How are YBTC 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 YBTC iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 493.40%), the computed maximum profit is $20.00 per contract and the computed maximum loss is -$80.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a YBTC iron condor?

The breakeven for the YBTC iron condor priced on this page is roughly $18.20 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The YBTC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 141.45%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current YBTC implied volatility affect this iron condor?

YBTC ATM IV is at 493.40% with IV rank near 99.90%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

YBTC Iron Condor Strategy

YBTC (Roundhill Investments - Bitcoin Covered Call Strategy ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on CBOE.

The Roundhill Bitcoin Covered Call Strategy ETF (YBTC) is notable as the pioneering U.S.-listed ETF to offer a bitcoin covered call strategy. This actively managed fund provides access to bitcoin through investments in exchange-traded products (ETPs) that hold the cryptocurrency directly, albeit with an imposed limit. A core objective of YBTC is to generate potential current income for its investors.

YBTC (Roundhill Investments - Bitcoin Covered Call Strategy ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $153.9M, a beta of 1.04 versus the broader market, a 52-week range of 16.3-48.85, average daily share volume of 90K, a public-listing history dating back to 2024. These structural characteristics shape how YBTC etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.04 places YBTC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. YBTC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on YBTC?

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.

YBTC snapshot

As of August 14, 2026, spot at $17.27, ATM IV 493.40%, IV rank 99.90%, expected move 141.45%. The iron condor on YBTC below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this iron condor structure on YBTC specifically: YBTC IV at 493.40% is rich versus its 1-year range, which favors premium-selling structures like a YBTC iron condor, with a market-implied 1-standard-deviation move of approximately 141.45% (roughly $24.43 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated YBTC expiries trade a higher absolute premium for lower per-day decay. Position sizing on YBTC should anchor to the underlying notional of $17.27 per share and to the trader's directional view on YBTC etf.

YBTC iron condor setup

The YBTC iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With YBTC at $17.27 on that close, the first option leg uses a $18.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed YBTC chain at a 35-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 YBTC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$18.00	$0.35
Buy 1	Call	$19.00	$0.15
Sell 1	Put	$16.00	$0.40
Buy 1	Put	$16.00	$0.40

YBTC iron condor risk and reward

Net Premium / Debit: +$20.00
Max Profit (per contract): $20.00
Max Loss (per contract): -$80.00
Breakeven(s): $18.20
Risk / Reward Ratio: 0.250

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.

YBTC iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on YBTC. 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	-99.9%	+$20.00
$3.83	-77.8%	+$20.00
$7.64	-55.7%	+$20.00
$11.46	-33.6%	+$20.00
$15.28	-11.5%	+$20.00
$19.10	+10.6%	-$80.00
$22.91	+32.7%	-$80.00
$26.73	+54.8%	-$80.00
$30.55	+76.9%	-$80.00
$34.37	+99.0%	-$80.00

When traders use iron condor on YBTC

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

YBTC thesis for this iron condor

The market-implied 1-standard-deviation range for YBTC extends from approximately $-7.16 on the downside to $41.70 on the upside. A YBTC iron condor is a delta-neutral premium-collection structure that pays off when YBTC 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 YBTC IV rank near 99.90% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on YBTC at 493.40%. As a Financial Services name, YBTC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to YBTC-specific events.

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

Frequently asked questions

What is a iron condor on YBTC?: A iron condor on YBTC is the iron condor strategy applied to YBTC (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 YBTC etf at $17.27 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed YBTC chain strike and the premiums come straight from that session's bid/ask midpoint.
How are YBTC 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 YBTC iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 493.40%), the computed maximum profit is $20.00 per contract and the computed maximum loss is -$80.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a YBTC iron condor?: The breakeven for the YBTC iron condor priced on this page is roughly $18.20 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The YBTC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 141.45%; 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 YBTC?: Iron condors on YBTC are a delta-neutral premium-collection structure that profits if YBTC etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current YBTC implied volatility affect this iron condor?: YBTC ATM IV is at 493.40% with IV rank near 99.90%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.