How are TECS 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 TECS iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 77.60%), the computed maximum profit is $240.00 per contract and the computed maximum loss is -$60.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TECS iron condor?

The breakeven for the TECS iron condor priced on this page is roughly $53.60 and $63.40 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 TECS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TECS implied volatility affect this iron condor?

TECS ATM IV is at 77.60% with IV rank near 10.25%, 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.

TECS Iron Condor Strategy

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

These Direxion Daily Technology Bull and Bear 3X ETFs are designed to generate daily returns that, before accounting for fees and charges, either amplify (300%) or inversely multiply (300%) the performance of the Technology Select Sector Index. However, there is no assurance that these funds will consistently achieve their stated investment targets.

TECS (Direxion Daily Technology Bear 3X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $76.7M, a beta of -3.66 versus the broader market, a 52-week range of 58.63-260, average daily share volume of 692K, a public-listing history dating back to 2008. These structural characteristics shape how TECS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -3.66 indicates TECS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TECS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on TECS?

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.

TECS snapshot

As of August 14, 2026, spot at $58.56, ATM IV 77.60%, IV rank 10.25%, expected move 22.25%. The iron condor on TECS 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 35-day expiry.

Why this iron condor structure on TECS specifically: TECS IV at 77.60% is on the cheap side of its 1-year range, which means a premium-selling TECS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 22.25% (roughly $13.03 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TECS expiries trade a higher absolute premium for lower per-day decay. Position sizing on TECS should anchor to the underlying notional of $58.56 per share and to the trader's directional view on TECS etf.

TECS iron condor setup

The TECS 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 TECS at $58.56 on that close, the first option leg uses a $61.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TECS chain at a 35-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 TECS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$61.00	$4.45
Buy 1	Call	$64.00	$3.40
Sell 1	Put	$56.00	$4.30
Buy 1	Put	$53.00	$2.95

TECS iron condor risk and reward

Net Premium / Debit: +$240.00
Max Profit (per contract): $240.00
Max Loss (per contract): -$60.00
Breakeven(s): $53.60, $63.40
Risk / Reward Ratio: 4.000

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.

TECS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on TECS. 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%	-$60.00
$12.96	-77.9%	-$60.00
$25.90	-55.8%	-$60.00
$38.85	-33.7%	-$60.00
$51.80	-11.5%	-$60.00
$64.74	+10.6%	-$60.00
$77.69	+32.7%	-$60.00
$90.64	+54.8%	-$60.00
$103.58	+76.9%	-$60.00
$116.53	+99.0%	-$60.00

When traders use iron condor on TECS

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

TECS thesis for this iron condor

The market-implied 1-standard-deviation range for TECS extends from approximately $45.53 on the downside to $71.59 on the upside. A TECS iron condor is a delta-neutral premium-collection structure that pays off when TECS 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 TECS IV rank near 10.25% 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 TECS at 77.60%. As a Financial Services name, TECS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TECS-specific events.

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

Frequently asked questions

What is a iron condor on TECS?: A iron condor on TECS is the iron condor strategy applied to TECS (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 TECS etf at $58.56 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed TECS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are TECS 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 TECS iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 77.60%), the computed maximum profit is $240.00 per contract and the computed maximum loss is -$60.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TECS iron condor?: The breakeven for the TECS iron condor priced on this page is roughly $53.60 and $63.40 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 TECS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.25%; 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 TECS?: Iron condors on TECS are a delta-neutral premium-collection structure that profits if TECS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current TECS implied volatility affect this iron condor?: TECS ATM IV is at 77.60% with IV rank near 10.25%, 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.