How are XHS 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 XHS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 20.10%), the computed maximum profit is $92.00 per contract and the computed maximum loss is -$508.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a XHS iron condor?

The breakeven for the XHS iron condor priced on this page is roughly $106.08 and $120.92 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 XHS market-implied 1-standard-deviation expected move is approximately 5.76%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current XHS implied volatility affect this iron condor?

XHS ATM IV is at 20.10% with IV rank near 1.10%, 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.

XHS Iron Condor Strategy

XHS (State Street SPDR S&P Health Care Services ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The State Street SPDR S&P Health Care Services ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of S&P Health Care Services Select Industry Index (the "Index")Seeks to provide exposure to health care services segment of the S&P TMI, which comprises the following sub-industries: Health Care Distributors, Health Care Facilities, Health Care Services, and Managed Health CareSeeks to track a modified equal weighted index which provides the potential for unconcentrated industry exposure across large, mid and small cap stocksAllows investors to take strategic or tactical positions at a more targeted level than traditional sector based investing

XHS (State Street SPDR S&P Health Care Services ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $84.6M, a beta of 1.10 versus the broader market, a 52-week range of 87.64-113.79, average daily share volume of 6K, a public-listing history dating back to 2011. These structural characteristics shape how XHS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.10 places XHS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. XHS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on XHS?

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 XHS snapshot

As of May 15, 2026, spot at $112.63, ATM IV 20.10%, IV rank 1.10%, expected move 5.76%. The iron condor on XHS 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 XHS specifically: XHS IV at 20.10% is on the cheap side of its 1-year range, which means a premium-selling XHS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.76% (roughly $6.49 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 XHS expiries trade a higher absolute premium for lower per-day decay. Position sizing on XHS should anchor to the underlying notional of $112.63 per share and to the trader's directional view on XHS etf.

XHS iron condor setup

The XHS 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 XHS near $112.63, the first option leg uses a $120.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XHS 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 XHS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$120.00	$0.48
Buy 1	Call	$125.00	$0.09
Sell 1	Put	$107.00	$0.60
Buy 1	Put	$101.00	$0.07

XHS iron condor risk and reward

Net Premium / Debit: +$92.00
Max Profit (per contract): $92.00
Max Loss (per contract): -$508.00
Breakeven(s): $106.08, $120.92
Risk / Reward Ratio: 0.181

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.

XHS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on XHS. 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%	-$508.00
$24.91	-77.9%	-$508.00
$49.81	-55.8%	-$508.00
$74.72	-33.7%	-$508.00
$99.62	-11.6%	-$508.00
$124.52	+10.6%	-$360.01
$149.42	+32.7%	-$408.00
$174.32	+54.8%	-$408.00
$199.23	+76.9%	-$408.00
$224.13	+99.0%	-$408.00

When traders use iron condor on XHS

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

XHS thesis for this iron condor

The market-implied 1-standard-deviation range for XHS extends from approximately $106.14 on the downside to $119.12 on the upside. A XHS iron condor is a delta-neutral premium-collection structure that pays off when XHS 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 XHS IV rank near 1.10% 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 XHS at 20.10%. As a Financial Services name, XHS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XHS-specific events.

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

Frequently asked questions

What is a iron condor on XHS?: A iron condor on XHS is the iron condor strategy applied to XHS (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 XHS etf trading near $112.63, the strikes shown on this page are snapped to the nearest listed XHS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are XHS 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 XHS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 20.10%), the computed maximum profit is $92.00 per contract and the computed maximum loss is -$508.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a XHS iron condor?: The breakeven for the XHS iron condor priced on this page is roughly $106.08 and $120.92 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 XHS market-implied 1-standard-deviation expected move is approximately 5.76%; 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 XHS?: Iron condors on XHS are a delta-neutral premium-collection structure that profits if XHS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current XHS implied volatility affect this iron condor?: XHS ATM IV is at 20.10% with IV rank near 1.10%, 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.