How are UYG 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 UYG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 30.30%), the computed maximum profit is $167.50 per contract and the computed maximum loss is -$332.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a UYG iron condor?

The breakeven for the UYG iron condor priced on this page is roughly $80.33 and $91.68 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 UYG market-implied 1-standard-deviation expected move is approximately 8.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current UYG implied volatility affect this iron condor?

UYG ATM IV is at 30.30% with IV rank near 27.15%, 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.

UYG Iron Condor Strategy

UYG (ProShares - Ultra Financials), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The ProShares Ultra Financials fund aims to achieve daily investment returns that are double the daily fluctuations of the S&P Financial Select SectorSM Index. This goal is pursued prior to the deduction of any charges or operating costs.

UYG (ProShares - Ultra Financials) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $695.8M, a beta of 1.65 versus the broader market, a 52-week range of 68.44-104.32, average daily share volume of 14K, a public-listing history dating back to 2007. These structural characteristics shape how UYG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.65 indicates UYG has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. UYG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on UYG?

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 UYG snapshot

As of June 29, 2026, spot at $85.94, ATM IV 30.30%, IV rank 27.15%, expected move 8.69%. The iron condor on UYG 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 18-day expiry.

Why this iron condor structure on UYG specifically: UYG IV at 30.30% is on the cheap side of its 1-year range, which means a premium-selling UYG iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.69% (roughly $7.47 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated UYG expiries trade a higher absolute premium for lower per-day decay. Position sizing on UYG should anchor to the underlying notional of $85.94 per share and to the trader's directional view on UYG etf.

UYG iron condor setup

The UYG 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 UYG near $85.94, 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 UYG chain at a 18-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 UYG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$90.00	$0.73
Buy 1	Call	$95.00	$0.12
Sell 1	Put	$82.00	$1.35
Buy 1	Put	$77.00	$0.28

UYG iron condor risk and reward

Net Premium / Debit: +$167.50
Max Profit (per contract): $167.50
Max Loss (per contract): -$332.50
Breakeven(s): $80.33, $91.68
Risk / Reward Ratio: 0.504

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.

UYG iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on UYG. 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%	-$332.50
$19.01	-77.9%	-$332.50
$38.01	-55.8%	-$332.50
$57.01	-33.7%	-$332.50
$76.01	-11.6%	-$332.50
$95.01	+10.6%	-$332.50
$114.01	+32.7%	-$332.50
$133.01	+54.8%	-$332.50
$152.02	+76.9%	-$332.50
$171.02	+99.0%	-$332.50

When traders use iron condor on UYG

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

UYG thesis for this iron condor

The market-implied 1-standard-deviation range for UYG extends from approximately $78.47 on the downside to $93.41 on the upside. A UYG iron condor is a delta-neutral premium-collection structure that pays off when UYG 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 UYG IV rank near 27.15% 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 UYG at 30.30%. As a Financial Services name, UYG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UYG-specific events.

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

Frequently asked questions

What is a iron condor on UYG?: A iron condor on UYG is the iron condor strategy applied to UYG (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 UYG etf trading near $85.94, the strikes shown on this page are snapped to the nearest listed UYG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are UYG 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 UYG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 30.30%), the computed maximum profit is $167.50 per contract and the computed maximum loss is -$332.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a UYG iron condor?: The breakeven for the UYG iron condor priced on this page is roughly $80.33 and $91.68 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 UYG market-implied 1-standard-deviation expected move is approximately 8.69%; 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 UYG?: Iron condors on UYG are a delta-neutral premium-collection structure that profits if UYG etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current UYG implied volatility affect this iron condor?: UYG ATM IV is at 30.30% with IV rank near 27.15%, 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.