How are CPNG 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 CPNG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 45.98%), the computed maximum profit is $53.50 per contract and the computed maximum loss is -$46.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CPNG iron condor?

The breakeven for the CPNG iron condor priced on this page is roughly $14.97 and $17.54 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 CPNG market-implied 1-standard-deviation expected move is approximately 13.18%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CPNG implied volatility affect this iron condor?

CPNG ATM IV is at 45.98% with IV rank near 42.91%, 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.

CPNG Iron Condor Strategy

CPNG (Coupang, Inc.), in the Consumer Cyclical sector, (Specialty Retail industry), listed on NYSE.

Coupang, Inc. owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. It operates through two segments, Product Commerce and Growth Initiatives. The company sells various products and services in the categories of home goods and décor products, apparel, beauty products, fresh food and groceries, sporting goods, electronics, and everyday consumables, as well as travel, and restaurant order and delivery services. It also performs operations and support services in China, Singapore, Japan, Taiwan, and the United States. Coupang, Inc. was incorporated in 2010 and is headquartered in Seoul, South Korea.

CPNG (Coupang, Inc.) trades in the Consumer Cyclical sector, specifically Specialty Retail, with a market capitalization of approximately $28.65B, a beta of 1.20 versus the broader market, a 52-week range of 15.645-34.075, average daily share volume of 22.8M, a public-listing history dating back to 2021, approximately 95K full-time employees. These structural characteristics shape how CPNG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.20 places CPNG 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 CPNG?

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 CPNG snapshot

As of May 15, 2026, spot at $16.23, ATM IV 45.98%, IV rank 42.91%, expected move 13.18%. The iron condor on CPNG 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 28-day expiry.

Why this iron condor structure on CPNG specifically: CPNG IV at 45.98% is mid-range versus its 1-year history, so the credit collected on a CPNG iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 13.18% (roughly $2.14 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CPNG expiries trade a higher absolute premium for lower per-day decay. Position sizing on CPNG should anchor to the underlying notional of $16.23 per share and to the trader's directional view on CPNG stock.

CPNG iron condor setup

The CPNG 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 CPNG near $16.23, the first option leg uses a $17.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CPNG chain at a 28-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 CPNG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$17.00	$0.52
Buy 1	Call	$18.00	$0.27
Sell 1	Put	$15.50	$0.48
Buy 1	Put	$14.50	$0.20

CPNG iron condor risk and reward

Net Premium / Debit: +$53.50
Max Profit (per contract): $53.50
Max Loss (per contract): -$46.50
Breakeven(s): $14.97, $17.54
Risk / Reward Ratio: 1.151

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.

CPNG iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on CPNG. 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	-99.9%	-$46.50
$3.60	-77.8%	-$46.50
$7.18	-55.7%	-$46.50
$10.77	-33.6%	-$46.50
$14.36	-11.5%	-$46.50
$17.95	+10.6%	-$41.22
$21.53	+32.7%	-$46.50
$25.12	+54.8%	-$46.50
$28.71	+76.9%	-$46.50
$32.30	+99.0%	-$46.50

When traders use iron condor on CPNG

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

CPNG thesis for this iron condor

The market-implied 1-standard-deviation range for CPNG extends from approximately $14.09 on the downside to $18.37 on the upside. A CPNG iron condor is a delta-neutral premium-collection structure that pays off when CPNG 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 CPNG IV rank near 42.91% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CPNG should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, CPNG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CPNG-specific events.

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

Frequently asked questions

What is a iron condor on CPNG?: A iron condor on CPNG is the iron condor strategy applied to CPNG (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 CPNG stock trading near $16.23, the strikes shown on this page are snapped to the nearest listed CPNG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CPNG 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 CPNG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 45.98%), the computed maximum profit is $53.50 per contract and the computed maximum loss is -$46.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CPNG iron condor?: The breakeven for the CPNG iron condor priced on this page is roughly $14.97 and $17.54 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 CPNG market-implied 1-standard-deviation expected move is approximately 13.18%; 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 CPNG?: Iron condors on CPNG are a delta-neutral premium-collection structure that profits if CPNG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current CPNG implied volatility affect this iron condor?: CPNG ATM IV is at 45.98% with IV rank near 42.91%, 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.