How are ECHX 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 ECHX iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 96.40%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ECHX iron condor?

The breakeven for the ECHX iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 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 ECHX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 27.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ECHX implied volatility affect this iron condor?

Current ECHX ATM IV is 96.40%; IV rank context is unavailable in the current snapshot.

ECHX Iron Condor Strategy

ECHX (Leverage Shares 2X Long SATS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

SATG is designed for making bullish bets on the stock price of EchoStar Corporation through swap agreements. The objective is to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to SATS's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

ECHX (Leverage Shares 2X Long SATS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $3.2M, a beta of 1.56 versus the broader market, a 52-week range of 7.02-24.99, average daily share volume of 485K, a public-listing history dating back to 2025. These structural characteristics shape how ECHX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.56 indicates ECHX 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 ECHX?

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.

ECHX snapshot

As of August 14, 2026, spot at $8.50, ATM IV 96.40%, expected move 27.64%. The iron condor on ECHX below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this iron condor structure on ECHX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ECHX is inferred from ATM IV at 96.40% alone, with a market-implied 1-standard-deviation move of approximately 27.64% (roughly $2.35 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ECHX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ECHX should anchor to the underlying notional of $8.50 per share and to the trader's directional view on ECHX stock.

ECHX iron condor setup

The ECHX iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ECHX at $8.50 on that close, the first option leg uses a $9.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ECHX chain at a 35-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 ECHX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$9.00	$0.88
Buy 1	Call	$9.00	$0.88
Sell 1	Put	$8.00	$0.73
Buy 1	Put	$8.00	$0.73

ECHX iron condor risk and reward

Net Premium / Debit: $0.00
Max Profit (per contract): $0.00
Max Loss (per contract): $0.00
Breakeven(s): None on modeled curve
Risk / Reward Ratio: N/A

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.

ECHX iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on ECHX. 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%	$0.00
$1.89	-77.8%	$0.00
$3.77	-55.7%	$0.00
$5.64	-33.6%	$0.00
$7.52	-11.5%	$0.00
$9.40	+10.6%	$0.00
$11.28	+32.7%	$0.00
$13.16	+54.8%	$0.00
$15.04	+76.9%	$0.00
$16.91	+99.0%	$0.00

When traders use iron condor on ECHX

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

ECHX thesis for this iron condor

The market-implied 1-standard-deviation range for ECHX extends from approximately $6.15 on the downside to $10.85 on the upside. A ECHX iron condor is a delta-neutral premium-collection structure that pays off when ECHX 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. As a Financial Services name, ECHX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ECHX-specific events.

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

Frequently asked questions

What is a iron condor on ECHX?: A iron condor on ECHX is the iron condor strategy applied to ECHX (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 ECHX stock at $8.50 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ECHX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ECHX 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 ECHX iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 96.40%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ECHX iron condor?: The breakeven for the ECHX iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 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 ECHX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 27.64%; 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 ECHX?: Iron condors on ECHX are a delta-neutral premium-collection structure that profits if ECHX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current ECHX implied volatility affect this iron condor?: Current ECHX ATM IV is 96.40%; IV rank context is unavailable in the current snapshot.