How are WGMI 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 WGMI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 73.50%), the computed maximum profit is $137.50 per contract and the computed maximum loss is -$162.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WGMI iron condor?

The breakeven for the WGMI iron condor priced on this page is roughly $53.63 and $62.38 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 WGMI market-implied 1-standard-deviation expected move is approximately 21.07%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WGMI implied volatility affect this iron condor?

WGMI ATM IV is at 73.50% with IV rank near 15.21%, 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.

WGMI Iron Condor Strategy

WGMI (CoinShares Bitcoin Mining ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on NASDAQ.

The CoinShares Bitcoin Mining ETF (WGMI) is an actively-managed ETF providing investors with the opportunity to gain targeted exposure to the Bitcoin mining industry. WGMI is managed by an expert team from CoinShares Funds LLC dba CoinShares (the “Adviser”), a wholly owned subsidiary of CoinShares International Limited, a leading publicly listed investment management firm specializing in digital assets.

WGMI (CoinShares Bitcoin Mining ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $295.6M, a beta of 4.47 versus the broader market, a 52-week range of 15.82-67.885, average daily share volume of 508K, a public-listing history dating back to 2022. These structural characteristics shape how WGMI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 4.47 indicates WGMI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. WGMI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on WGMI?

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 WGMI snapshot

As of May 15, 2026, spot at $57.66, ATM IV 73.50%, IV rank 15.21%, expected move 21.07%. The iron condor on WGMI 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 34-day expiry.

Why this iron condor structure on WGMI specifically: WGMI IV at 73.50% is on the cheap side of its 1-year range, which means a premium-selling WGMI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.07% (roughly $12.15 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WGMI expiries trade a higher absolute premium for lower per-day decay. Position sizing on WGMI should anchor to the underlying notional of $57.66 per share and to the trader's directional view on WGMI etf.

WGMI iron condor setup

The WGMI 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 WGMI near $57.66, the first option leg uses a $61.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WGMI chain at a 34-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 WGMI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$61.00	$3.55
Buy 1	Call	$63.00	$3.10
Sell 1	Put	$55.00	$3.75
Buy 1	Put	$52.00	$2.83

WGMI iron condor risk and reward

Net Premium / Debit: +$137.50
Max Profit (per contract): $137.50
Max Loss (per contract): -$162.50
Breakeven(s): $53.63, $62.38
Risk / Reward Ratio: 0.846

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.

WGMI iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on WGMI. 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$162.50
$12.76	-77.9%	-$162.50
$25.51	-55.8%	-$162.50
$38.25	-33.7%	-$162.50
$51.00	-11.5%	-$162.50
$63.75	+10.6%	-$62.50
$76.50	+32.7%	-$62.50
$89.24	+54.8%	-$62.50
$101.99	+76.9%	-$62.50
$114.74	+99.0%	-$62.50

When traders use iron condor on WGMI

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

WGMI thesis for this iron condor

The market-implied 1-standard-deviation range for WGMI extends from approximately $45.51 on the downside to $69.81 on the upside. A WGMI iron condor is a delta-neutral premium-collection structure that pays off when WGMI 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 WGMI IV rank near 15.21% 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 WGMI at 73.50%. As a Financial Services name, WGMI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WGMI-specific events.

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

Frequently asked questions

What is a iron condor on WGMI?: A iron condor on WGMI is the iron condor strategy applied to WGMI (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 WGMI etf trading near $57.66, the strikes shown on this page are snapped to the nearest listed WGMI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are WGMI 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 WGMI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 73.50%), the computed maximum profit is $137.50 per contract and the computed maximum loss is -$162.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WGMI iron condor?: The breakeven for the WGMI iron condor priced on this page is roughly $53.63 and $62.38 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 WGMI market-implied 1-standard-deviation expected move is approximately 21.07%; 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 WGMI?: Iron condors on WGMI are a delta-neutral premium-collection structure that profits if WGMI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current WGMI implied volatility affect this iron condor?: WGMI ATM IV is at 73.50% with IV rank near 15.21%, 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.