How are DNA 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 DNA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 92.50%), the computed maximum profit is $57.50 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DNA iron condor?

The breakeven for the DNA iron condor priced on this page is roughly $10.58 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 DNA market-implied 1-standard-deviation expected move is approximately 26.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current DNA implied volatility affect this iron condor?

DNA ATM IV is at 92.50% with IV rank near 16.10%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

DNA Iron Condor Strategy

DNA (Ginkgo Bioworks Holdings, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NYSE.

Ginkgo Bioworks Holdings, Inc., alongside its subsidiary entities, provides an advanced technological platform focused on the engineering of cells. This proprietary system is utilized to manipulate cellular functions, facilitating the biological creation of various products. These outputs span from innovative pharmaceutical treatments and vital food components to sustainable chemicals designed to replace those traditionally sourced from petroleum. The enterprise caters to a broad spectrum of industries, encompassing specialized chemical manufacturing, the agricultural sector, food production, consumer goods, and pharmaceuticals. Furthermore, Ginkgo Bioworks has forged a partnership with Selecta Biosciences, Inc., for the joint advancement of the ImmTOR technology platform. The company, founded in 2008, is headquartered in Boston, Massachusetts.

DNA (Ginkgo Bioworks Holdings, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $669.6M, a beta of 1.80 versus the broader market, a 52-week range of 5.37-17.58, average daily share volume of 1.3M, a public-listing history dating back to 2021, approximately 834 full-time employees. These structural characteristics shape how DNA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.80 indicates DNA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a iron condor on DNA?

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 DNA snapshot

As of June 30, 2026, spot at $9.72, ATM IV 92.50%, IV rank 16.10%, expected move 26.52%. The iron condor on DNA 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 80-day expiry.

Why this iron condor structure on DNA specifically: DNA IV at 92.50% is on the cheap side of its 1-year range, which means a premium-selling DNA iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 26.52% (roughly $2.58 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DNA expiries trade a higher absolute premium for lower per-day decay. Position sizing on DNA should anchor to the underlying notional of $9.72 per share and to the trader's directional view on DNA stock.

DNA iron condor setup

The DNA 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 DNA near $9.72, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DNA chain at a 80-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 DNA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$10.00	$2.10
Buy 1	Call	$11.00	$1.53
Sell 1	Put	$9.00	$1.40
Buy 1	Put	$9.00	$1.40

DNA iron condor risk and reward

Net Premium / Debit: +$57.50
Max Profit (per contract): $57.50
Max Loss (per contract): -$42.50
Breakeven(s): $10.58
Risk / Reward Ratio: 1.353

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.

DNA iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on DNA. 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	-99.9%	+$57.50
$2.16	-77.8%	+$57.50
$4.31	-55.7%	+$57.50
$6.45	-33.6%	+$57.50
$8.60	-11.5%	+$57.50
$10.75	+10.6%	-$17.52
$12.90	+32.7%	-$42.50
$15.05	+54.8%	-$42.50
$17.19	+76.9%	-$42.50
$19.34	+99.0%	-$42.50

When traders use iron condor on DNA

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

DNA thesis for this iron condor

The market-implied 1-standard-deviation range for DNA extends from approximately $7.14 on the downside to $12.30 on the upside. A DNA iron condor is a delta-neutral premium-collection structure that pays off when DNA 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 DNA IV rank near 16.10% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on DNA at 92.50%. As a Healthcare name, DNA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DNA-specific events.

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

Frequently asked questions

What is a iron condor on DNA?: A iron condor on DNA is the iron condor strategy applied to DNA (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 DNA stock trading near $9.72, the strikes shown on this page are snapped to the nearest listed DNA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are DNA 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 DNA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 92.50%), the computed maximum profit is $57.50 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DNA iron condor?: The breakeven for the DNA iron condor priced on this page is roughly $10.58 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 DNA market-implied 1-standard-deviation expected move is approximately 26.52%; 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 DNA?: Iron condors on DNA are a delta-neutral premium-collection structure that profits if DNA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current DNA implied volatility affect this iron condor?: DNA ATM IV is at 92.50% with IV rank near 16.10%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.