How are CLMT 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 CLMT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 52.20%), the computed maximum profit is $97.50 per contract and the computed maximum loss is -$102.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLMT iron condor?

The breakeven for the CLMT iron condor priced on this page is roughly $29.03 and $34.00 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 CLMT market-implied 1-standard-deviation expected move is approximately 14.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLMT implied volatility affect this iron condor?

CLMT ATM IV is at 52.20% with IV rank near 32.53%, 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.

CLMT Iron Condor Strategy

CLMT (Calumet, Inc.), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NASDAQ.

Calumet, Inc. manufactures, formulates, and markets slate of specialty branded products to various consumer-facing and industrial markets in North America and internationally. Its Specialty Products and Solutions segment offers various solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. The company's Montana/Renewables segment focuses on processing renewable feedstocks into renewable hydrogen, renewable natural gas, renewable propane, renewable naphtha, renewable kerosene/aviation fuel, and renewable diesel. This segment also processes Canadian crude oil into conventional gasoline, diesel, jet fuel, and specialty grades of asphalt. Its Performance Brands segment blends, packages, and markets high performance products through Royal Purple, Bel-Ray, and TruFuel brands. Calumet GP, LLC serves as the general partner for Calumet Specialty Products Partners, L.P.

CLMT (Calumet, Inc.) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $2.74B, a beta of 0.72 versus the broader market, a 52-week range of 12.7-36.94, average daily share volume of 1.3M, a public-listing history dating back to 2006, approximately 2K full-time employees. These structural characteristics shape how CLMT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.72 places CLMT 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 CLMT?

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 CLMT snapshot

As of May 15, 2026, spot at $31.06, ATM IV 52.20%, IV rank 32.53%, expected move 14.97%. The iron condor on CLMT 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 34-day expiry.

Why this iron condor structure on CLMT specifically: CLMT IV at 52.20% is mid-range versus its 1-year history, so the credit collected on a CLMT iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 14.97% (roughly $4.65 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLMT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLMT should anchor to the underlying notional of $31.06 per share and to the trader's directional view on CLMT stock.

CLMT iron condor setup

The CLMT 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 CLMT near $31.06, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLMT chain at a 34-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 CLMT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$33.00	$1.28
Buy 1	Call	$34.00	$0.95
Sell 1	Put	$30.00	$1.38
Buy 1	Put	$28.00	$0.73

CLMT iron condor risk and reward

Net Premium / Debit: +$97.50
Max Profit (per contract): $97.50
Max Loss (per contract): -$102.50
Breakeven(s): $29.03, $34.00
Risk / Reward Ratio: 0.951

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.

CLMT iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on CLMT. 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%	-$102.50
$6.88	-77.9%	-$102.50
$13.74	-55.8%	-$102.50
$20.61	-33.6%	-$102.50
$27.48	-11.5%	-$102.50
$34.34	+10.6%	-$2.50
$41.21	+32.7%	-$2.50
$48.08	+54.8%	-$2.50
$54.94	+76.9%	-$2.50
$61.81	+99.0%	-$2.50

When traders use iron condor on CLMT

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

CLMT thesis for this iron condor

The market-implied 1-standard-deviation range for CLMT extends from approximately $26.41 on the downside to $35.71 on the upside. A CLMT iron condor is a delta-neutral premium-collection structure that pays off when CLMT 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 CLMT IV rank near 32.53% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CLMT should anchor more to the directional view and the expected-move geometry. As a Energy name, CLMT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLMT-specific events.

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

Frequently asked questions

What is a iron condor on CLMT?: A iron condor on CLMT is the iron condor strategy applied to CLMT (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 CLMT stock trading near $31.06, the strikes shown on this page are snapped to the nearest listed CLMT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CLMT 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 CLMT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 52.20%), the computed maximum profit is $97.50 per contract and the computed maximum loss is -$102.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLMT iron condor?: The breakeven for the CLMT iron condor priced on this page is roughly $29.03 and $34.00 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 CLMT market-implied 1-standard-deviation expected move is approximately 14.97%; 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 CLMT?: Iron condors on CLMT are a delta-neutral premium-collection structure that profits if CLMT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current CLMT implied volatility affect this iron condor?: CLMT ATM IV is at 52.20% with IV rank near 32.53%, 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.