How are AXS 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 AXS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 25.70%), the computed maximum profit is $205.50 per contract and the computed maximum loss is -$294.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AXS iron condor?

The breakeven for the AXS iron condor priced on this page is roughly $102.95 and $117.06 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 AXS market-implied 1-standard-deviation expected move is approximately 7.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current AXS implied volatility affect this iron condor?

AXS ATM IV is at 25.70% with IV rank near 2.37%, 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.

AXS Iron Condor Strategy

AXS (AXIS Capital Holdings Limited), in the Financial Services sector, (Insurance - Diversified industry), listed on NYSE.

AXIS Capital Holdings Ltd. engages in the provision of various insurance and reinsurance products and services. It operates through the Insurance and Reinsurance segments. The Insurance segment offers property, marine, terrorism, aviation, political risk, professional lines, liability, accident, and health insurance products. The Reinsurance segment offers non-life treaty reinsurance to insurance companies. The company was founded on December 9, 2002, and is headquartered in Pembroke, Bermuda.

AXS (AXIS Capital Holdings Limited) trades in the Financial Services sector, specifically Insurance - Diversified, with a market capitalization of approximately $8.02B, a trailing P/E of 7.53, a beta of 0.52 versus the broader market, a 52-week range of 88.07-110.34, average daily share volume of 628K, a public-listing history dating back to 2003, approximately 2K full-time employees. These structural characteristics shape how AXS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.52 indicates AXS 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 7.53 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. AXS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on AXS?

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 AXS snapshot

As of June 29, 2026, spot at $108.74, ATM IV 25.70%, IV rank 2.37%, expected move 7.37%. The iron condor on AXS 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 53-day expiry.

Why this iron condor structure on AXS specifically: AXS IV at 25.70% is on the cheap side of its 1-year range, which means a premium-selling AXS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.37% (roughly $8.01 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AXS expiries trade a higher absolute premium for lower per-day decay. Position sizing on AXS should anchor to the underlying notional of $108.74 per share and to the trader's directional view on AXS stock.

AXS iron condor setup

The AXS 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 AXS near $108.74, the first option leg uses a $115.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AXS chain at a 53-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 AXS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$115.00	$1.55
Buy 1	Call	$120.00	$0.62
Sell 1	Put	$105.00	$2.55
Buy 1	Put	$100.00	$1.43

AXS iron condor risk and reward

Net Premium / Debit: +$205.50
Max Profit (per contract): $205.50
Max Loss (per contract): -$294.50
Breakeven(s): $102.95, $117.06
Risk / Reward Ratio: 0.698

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.

AXS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on AXS. 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%	-$294.50
$24.05	-77.9%	-$294.50
$48.09	-55.8%	-$294.50
$72.14	-33.7%	-$294.50
$96.18	-11.6%	-$294.50
$120.22	+10.6%	-$294.50
$144.26	+32.7%	-$294.50
$168.30	+54.8%	-$294.50
$192.35	+76.9%	-$294.50
$216.39	+99.0%	-$294.50

When traders use iron condor on AXS

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

AXS thesis for this iron condor

The market-implied 1-standard-deviation range for AXS extends from approximately $100.73 on the downside to $116.75 on the upside. A AXS iron condor is a delta-neutral premium-collection structure that pays off when AXS 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 AXS IV rank near 2.37% 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 AXS at 25.70%. As a Financial Services name, AXS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AXS-specific events.

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

Frequently asked questions

What is a iron condor on AXS?: A iron condor on AXS is the iron condor strategy applied to AXS (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 AXS stock trading near $108.74, the strikes shown on this page are snapped to the nearest listed AXS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are AXS 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 AXS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 25.70%), the computed maximum profit is $205.50 per contract and the computed maximum loss is -$294.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AXS iron condor?: The breakeven for the AXS iron condor priced on this page is roughly $102.95 and $117.06 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 AXS market-implied 1-standard-deviation expected move is approximately 7.37%; 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 AXS?: Iron condors on AXS are a delta-neutral premium-collection structure that profits if AXS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current AXS implied volatility affect this iron condor?: AXS ATM IV is at 25.70% with IV rank near 2.37%, 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.