How are TMV 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 TMV iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 25.90%), the computed maximum profit is $35.00 per contract and the computed maximum loss is -$165.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TMV iron condor?

The breakeven for the TMV iron condor priced on this page is roughly $34.65 and $39.35 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 TMV market-implied 1-standard-deviation expected move is approximately 7.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TMV implied volatility affect this iron condor?

TMV ATM IV is at 25.90% with IV rank near 10.38%, 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.

TMV Iron Condor Strategy

TMV (Direxion Daily 20+ Year Treasury Bear 3X ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

TMV provides daily inverse (-3x) exposure to the ICE U.S. Treasury 20+ Year Bond Index. Using a combination of swaps and futures, TMV gives investors -3x exposure to daily moves in T-bonds with more than 20 years left to maturity. The daily reset means investors shouldn't expect the leverage factor to hold constant over investment horizons greater than one day. In short, the fund is a valid option for tactical positioning/hedging against rising interest rates, but it's important to keep in mind that the -3x leverage results in greater impact from the effects of compounding. As a levered product, TMV is not a buy-and-hold ETF, it's a short-term tactical instrument.

TMV (Direxion Daily 20+ Year Treasury Bear 3X ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $158.0M, a beta of -6.90 versus the broader market, a 52-week range of 31.82-42.54, average daily share volume of 674K, a public-listing history dating back to 2009. These structural characteristics shape how TMV etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -6.90 indicates TMV has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TMV pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on TMV?

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 TMV snapshot

As of June 30, 2026, spot at $36.89, ATM IV 25.90%, IV rank 10.38%, expected move 7.43%. The iron condor on TMV 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 17-day expiry.

Why this iron condor structure on TMV specifically: TMV IV at 25.90% is on the cheap side of its 1-year range, which means a premium-selling TMV iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.43% (roughly $2.74 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 TMV expiries trade a higher absolute premium for lower per-day decay. Position sizing on TMV should anchor to the underlying notional of $36.89 per share and to the trader's directional view on TMV etf.

TMV iron condor setup

The TMV 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 TMV near $36.89, the first option leg uses a $39.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TMV 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 TMV shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$39.00	$0.20
Buy 1	Call	$41.00	$0.03
Sell 1	Put	$35.00	$0.20
Buy 1	Put	$33.00	$0.02

TMV iron condor risk and reward

Net Premium / Debit: +$35.00
Max Profit (per contract): $35.00
Max Loss (per contract): -$165.00
Breakeven(s): $34.65, $39.35
Risk / Reward Ratio: 0.212

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.

TMV iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on TMV. 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%	-$165.00
$8.17	-77.9%	-$165.00
$16.32	-55.8%	-$165.00
$24.48	-33.7%	-$165.00
$32.63	-11.5%	-$165.00
$40.79	+10.6%	-$143.74
$48.94	+32.7%	-$165.00
$57.10	+54.8%	-$165.00
$65.25	+76.9%	-$165.00
$73.41	+99.0%	-$165.00

When traders use iron condor on TMV

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

TMV thesis for this iron condor

The market-implied 1-standard-deviation range for TMV extends from approximately $34.15 on the downside to $39.63 on the upside. A TMV iron condor is a delta-neutral premium-collection structure that pays off when TMV 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 TMV IV rank near 10.38% 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 TMV at 25.90%. As a Financial Services name, TMV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TMV-specific events.

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

Frequently asked questions

What is a iron condor on TMV?: A iron condor on TMV is the iron condor strategy applied to TMV (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 TMV etf trading near $36.89, the strikes shown on this page are snapped to the nearest listed TMV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TMV 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 TMV iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 25.90%), the computed maximum profit is $35.00 per contract and the computed maximum loss is -$165.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TMV iron condor?: The breakeven for the TMV iron condor priced on this page is roughly $34.65 and $39.35 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 TMV market-implied 1-standard-deviation expected move is approximately 7.43%; 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 TMV?: Iron condors on TMV are a delta-neutral premium-collection structure that profits if TMV etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current TMV implied volatility affect this iron condor?: TMV ATM IV is at 25.90% with IV rank near 10.38%, 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.