How are VLUE 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 VLUE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 27.70%), the computed maximum profit is $303.50 per contract and the computed maximum loss is -$696.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a VLUE iron condor?

The breakeven for the VLUE iron condor priced on this page is roughly $186.97 and $213.04 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 VLUE market-implied 1-standard-deviation expected move is approximately 7.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current VLUE implied volatility affect this iron condor?

VLUE ATM IV is at 27.70% with IV rank near 37.55%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

VLUE Iron Condor Strategy

VLUE (iShares MSCI USA Value Factor ETF), in the Financial Services sector, (Asset Management - Global industry), listed on CBOE.

This ETF is designed to replicate the investment performance of a specific index. That index focuses on U.S. large- and mid-capitalization companies, selecting those that exhibit strong 'value' characteristics and trade at comparatively lower valuations.

VLUE (iShares MSCI USA Value Factor ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $11.83B, a beta of 1.19 versus the broader market, a 52-week range of 110.53-206.57, average daily share volume of 1.4M, a public-listing history dating back to 2013. These structural characteristics shape how VLUE etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.19 places VLUE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. VLUE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on VLUE?

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 VLUE snapshot

As of June 30, 2026, spot at $200.44, ATM IV 27.70%, IV rank 37.55%, expected move 7.94%. The iron condor on VLUE 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 VLUE specifically: VLUE IV at 27.70% is mid-range versus its 1-year history, so the credit collected on a VLUE iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 7.94% (roughly $15.92 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 VLUE expiries trade a higher absolute premium for lower per-day decay. Position sizing on VLUE should anchor to the underlying notional of $200.44 per share and to the trader's directional view on VLUE etf.

VLUE iron condor setup

The VLUE 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 VLUE near $200.44, the first option leg uses a $210.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VLUE 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 VLUE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$210.00	$2.53
Buy 1	Call	$220.00	$0.25
Sell 1	Put	$190.00	$1.10
Buy 1	Put	$180.00	$0.34

VLUE iron condor risk and reward

Net Premium / Debit: +$303.50
Max Profit (per contract): $303.50
Max Loss (per contract): -$696.50
Breakeven(s): $186.97, $213.04
Risk / Reward Ratio: 0.436

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.

VLUE iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on VLUE. 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%	-$696.50
$44.33	-77.9%	-$696.50
$88.64	-55.8%	-$696.50
$132.96	-33.7%	-$696.50
$177.28	-11.6%	-$696.50
$221.60	+10.6%	-$696.50
$265.91	+32.7%	-$696.50
$310.23	+54.8%	-$696.50
$354.55	+76.9%	-$696.50
$398.87	+99.0%	-$696.50

When traders use iron condor on VLUE

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

VLUE thesis for this iron condor

The market-implied 1-standard-deviation range for VLUE extends from approximately $184.52 on the downside to $216.36 on the upside. A VLUE iron condor is a delta-neutral premium-collection structure that pays off when VLUE 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 VLUE IV rank near 37.55% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on VLUE should anchor more to the directional view and the expected-move geometry. As a Financial Services name, VLUE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VLUE-specific events.

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

Frequently asked questions

What is a iron condor on VLUE?: A iron condor on VLUE is the iron condor strategy applied to VLUE (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 VLUE etf trading near $200.44, the strikes shown on this page are snapped to the nearest listed VLUE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are VLUE 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 VLUE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 27.70%), the computed maximum profit is $303.50 per contract and the computed maximum loss is -$696.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a VLUE iron condor?: The breakeven for the VLUE iron condor priced on this page is roughly $186.97 and $213.04 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 VLUE market-implied 1-standard-deviation expected move is approximately 7.94%; 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 VLUE?: Iron condors on VLUE are a delta-neutral premium-collection structure that profits if VLUE etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current VLUE implied volatility affect this iron condor?: VLUE ATM IV is at 27.70% with IV rank near 37.55%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.