How are ATEX 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 ATEX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 77.30%), the computed maximum profit is $415.00 per contract and the computed maximum loss is -$85.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ATEX iron condor?

The breakeven for the ATEX iron condor priced on this page is roughly $95.85 and $114.15 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 ATEX market-implied 1-standard-deviation expected move is approximately 22.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ATEX implied volatility affect this iron condor?

ATEX ATM IV is at 77.30% with IV rank near 29.76%, 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.

ATEX Iron Condor Strategy

ATEX (Anterix Inc.), in the Communication Services sector, (Telecommunications Services industry), listed on NASDAQ.

Anterix Inc. operates as a specialist in wireless communications, primarily focusing on monetizing its distinct radio spectrum holdings. The company's main objective is to empower essential utility and critical infrastructure clients by enabling them to deploy bespoke broadband networks, advanced technologies, and tailored solutions. Anterix holds exclusive licenses for 900 MHz spectrum, which provides extensive coverage throughout the continental United States, as well as Alaska, Hawaii, and Puerto Rico. Originally established in 1997, the firm was formerly recognized as pdvWireless, Inc. before officially rebranding to Anterix Inc. in August 2019. Its corporate headquarters are located in Woodland Park, New Jersey.

ATEX (Anterix Inc.) trades in the Communication Services sector, specifically Telecommunications Services, with a market capitalization of approximately $1.70B, a trailing P/E of 18.56, a beta of 0.94 versus the broader market, a 52-week range of 17.58-90, average daily share volume of 398K, a public-listing history dating back to 2015, approximately 86 full-time employees. These structural characteristics shape how ATEX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.94 places ATEX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a iron condor on ATEX?

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 ATEX snapshot

As of June 30, 2026, spot at $103.52, ATM IV 77.30%, IV rank 29.76%, expected move 22.16%. The iron condor on ATEX 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 52-day expiry.

Why this iron condor structure on ATEX specifically: ATEX IV at 77.30% is on the cheap side of its 1-year range, which means a premium-selling ATEX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 22.16% (roughly $22.94 on the underlying). The 52-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ATEX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ATEX should anchor to the underlying notional of $103.52 per share and to the trader's directional view on ATEX stock.

ATEX iron condor setup

The ATEX 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 ATEX near $103.52, the first option leg uses a $110.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ATEX chain at a 52-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 ATEX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$110.00	$11.30
Buy 1	Call	$115.00	$9.40
Sell 1	Put	$100.00	$11.55
Buy 1	Put	$95.00	$9.30

ATEX iron condor risk and reward

Net Premium / Debit: +$415.00
Max Profit (per contract): $415.00
Max Loss (per contract): -$85.00
Breakeven(s): $95.85, $114.15
Risk / Reward Ratio: 4.882

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.

ATEX iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on ATEX. 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%	-$85.00
$22.90	-77.9%	-$85.00
$45.79	-55.8%	-$85.00
$68.67	-33.7%	-$85.00
$91.56	-11.6%	-$85.00
$114.45	+10.6%	-$29.87
$137.34	+32.7%	-$85.00
$160.22	+54.8%	-$85.00
$183.11	+76.9%	-$85.00
$206.00	+99.0%	-$85.00

When traders use iron condor on ATEX

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

ATEX thesis for this iron condor

The market-implied 1-standard-deviation range for ATEX extends from approximately $80.58 on the downside to $126.46 on the upside. A ATEX iron condor is a delta-neutral premium-collection structure that pays off when ATEX 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 ATEX IV rank near 29.76% 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 ATEX at 77.30%. As a Communication Services name, ATEX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ATEX-specific events.

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

Frequently asked questions

What is a iron condor on ATEX?: A iron condor on ATEX is the iron condor strategy applied to ATEX (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 ATEX stock trading near $103.52, the strikes shown on this page are snapped to the nearest listed ATEX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ATEX 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 ATEX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 77.30%), the computed maximum profit is $415.00 per contract and the computed maximum loss is -$85.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ATEX iron condor?: The breakeven for the ATEX iron condor priced on this page is roughly $95.85 and $114.15 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 ATEX market-implied 1-standard-deviation expected move is approximately 22.16%; 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 ATEX?: Iron condors on ATEX are a delta-neutral premium-collection structure that profits if ATEX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current ATEX implied volatility affect this iron condor?: ATEX ATM IV is at 77.30% with IV rank near 29.76%, 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.