How are BEN 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 BEN iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 30.00%), the computed maximum profit is $47.00 per contract and the computed maximum loss is -$153.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BEN iron condor?

The breakeven for the BEN iron condor priced on this page is roughly $33.53 and $38.47 at expiration, derived from the November 13, 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 BEN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BEN implied volatility affect this iron condor?

BEN ATM IV is at 30.00% with IV rank near 45.09%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

BEN Iron Condor Strategy

BEN (Franklin Resources, Inc.), in the Financial Services sector, (Asset Management industry), listed on NYSE.

Franklin Resources, Inc. is a publicly owned asset investment manager. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries. The firm invests in the public equity, fixed income, and alternative markets. Franklin Resources, Inc. was founded in 1947 and is based in San Mateo, California with an additional office in Calgary, Alberta; Dubai, United Arab Emirates; Edinburgh, Midlothian; Fort Lauderdale, Florida; Hyderabad, India; London, Greater London; Rancho Cordova, California; Shanghai, Shanghai Province; Singapore; Stamford, Connecticut; and Vienna.

BEN (Franklin Resources, Inc.) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $18.41B, a trailing P/E of 15.87, a beta of 1.59 versus the broader market, a 52-week range of 21.11-36.79, average daily share volume of 4.1M, a public-listing history dating back to 1983, approximately 10K full-time employees. These structural characteristics shape how BEN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.59 indicates BEN has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. BEN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on BEN?

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.

BEN snapshot

As of November 13, 2026, spot at $35.97, ATM IV 30.00%, IV rank 45.09%, expected move 8.60%. The iron condor on BEN below is built from the November 13, 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 BEN specifically: BEN IV at 30.00% is mid-range versus its 1-year history, so the credit collected on a BEN iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 8.60% (roughly $3.09 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 BEN expiries trade a higher absolute premium for lower per-day decay. Position sizing on BEN should anchor to the underlying notional of $35.97 per share and to the trader's directional view on BEN stock.

BEN iron condor setup

The BEN iron condor below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BEN at $35.97 on that close, the first option leg uses a $38.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BEN 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 BEN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$38.00	$0.50
Buy 1	Call	$40.00	$0.26
Sell 1	Put	$34.00	$0.45
Buy 1	Put	$32.00	$0.22

BEN iron condor risk and reward

Net Premium / Debit: +$47.00
Max Profit (per contract): $47.00
Max Loss (per contract): -$153.00
Breakeven(s): $33.53, $38.47
Risk / Reward Ratio: 0.307

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.

BEN iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on BEN. 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%	-$153.00
$7.96	-77.9%	-$153.00
$15.91	-55.8%	-$153.00
$23.87	-33.6%	-$153.00
$31.82	-11.5%	-$153.00
$39.77	+10.6%	-$130.03
$47.72	+32.7%	-$153.00
$55.67	+54.8%	-$153.00
$63.63	+76.9%	-$153.00
$71.58	+99.0%	-$153.00

When traders use iron condor on BEN

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

BEN thesis for this iron condor

The market-implied 1-standard-deviation range for BEN extends from approximately $32.88 on the downside to $39.06 on the upside. A BEN iron condor is a delta-neutral premium-collection structure that pays off when BEN 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 BEN IV rank near 45.09% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on BEN should anchor more to the directional view and the expected-move geometry. As a Financial Services name, BEN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BEN-specific events.

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

Frequently asked questions

What is a iron condor on BEN?: A iron condor on BEN is the iron condor strategy applied to BEN (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 BEN stock at $35.97 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed BEN chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BEN 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 BEN iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 30.00%), the computed maximum profit is $47.00 per contract and the computed maximum loss is -$153.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BEN iron condor?: The breakeven for the BEN iron condor priced on this page is roughly $33.53 and $38.47 at expiration, derived from the November 13, 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 BEN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.60%; 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 BEN?: Iron condors on BEN are a delta-neutral premium-collection structure that profits if BEN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current BEN implied volatility affect this iron condor?: BEN ATM IV is at 30.00% with IV rank near 45.09%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.