How are AR 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 AR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 38.74%), the computed maximum profit is $72.50 per contract and the computed maximum loss is -$127.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AR iron condor?

The breakeven for the AR iron condor priced on this page is roughly $35.28 and $40.73 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 AR market-implied 1-standard-deviation expected move is approximately 11.11%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current AR implied volatility affect this iron condor?

AR ATM IV is at 38.74% with IV rank near 29.97%, 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.

AR Iron Condor Strategy

AR (Antero Resources Corporation), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NYSE.

Antero Resources Corporation, an independent oil and natural gas company, acquires, explores for, develops, and produces natural gas, natural gas liquids, and oil properties in the United States. As of December 31, 2021, it had approximately 502,000 net acres in the Appalachian Basin; and 174,000 net acres in the Upper Devonian Shale. The company also owned and operated 494 miles of gas gathering pipelines in the Appalachian Basin; and 21 compressor stations. It had estimated proved reserves of 17.7 trillion cubic feet of natural gas equivalent, including 10.2 trillion cubic feet of natural gas; 718 million barrels of assumed recovered ethane; 501 million barrels of primarily propane, isobutane, normal butane, and natural gasoline; and 36 million barrels of oil. The company was formerly known as Antero Resources Appalachian Corporation and changed its name to Antero Resources Corporation in June 2013. Antero Resources Corporation was founded in 2002 and is headquartered in Denver, Colorado.

AR (Antero Resources Corporation) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $11.38B, a trailing P/E of 11.80, a beta of 0.36 versus the broader market, a 52-week range of 29.1-45.75, average daily share volume of 5.7M, a public-listing history dating back to 2013, approximately 616 full-time employees. These structural characteristics shape how AR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.36 indicates AR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 11.80 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.

What is a iron condor on AR?

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 AR snapshot

As of May 15, 2026, spot at $38.23, ATM IV 38.74%, IV rank 29.97%, expected move 11.11%. The iron condor on AR 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 28-day expiry.

Why this iron condor structure on AR specifically: AR IV at 38.74% is on the cheap side of its 1-year range, which means a premium-selling AR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 11.11% (roughly $4.25 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AR expiries trade a higher absolute premium for lower per-day decay. Position sizing on AR should anchor to the underlying notional of $38.23 per share and to the trader's directional view on AR stock.

AR iron condor setup

The AR 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 AR near $38.23, the first option leg uses a $40.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AR chain at a 28-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 AR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$40.00	$1.00
Buy 1	Call	$42.00	$0.53
Sell 1	Put	$36.00	$0.60
Buy 1	Put	$34.00	$0.35

AR iron condor risk and reward

Net Premium / Debit: +$72.50
Max Profit (per contract): $72.50
Max Loss (per contract): -$127.50
Breakeven(s): $35.28, $40.73
Risk / Reward Ratio: 0.569

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.

AR iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on AR. 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%	-$127.50
$8.46	-77.9%	-$127.50
$16.91	-55.8%	-$127.50
$25.37	-33.7%	-$127.50
$33.82	-11.5%	-$127.50
$42.27	+10.6%	-$127.50
$50.72	+32.7%	-$127.50
$59.17	+54.8%	-$127.50
$67.62	+76.9%	-$127.50
$76.08	+99.0%	-$127.50

When traders use iron condor on AR

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

AR thesis for this iron condor

The market-implied 1-standard-deviation range for AR extends from approximately $33.98 on the downside to $42.48 on the upside. A AR iron condor is a delta-neutral premium-collection structure that pays off when AR 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 AR IV rank near 29.97% 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 AR at 38.74%. As a Energy name, AR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AR-specific events.

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

Frequently asked questions

What is a iron condor on AR?: A iron condor on AR is the iron condor strategy applied to AR (stock). 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 AR stock trading near $38.23, the strikes shown on this page are snapped to the nearest listed AR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are AR 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 AR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 38.74%), the computed maximum profit is $72.50 per contract and the computed maximum loss is -$127.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AR iron condor?: The breakeven for the AR iron condor priced on this page is roughly $35.28 and $40.73 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 AR market-implied 1-standard-deviation expected move is approximately 11.11%; 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 AR?: Iron condors on AR are a delta-neutral premium-collection structure that profits if AR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current AR implied volatility affect this iron condor?: AR ATM IV is at 38.74% with IV rank near 29.97%, 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.