How are TPOR 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 TPOR iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 60.90%), the computed maximum profit is $32.50 per contract and the computed maximum loss is -$167.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TPOR iron condor?

The breakeven for the TPOR iron condor priced on this page is roughly $39.68 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 TPOR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TPOR implied volatility affect this iron condor?

TPOR ATM IV is at 60.90% with IV rank near 9.68%, 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.

TPOR Iron Condor Strategy

TPOR (Direxion Daily Transportation Bull 3X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The Direxion Daily Transportation Bull 3X ETF is engineered to deliver daily returns that are three times (300%) the performance of its underlying benchmark, the S&P Transportation Select Industry FMC Capped Index, before any deductions for fees and operating expenses. Investors should be aware, however, that there is no assurance this fund will consistently achieve its stated daily investment objective.

TPOR (Direxion Daily Transportation Bull 3X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $22.5M, a beta of 3.64 versus the broader market, a 52-week range of 23.3-46.82, average daily share volume of 23K, a public-listing history dating back to 2017. These structural characteristics shape how TPOR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.64 indicates TPOR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TPOR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on TPOR?

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.

TPOR snapshot

As of August 14, 2026, spot at $42.27, ATM IV 60.90%, IV rank 9.68%, expected move 17.46%. The iron condor on TPOR 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 TPOR specifically: TPOR IV at 60.90% is on the cheap side of its 1-year range, which means a premium-selling TPOR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 17.46% (roughly $7.38 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 TPOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on TPOR should anchor to the underlying notional of $42.27 per share and to the trader's directional view on TPOR etf.

TPOR iron condor setup

The TPOR 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 TPOR at $42.27 on that close, the first option leg uses a $45.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TPOR 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 TPOR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$45.00	$2.35
Buy 1	Call	$45.00	$2.35
Sell 1	Put	$40.00	$2.05
Buy 1	Put	$38.00	$1.73

TPOR iron condor risk and reward

Net Premium / Debit: +$32.50
Max Profit (per contract): $32.50
Max Loss (per contract): -$167.50
Breakeven(s): $39.68
Risk / Reward Ratio: 0.194

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.

TPOR iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on TPOR. 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%	-$167.50
$9.36	-77.9%	-$167.50
$18.70	-55.8%	-$167.50
$28.05	-33.7%	-$167.50
$37.39	-11.5%	-$167.50
$46.74	+10.6%	+$32.50
$56.08	+32.7%	+$32.50
$65.43	+54.8%	+$32.50
$74.77	+76.9%	+$32.50
$84.12	+99.0%	+$32.50

When traders use iron condor on TPOR

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

TPOR thesis for this iron condor

The market-implied 1-standard-deviation range for TPOR extends from approximately $34.89 on the downside to $49.65 on the upside. A TPOR iron condor is a delta-neutral premium-collection structure that pays off when TPOR 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 TPOR IV rank near 9.68% 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 TPOR at 60.90%. As a Financial Services name, TPOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TPOR-specific events.

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

Frequently asked questions

What is a iron condor on TPOR?: A iron condor on TPOR is the iron condor strategy applied to TPOR (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 TPOR etf at $42.27 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed TPOR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are TPOR 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 TPOR iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 60.90%), the computed maximum profit is $32.50 per contract and the computed maximum loss is -$167.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TPOR iron condor?: The breakeven for the TPOR iron condor priced on this page is roughly $39.68 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 TPOR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.46%; 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 TPOR?: Iron condors on TPOR are a delta-neutral premium-collection structure that profits if TPOR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current TPOR implied volatility affect this iron condor?: TPOR ATM IV is at 60.90% with IV rank near 9.68%, 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.