How are SPCG 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 SPCG iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 90.90%), the computed maximum profit is $77.50 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SPCG iron condor?

The breakeven for the SPCG iron condor priced on this page is roughly $14.23 and $16.78 at expiration, derived from the September 29, 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 SPCG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 26.06%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SPCG implied volatility affect this iron condor?

Current SPCG ATM IV is 90.90%; IV rank context is unavailable in the current snapshot.

SPCG Iron Condor Strategy

SPCG (Investment Managers Series Trust II - Tradr 2x Short SpaceX Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

SPCG is a short-term tactical tool that aims to deliver -2x the price return, less fees and expenses, for a single day of Space Exploration Technologies Corp. (SPCX). SpaceX is a private aerospace and space transportation firm that develops and operates launch vehicles, spacecraft, satellite systems, and related space technologies. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the -2x multiple. Aside from the inverse exposure, the shares take on added volatility due to the lack of diversification. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending and holders are on the positive corresponding side of that trade.

SPCG (Investment Managers Series Trust II - Tradr 2x Short SpaceX Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $17.2M, a beta of 0.00 versus the broader market, a 52-week range of 12.12-41.65, average daily share volume of 2.1M, a public-listing history dating back to 2026. These structural characteristics shape how SPCG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates SPCG 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 SPCG?

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.

SPCG snapshot

As of September 29, 2026, spot at $15.48, ATM IV 90.90%, expected move 26.06%. The iron condor on SPCG below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this iron condor structure on SPCG specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPCG is inferred from ATM IV at 90.90% alone, with a market-implied 1-standard-deviation move of approximately 26.06% (roughly $4.03 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SPCG expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPCG should anchor to the underlying notional of $15.48 per share and to the trader's directional view on SPCG etf.

SPCG iron condor setup

The SPCG iron condor below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SPCG at $15.48 on that close, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPCG chain at a 17-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 SPCG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$16.00	$1.08
Buy 1	Call	$17.00	$0.65
Sell 1	Put	$15.00	$0.90
Buy 1	Put	$14.00	$0.55

SPCG iron condor risk and reward

Net Premium / Debit: +$77.50
Max Profit (per contract): $77.50
Max Loss (per contract): -$22.50
Breakeven(s): $14.23, $16.78
Risk / Reward Ratio: 3.444

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.

SPCG iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on SPCG. 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	-99.9%	-$22.50
$3.43	-77.8%	-$22.50
$6.85	-55.7%	-$22.50
$10.27	-33.6%	-$22.50
$13.70	-11.5%	-$22.50
$17.12	+10.6%	-$22.50
$20.54	+32.7%	-$22.50
$23.96	+54.8%	-$22.50
$27.38	+76.9%	-$22.50
$30.80	+99.0%	-$22.50

When traders use iron condor on SPCG

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

SPCG thesis for this iron condor

The market-implied 1-standard-deviation range for SPCG extends from approximately $11.45 on the downside to $19.51 on the upside. A SPCG iron condor is a delta-neutral premium-collection structure that pays off when SPCG 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. As a Financial Services name, SPCG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPCG-specific events.

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

Frequently asked questions

What is a iron condor on SPCG?: A iron condor on SPCG is the iron condor strategy applied to SPCG (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 SPCG etf at $15.48 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SPCG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SPCG 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 SPCG iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 90.90%), the computed maximum profit is $77.50 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SPCG iron condor?: The breakeven for the SPCG iron condor priced on this page is roughly $14.23 and $16.78 at expiration, derived from the September 29, 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 SPCG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 26.06%; 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 SPCG?: Iron condors on SPCG are a delta-neutral premium-collection structure that profits if SPCG etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current SPCG implied volatility affect this iron condor?: Current SPCG ATM IV is 90.90%; IV rank context is unavailable in the current snapshot.