How are AX 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 AX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 29.50%), the computed maximum profit is $147.50 per contract and the computed maximum loss is -$352.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AX iron condor?

The breakeven for the AX iron condor priced on this page is roughly $91.03 and $101.48 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 AX market-implied 1-standard-deviation expected move is approximately 8.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current AX implied volatility affect this iron condor?

AX ATM IV is at 29.50% with IV rank near 11.37%, 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.

AX Iron Condor Strategy

AX (Axos Financial, Inc.), in the Financial Services sector, (Banks - Regional industry), listed on NYSE.

Founded in Las Vegas, Nevada, in 1999, Axos Financial, Inc. is a U.S.-based financial institution that delivers a comprehensive array of banking services to both individual consumers and businesses. The company operates through two primary divisions: its core Banking Business and its Securities Business. For deposits, Axos provides a broad spectrum of options including checking, savings, demand, money market, and time deposit accounts, alongside specialized products such as zero balance and insured cash sweep accounts. Its diverse lending portfolio encompasses various mortgage types, such as single-family, multi-family, and commercial real estate-backed loans. They also extend commercial and industrial loans, comprising non-real estate, asset-backed, term loans, and lines of credit. Consumer lending encompasses automobile loans, fixed-rate unsecured loans, and unique offerings such as structured settlements, Small Business Administration (SBA) loans, and securities-backed financing.

AX (Axos Financial, Inc.) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $5.47B, a trailing P/E of 11.44, a beta of 1.25 versus the broader market, a 52-week range of 74.89-101.92, average daily share volume of 412K, a public-listing history dating back to 2005, approximately 2K full-time employees. These structural characteristics shape how AX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.25 places AX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 11.44 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 AX?

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 AX snapshot

As of June 30, 2026, spot at $97.55, ATM IV 29.50%, IV rank 11.37%, expected move 8.46%. The iron condor on AX 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 17-day expiry.

Why this iron condor structure on AX specifically: AX IV at 29.50% is on the cheap side of its 1-year range, which means a premium-selling AX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.46% (roughly $8.25 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AX expiries trade a higher absolute premium for lower per-day decay. Position sizing on AX should anchor to the underlying notional of $97.55 per share and to the trader's directional view on AX stock.

AX iron condor setup

The AX 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 AX near $97.55, the first option leg uses a $100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AX chain at a 17-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 AX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$100.00	$1.35
Buy 1	Call	$105.00	$0.43
Sell 1	Put	$92.50	$1.03
Buy 1	Put	$87.50	$0.48

AX iron condor risk and reward

Net Premium / Debit: +$147.50
Max Profit (per contract): $147.50
Max Loss (per contract): -$352.50
Breakeven(s): $91.03, $101.48
Risk / Reward Ratio: 0.418

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.

AX iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on AX. 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%	-$352.50
$21.58	-77.9%	-$352.50
$43.15	-55.8%	-$352.50
$64.71	-33.7%	-$352.50
$86.28	-11.6%	-$352.50
$107.85	+10.6%	-$352.50
$129.42	+32.7%	-$352.50
$150.98	+54.8%	-$352.50
$172.55	+76.9%	-$352.50
$194.12	+99.0%	-$352.50

When traders use iron condor on AX

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

AX thesis for this iron condor

The market-implied 1-standard-deviation range for AX extends from approximately $89.30 on the downside to $105.80 on the upside. A AX iron condor is a delta-neutral premium-collection structure that pays off when AX 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 AX IV rank near 11.37% 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 AX at 29.50%. As a Financial Services name, AX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AX-specific events.

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

Frequently asked questions

What is a iron condor on AX?: A iron condor on AX is the iron condor strategy applied to AX (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 AX stock trading near $97.55, the strikes shown on this page are snapped to the nearest listed AX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are AX 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 AX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 29.50%), the computed maximum profit is $147.50 per contract and the computed maximum loss is -$352.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AX iron condor?: The breakeven for the AX iron condor priced on this page is roughly $91.03 and $101.48 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 AX market-implied 1-standard-deviation expected move is approximately 8.46%; 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 AX?: Iron condors on AX are a delta-neutral premium-collection structure that profits if AX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current AX implied volatility affect this iron condor?: AX ATM IV is at 29.50% with IV rank near 11.37%, 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.