How are UGLD 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 UGLD iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 44.60%), the computed maximum profit is $56.00 per contract and the computed maximum loss is -$44.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a UGLD iron condor?

The breakeven for the UGLD iron condor priced on this page is roughly $18.44 and $21.56 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 UGLD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.79%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current UGLD implied volatility affect this iron condor?

Current UGLD ATM IV is 44.60%; IV rank context is unavailable in the current snapshot.

UGLD Iron Condor Strategy

UGLD (Direxion Daily Gold Bull 2X ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The Direxion Daily Gold Bull 2X ETF, an exchange-traded fund, was launched by Direxion Investments and is managed by Rafferty Asset Management, LLC. This ETF primarily invests in public equities, fixed-income instruments, and commodity markets within the United States. For its equity exposure, the fund targets companies operating in the metals, precious metals, and silver industries, employing both direct stock investments and derivatives. The portfolio is constructed using a long/short strategy, strategically incorporating derivative options. Its fixed-income holdings consist of U.S. Treasury securities.

UGLD (Direxion Daily Gold Bull 2X ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.0M, a beta of 0.00 versus the broader market, a 52-week range of 18.79-25.69, average daily share volume of 40K, a public-listing history dating back to 2026. These structural characteristics shape how UGLD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates UGLD has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. UGLD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on UGLD?

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.

UGLD snapshot

As of September 29, 2026, spot at $19.96, ATM IV 44.60%, expected move 12.79%. The iron condor on UGLD 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 UGLD specifically: IV rank is unavailable in the current snapshot, so regime-based timing for UGLD is inferred from ATM IV at 44.60% alone, with a market-implied 1-standard-deviation move of approximately 12.79% (roughly $2.55 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 UGLD expiries trade a higher absolute premium for lower per-day decay. Position sizing on UGLD should anchor to the underlying notional of $19.96 per share and to the trader's directional view on UGLD etf.

UGLD iron condor setup

The UGLD 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 UGLD at $19.96 on that close, the first option leg uses a $21.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UGLD 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 UGLD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$21.00	$0.35
Buy 1	Call	$22.00	$0.16
Sell 1	Put	$19.00	$0.50
Buy 1	Put	$18.00	$0.13

UGLD iron condor risk and reward

Net Premium / Debit: +$56.00
Max Profit (per contract): $56.00
Max Loss (per contract): -$44.00
Breakeven(s): $18.44, $21.56
Risk / Reward Ratio: 1.273

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.

UGLD iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on UGLD. 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%	-$44.00
$4.42	-77.8%	-$44.00
$8.83	-55.7%	-$44.00
$13.25	-33.6%	-$44.00
$17.66	-11.5%	-$44.00
$22.07	+10.6%	-$44.00
$26.48	+32.7%	-$44.00
$30.90	+54.8%	-$44.00
$35.31	+76.9%	-$44.00
$39.72	+99.0%	-$44.00

When traders use iron condor on UGLD

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

UGLD thesis for this iron condor

The market-implied 1-standard-deviation range for UGLD extends from approximately $17.41 on the downside to $22.51 on the upside. A UGLD iron condor is a delta-neutral premium-collection structure that pays off when UGLD 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, UGLD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UGLD-specific events.

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

Frequently asked questions

What is a iron condor on UGLD?: A iron condor on UGLD is the iron condor strategy applied to UGLD (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 UGLD etf at $19.96 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed UGLD chain strike and the premiums come straight from that session's bid/ask midpoint.
How are UGLD 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 UGLD iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 44.60%), the computed maximum profit is $56.00 per contract and the computed maximum loss is -$44.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a UGLD iron condor?: The breakeven for the UGLD iron condor priced on this page is roughly $18.44 and $21.56 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 UGLD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.79%; 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 UGLD?: Iron condors on UGLD are a delta-neutral premium-collection structure that profits if UGLD etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current UGLD implied volatility affect this iron condor?: Current UGLD ATM IV is 44.60%; IV rank context is unavailable in the current snapshot.