss (per contract): -$67.50
Breakeven(s): $24.18, $28.33
Risk / Reward Ratio: 1.222

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.

SCO iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on SCO. 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%	-$67.50
$5.78	-77.9%	-$67.50
$11.55	-55.7%	-$67.50
$17.31	-33.6%	-$67.50
$23.08	-11.5%	-$67.50
$28.85	+10.6%	-$17.50
$34.62	+32.7%	-$17.50
$40.38	+54.8%	-$17.50
$46.15	+76.9%	-$17.50
$51.92	+99.0%	-$17.50

When traders use iron condor on SCO

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

SCO thesis for this iron condor

The market-implied 1-standard-deviation range for SCO extends from approximately $20.69 on the downside to $31.49 on the upside. A SCO iron condor is a delta-neutral premium-collection structure that pays off when SCO 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 SCO IV rank near 23.51% 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 SCO at 72.23%. As a Financial Services name, SCO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SCO-specific events.

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

Frequently asked questions

What is a iron condor on SCO?: A iron condor on SCO is the iron condor strategy applied to SCO (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 SCO etf at $26.09 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SCO chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SCO 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 SCO iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 72.23%), the computed maximum profit is $82.50 per contract and the computed maximum loss is -$67.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SCO iron condor?: The breakeven for the SCO iron condor priced on this page is roughly $24.18 and $28.33 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 SCO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.71%; 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 SCO?: Iron condors on SCO are a delta-neutral premium-collection structure that profits if SCO etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current SCO implied volatility affect this iron condor?: SCO ATM IV is at 72.23% with IV rank near 23.51%, 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.