How are URTY 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 URTY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 57.90%), the computed maximum profit is $290.00 per contract and the computed maximum loss is -$210.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a URTY iron condor?

The breakeven for the URTY iron condor priced on this page is roughly $80.10 and $92.90 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 URTY market-implied 1-standard-deviation expected move is approximately 16.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current URTY implied volatility affect this iron condor?

URTY ATM IV is at 57.90% with IV rank near 23.39%, 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.

URTY Iron Condor Strategy

URTY (ProShares - UltraPro Russell2000), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

ProShares UltraPro Russell2000 is structured to provide daily investment outcomes that magnify the Russell 2000 Index's daily performance by a factor of three. This target is pursued before accounting for any operational fees or expenses.

URTY (ProShares - UltraPro Russell2000) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $364.9M, a beta of 3.92 versus the broader market, a 52-week range of 36.8-88.4, average daily share volume of 1.1M, a public-listing history dating back to 2010. These structural characteristics shape how URTY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.92 indicates URTY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. URTY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on URTY?

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 URTY snapshot

As of June 30, 2026, spot at $87.53, ATM IV 57.90%, IV rank 23.39%, expected move 16.60%. The iron condor on URTY 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 URTY specifically: URTY IV at 57.90% is on the cheap side of its 1-year range, which means a premium-selling URTY iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 16.60% (roughly $14.53 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 URTY expiries trade a higher absolute premium for lower per-day decay. Position sizing on URTY should anchor to the underlying notional of $87.53 per share and to the trader's directional view on URTY etf.

URTY iron condor setup

The URTY 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 URTY near $87.53, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed URTY 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 URTY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$90.00	$2.68
Buy 1	Call	$95.00	$1.13
Sell 1	Put	$83.00	$3.55
Buy 1	Put	$79.00	$2.20

URTY iron condor risk and reward

Net Premium / Debit: +$290.00
Max Profit (per contract): $290.00
Max Loss (per contract): -$210.00
Breakeven(s): $80.10, $92.90
Risk / Reward Ratio: 1.381

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.

URTY iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on URTY. 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%	-$110.00
$19.36	-77.9%	-$110.00
$38.71	-55.8%	-$110.00
$58.07	-33.7%	-$110.00
$77.42	-11.6%	-$110.00
$96.77	+10.6%	-$210.00
$116.12	+32.7%	-$210.00
$135.48	+54.8%	-$210.00
$154.83	+76.9%	-$210.00
$174.18	+99.0%	-$210.00

When traders use iron condor on URTY

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

URTY thesis for this iron condor

The market-implied 1-standard-deviation range for URTY extends from approximately $73.00 on the downside to $102.06 on the upside. A URTY iron condor is a delta-neutral premium-collection structure that pays off when URTY 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 URTY IV rank near 23.39% 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 URTY at 57.90%. As a Financial Services name, URTY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to URTY-specific events.

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

Frequently asked questions

What is a iron condor on URTY?: A iron condor on URTY is the iron condor strategy applied to URTY (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 URTY etf trading near $87.53, the strikes shown on this page are snapped to the nearest listed URTY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are URTY 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 URTY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 57.90%), the computed maximum profit is $290.00 per contract and the computed maximum loss is -$210.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a URTY iron condor?: The breakeven for the URTY iron condor priced on this page is roughly $80.10 and $92.90 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 URTY market-implied 1-standard-deviation expected move is approximately 16.60%; 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 URTY?: Iron condors on URTY are a delta-neutral premium-collection structure that profits if URTY etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current URTY implied volatility affect this iron condor?: URTY ATM IV is at 57.90% with IV rank near 23.39%, 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.