How are CPRT 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 CPRT iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 35.90%), the computed maximum profit is $142.50 per contract and the computed maximum loss is -$107.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CPRT iron condor?

The breakeven for the CPRT iron condor priced on this page is roughly $28.58 and $33.93 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 CPRT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.29%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CPRT implied volatility affect this iron condor?

CPRT ATM IV is at 35.90% with IV rank near 41.15%, 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.

CPRT Iron Condor Strategy

CPRT (Copart, Inc.), in the Industrials sector, (Specialty Business Services industry), listed on NASDAQ.

Copart, Inc. stands as a prominent global provider of online vehicle auctions and comprehensive vehicle remarketing services. The company extends its operations across numerous international markets, including the United States, the United Kingdom, Germany, Brazil, Canada, the United Arab Emirates, Spain, Finland, Oman, the Republic of Ireland, and Bahrain. At its core, Copart enables the buying and selling of vehicles over the internet through its sophisticated "virtual bidding" online auction platform. Its extensive range of services supports the entire vehicle disposition process, encompassing aspects such as direct online access for sellers, expert salvage and general vehicle valuation, end-of-life vehicle handling, logistics and transportation management, and dedicated vehicle inspection facilities. Additional offerings include on-demand reporting, efficient title processing and express services, loan payoff assistance, adaptable vehicle processing programs, and direct "Buy It Now" purchase options, alongside specialized services for dealerships. Beyond its primary auction site, Copart manages several direct vehicle acquisition and sales platforms, such as BluCar, CashForCars.com, CashForCars.ca, CashForCars.de, CashForCars.co.uk, and Cash-for-cars.ie.

CPRT (Copart, Inc.) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $29.49B, a trailing P/E of 20.36, a beta of 1.01 versus the broader market, a 52-week range of 25.72-41.79, average daily share volume of 11.0M, a public-listing history dating back to 1994, approximately 21K full-time employees. These structural characteristics shape how CPRT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.01 places CPRT 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 CPRT?

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.

CPRT snapshot

As of November 13, 2026, spot at $31.80, ATM IV 35.90%, IV rank 41.15%, expected move 10.29%. The iron condor on CPRT 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 63-day expiry.

Why this iron condor structure on CPRT specifically: CPRT IV at 35.90% is mid-range versus its 1-year history, so the credit collected on a CPRT iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.29% (roughly $3.27 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CPRT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CPRT should anchor to the underlying notional of $31.80 per share and to the trader's directional view on CPRT stock.

CPRT iron condor setup

The CPRT 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 CPRT at $31.80 on that close, the first option leg uses a $32.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CPRT chain at a 63-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 CPRT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$32.50	$1.63
Buy 1	Call	$35.00	$0.78
Sell 1	Put	$30.00	$1.00
Buy 1	Put	$27.50	$0.43

CPRT iron condor risk and reward

Net Premium / Debit: +$142.50
Max Profit (per contract): $142.50
Max Loss (per contract): -$107.50
Breakeven(s): $28.58, $33.93
Risk / Reward Ratio: 1.326

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.

CPRT iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on CPRT. 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%	-$107.50
$7.04	-77.9%	-$107.50
$14.07	-55.8%	-$107.50
$21.10	-33.6%	-$107.50
$28.13	-11.5%	-$44.48
$35.16	+10.6%	-$107.50
$42.19	+32.7%	-$107.50
$49.22	+54.8%	-$107.50
$56.25	+76.9%	-$107.50
$63.28	+99.0%	-$107.50

When traders use iron condor on CPRT

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

CPRT thesis for this iron condor

The market-implied 1-standard-deviation range for CPRT extends from approximately $28.53 on the downside to $35.07 on the upside. A CPRT iron condor is a delta-neutral premium-collection structure that pays off when CPRT 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 CPRT IV rank near 41.15% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CPRT should anchor more to the directional view and the expected-move geometry. As a Industrials name, CPRT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CPRT-specific events.

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

Frequently asked questions

What is a iron condor on CPRT?: A iron condor on CPRT is the iron condor strategy applied to CPRT (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 CPRT stock at $31.80 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed CPRT chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CPRT 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 CPRT iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 35.90%), the computed maximum profit is $142.50 per contract and the computed maximum loss is -$107.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CPRT iron condor?: The breakeven for the CPRT iron condor priced on this page is roughly $28.58 and $33.93 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 CPRT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.29%; 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 CPRT?: Iron condors on CPRT are a delta-neutral premium-collection structure that profits if CPRT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current CPRT implied volatility affect this iron condor?: CPRT ATM IV is at 35.90% with IV rank near 41.15%, 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.