How are SGDJ 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 SGDJ iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 49.20%), the computed maximum profit is $332.50 per contract and the computed maximum loss is -$267.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SGDJ iron condor?

The breakeven for the SGDJ iron condor priced on this page is roughly $82.68 and $98.33 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 SGDJ market-implied 1-standard-deviation expected move is approximately 14.11%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SGDJ implied volatility affect this iron condor?

SGDJ ATM IV is at 49.20% with IV rank near 50.88%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

SGDJ Iron Condor Strategy

SGDJ (Sprott Junior Gold Miners ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The fund will invest at least 90% of its net assets in securities that comprise the underlying index. The underlying index aims to track the performance of "junior" gold companies primarily located in the U.S., Canada and Australia whose common stock, American Depositary Receipts ("ADRs") or Global Depositary Receipts ("GDRs") are traded on a regulated stock exchange in the form of shares tradeable for foreign investors without any restrictions. It is non-diversified.

SGDJ (Sprott Junior Gold Miners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $329.2M, a beta of 1.04 versus the broader market, a 52-week range of 42.8-115.775, average daily share volume of 82K, a public-listing history dating back to 2015. These structural characteristics shape how SGDJ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.04 places SGDJ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SGDJ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on SGDJ?

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 SGDJ snapshot

As of May 15, 2026, spot at $90.66, ATM IV 49.20%, IV rank 50.88%, expected move 14.11%. The iron condor on SGDJ 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 SGDJ specifically: SGDJ IV at 49.20% is mid-range versus its 1-year history, so the credit collected on a SGDJ iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 14.11% (roughly $12.79 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 SGDJ expiries trade a higher absolute premium for lower per-day decay. Position sizing on SGDJ should anchor to the underlying notional of $90.66 per share and to the trader's directional view on SGDJ etf.

SGDJ iron condor setup

The SGDJ 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 SGDJ near $90.66, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SGDJ 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 SGDJ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$95.00	$3.65
Buy 1	Call	$100.00	$2.20
Sell 1	Put	$86.00	$3.48
Buy 1	Put	$80.00	$1.60

SGDJ iron condor risk and reward

Net Premium / Debit: +$332.50
Max Profit (per contract): $332.50
Max Loss (per contract): -$267.50
Breakeven(s): $82.68, $98.33
Risk / Reward Ratio: 1.243

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.

SGDJ iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on SGDJ. 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	-100.0%	-$267.50
$20.05	-77.9%	-$267.50
$40.10	-55.8%	-$267.50
$60.14	-33.7%	-$267.50
$80.19	-11.6%	-$248.77
$100.23	+10.6%	-$167.50
$120.28	+32.7%	-$167.50
$140.32	+54.8%	-$167.50
$160.36	+76.9%	-$167.50
$180.41	+99.0%	-$167.50

When traders use iron condor on SGDJ

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

SGDJ thesis for this iron condor

The market-implied 1-standard-deviation range for SGDJ extends from approximately $77.87 on the downside to $103.45 on the upside. A SGDJ iron condor is a delta-neutral premium-collection structure that pays off when SGDJ 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 SGDJ IV rank near 50.88% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on SGDJ should anchor more to the directional view and the expected-move geometry. As a Financial Services name, SGDJ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SGDJ-specific events.

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

Frequently asked questions

What is a iron condor on SGDJ?: A iron condor on SGDJ is the iron condor strategy applied to SGDJ (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 SGDJ etf trading near $90.66, the strikes shown on this page are snapped to the nearest listed SGDJ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SGDJ 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 SGDJ iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 49.20%), the computed maximum profit is $332.50 per contract and the computed maximum loss is -$267.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SGDJ iron condor?: The breakeven for the SGDJ iron condor priced on this page is roughly $82.68 and $98.33 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 SGDJ market-implied 1-standard-deviation expected move is approximately 14.11%; 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 SGDJ?: Iron condors on SGDJ are a delta-neutral premium-collection structure that profits if SGDJ etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current SGDJ implied volatility affect this iron condor?: SGDJ ATM IV is at 49.20% with IV rank near 50.88%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.