How are SOXS 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 SOXS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 181.33%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SOXS iron condor?

The breakeven for the SOXS iron condor priced on this page is no defined breakeven on the modeled curve 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 SOXS market-implied 1-standard-deviation expected move is approximately 51.99%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SOXS implied volatility affect this iron condor?

SOXS ATM IV is at 181.33% with IV rank near 78.42%, 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.

SOXS Iron Condor Strategy

SOXS (Direxion Daily Semiconductor Bear 3X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The Direxion Daily Semiconductor Bear 3X ETF is designed to provide daily returns that are three times the inverse (opposite) of the NYSE Semiconductor Index's performance, prior to the deduction of fees and expenses. It is important to note that the fund does not guarantee it will always achieve these stated daily investment objectives.

SOXS (Direxion Daily Semiconductor Bear 3X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $134.6M, a beta of -4.62 versus the broader market, a 52-week range of 3.29-169.8, average daily share volume of 370.3M, a public-listing history dating back to 2010. These structural characteristics shape how SOXS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -4.62 indicates SOXS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. SOXS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on SOXS?

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 SOXS snapshot

As of June 30, 2026, spot at $3.21, ATM IV 181.33%, IV rank 78.42%, expected move 51.99%. The iron condor on SOXS 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 31-day expiry.

Why this iron condor structure on SOXS specifically: SOXS IV at 181.33% is rich versus its 1-year range, which favors premium-selling structures like a SOXS iron condor, with a market-implied 1-standard-deviation move of approximately 51.99% (roughly $1.67 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SOXS expiries trade a higher absolute premium for lower per-day decay. Position sizing on SOXS should anchor to the underlying notional of $3.21 per share and to the trader's directional view on SOXS etf.

SOXS iron condor setup

The SOXS 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 SOXS near $3.21, the first option leg uses a $3.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SOXS chain at a 31-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 SOXS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$3.50	$0.60
Buy 1	Call	$3.50	$0.60
Sell 1	Put	$3.00	$0.54
Buy 1	Put	$3.00	$0.54

SOXS iron condor risk and reward

Net Premium / Debit: $0.00
Max Profit (per contract): $0.00
Max Loss (per contract): $0.00
Breakeven(s): None on modeled curve
Risk / Reward Ratio: N/A

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.

SOXS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on SOXS. 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	-99.7%	$0.00
$0.72	-77.6%	$0.00
$1.43	-55.5%	$0.00
$2.14	-33.5%	$0.00
$2.84	-11.4%	$0.00
$3.55	+10.7%	$0.00
$4.26	+32.8%	$0.00
$4.97	+54.8%	$0.00
$5.68	+76.9%	$0.00
$6.39	+99.0%	$0.00

When traders use iron condor on SOXS

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

SOXS thesis for this iron condor

The market-implied 1-standard-deviation range for SOXS extends from approximately $1.54 on the downside to $4.88 on the upside. A SOXS iron condor is a delta-neutral premium-collection structure that pays off when SOXS 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 SOXS IV rank near 78.42% 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 SOXS at 181.33%. As a Financial Services name, SOXS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SOXS-specific events.

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

Frequently asked questions

What is a iron condor on SOXS?: A iron condor on SOXS is the iron condor strategy applied to SOXS (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 SOXS etf trading near $3.21, the strikes shown on this page are snapped to the nearest listed SOXS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SOXS 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 SOXS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 181.33%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SOXS iron condor?: The breakeven for the SOXS iron condor priced on this page is no defined breakeven on the modeled curve 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 SOXS market-implied 1-standard-deviation expected move is approximately 51.99%; 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 SOXS?: Iron condors on SOXS are a delta-neutral premium-collection structure that profits if SOXS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current SOXS implied volatility affect this iron condor?: SOXS ATM IV is at 181.33% with IV rank near 78.42%, 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.