How are CPAY 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 CPAY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 36.10%), the computed maximum profit is $337.50 per contract and the computed maximum loss is -$662.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CPAY iron condor?

The breakeven for the CPAY iron condor priced on this page is roughly $306.63 and $353.38 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 CPAY market-implied 1-standard-deviation expected move is approximately 10.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CPAY implied volatility affect this iron condor?

CPAY ATM IV is at 36.10% with IV rank near 37.78%, 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.

CPAY Iron Condor Strategy

CPAY (Corpay, Inc.), in the Technology sector, (Software - Infrastructure industry), listed on NYSE.

Corpay, Inc. operates as a global financial technology firm, delivering payment solutions that assist both businesses and individual consumers in efficiently managing a diverse range of expenditures. Its expertise primarily covers vehicle-related costs, corporate financial transactions, and lodging expenses, with operations spanning the United States, Brazil, the United Kingdom, and numerous other international markets. Among its specialized services are comprehensive vehicle payment offerings, which include provisions for fuel, road tolls, parking fees, fleet maintenance, and long-distance transportation. The company also supplies prepaid vouchers and cards for food and transit requirements. For its corporate clientele, Corpay furnishes sophisticated payment instruments such as automated accounts payable systems, virtual payment cards, solutions for international transactions, and dedicated purchasing alongside travel and entertainment card products. Its lodging payment services cater to a broad spectrum of needs, supporting employees on overnight business trips, airline and cruise personnel or stranded passengers, and insurance policyholders displaced from their residences due due to damage or catastrophe.

CPAY (Corpay, Inc.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $21.73B, a trailing P/E of 19.08, a beta of 0.87 versus the broader market, a 52-week range of 252.84-367.43, average daily share volume of 616K, a public-listing history dating back to 2010, approximately 11K full-time employees. These structural characteristics shape how CPAY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.87 places CPAY 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 CPAY?

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 CPAY snapshot

As of June 30, 2026, spot at $330.75, ATM IV 36.10%, IV rank 37.78%, expected move 10.35%. The iron condor on CPAY 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 CPAY specifically: CPAY IV at 36.10% is mid-range versus its 1-year history, so the credit collected on a CPAY iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.35% (roughly $34.23 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 CPAY expiries trade a higher absolute premium for lower per-day decay. Position sizing on CPAY should anchor to the underlying notional of $330.75 per share and to the trader's directional view on CPAY stock.

CPAY iron condor setup

The CPAY 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 CPAY near $330.75, the first option leg uses a $350.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CPAY 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 CPAY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$350.00	$4.60
Buy 1	Call	$360.00	$2.35
Sell 1	Put	$310.00	$3.83
Buy 1	Put	$300.00	$2.70

CPAY iron condor risk and reward

Net Premium / Debit: +$337.50
Max Profit (per contract): $337.50
Max Loss (per contract): -$662.50
Breakeven(s): $306.63, $353.38
Risk / Reward Ratio: 0.509

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.

CPAY iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on CPAY. 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%	-$662.50
$73.14	-77.9%	-$662.50
$146.27	-55.8%	-$662.50
$219.40	-33.7%	-$662.50
$292.53	-11.6%	-$662.50
$365.66	+10.6%	-$662.50
$438.79	+32.7%	-$662.50
$511.92	+54.8%	-$662.50
$585.05	+76.9%	-$662.50
$658.18	+99.0%	-$662.50

When traders use iron condor on CPAY

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

CPAY thesis for this iron condor

The market-implied 1-standard-deviation range for CPAY extends from approximately $296.52 on the downside to $364.98 on the upside. A CPAY iron condor is a delta-neutral premium-collection structure that pays off when CPAY 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 CPAY IV rank near 37.78% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CPAY should anchor more to the directional view and the expected-move geometry. As a Technology name, CPAY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CPAY-specific events.

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

Frequently asked questions

What is a iron condor on CPAY?: A iron condor on CPAY is the iron condor strategy applied to CPAY (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 CPAY stock trading near $330.75, the strikes shown on this page are snapped to the nearest listed CPAY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CPAY 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 CPAY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 36.10%), the computed maximum profit is $337.50 per contract and the computed maximum loss is -$662.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CPAY iron condor?: The breakeven for the CPAY iron condor priced on this page is roughly $306.63 and $353.38 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 CPAY market-implied 1-standard-deviation expected move is approximately 10.35%; 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 CPAY?: Iron condors on CPAY are a delta-neutral premium-collection structure that profits if CPAY stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current CPAY implied volatility affect this iron condor?: CPAY ATM IV is at 36.10% with IV rank near 37.78%, 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.