How are ELF 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 ELF iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 86.61%), the computed maximum profit is $211.00 per contract and the computed maximum loss is -$89.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ELF iron condor?

The breakeven for the ELF iron condor priced on this page is roughly $51.89 and $61.11 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 ELF market-implied 1-standard-deviation expected move is approximately 24.83%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ELF implied volatility affect this iron condor?

ELF ATM IV is at 86.61% with IV rank near 97.24%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

ELF Iron Condor Strategy

ELF (e.l.f. Beauty, Inc.), in the Consumer Defensive sector, (Household & Personal Products industry), listed on NYSE.

e.l.f. Beauty, Inc., together with its subsidiaries, provides cosmetic and skin care products under the e.l.f. Cosmetics, e.l.f. Skin, Well People, and Keys Soulcare brand names worldwide. The company offers eye, lip, face, face, paw, and skin care products. It sells its products through national and international retailers and direct-to-consumer channels, which include e-commerce platforms in the United States, and internationally primarily through distributors.

ELF (e.l.f. Beauty, Inc.) trades in the Consumer Defensive sector, specifically Household & Personal Products, with a market capitalization of approximately $3.17B, a trailing P/E of 30.66, a beta of 2.39 versus the broader market, a 52-week range of 52.7828-150.99, average daily share volume of 2.4M, a public-listing history dating back to 2016, approximately 633 full-time employees. These structural characteristics shape how ELF stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.39 indicates ELF 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 ELF?

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 ELF snapshot

As of May 15, 2026, spot at $56.59, ATM IV 86.61%, IV rank 97.24%, expected move 24.83%. The iron condor on ELF 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 ELF specifically: ELF IV at 86.61% is rich versus its 1-year range, which favors premium-selling structures like a ELF iron condor, with a market-implied 1-standard-deviation move of approximately 24.83% (roughly $14.05 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 ELF expiries trade a higher absolute premium for lower per-day decay. Position sizing on ELF should anchor to the underlying notional of $56.59 per share and to the trader's directional view on ELF stock.

ELF iron condor setup

The ELF 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 ELF near $56.59, the first option leg uses a $59.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ELF 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 ELF shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$59.00	$4.40
Buy 1	Call	$62.00	$3.55
Sell 1	Put	$54.00	$4.03
Buy 1	Put	$51.00	$2.77

ELF iron condor risk and reward

Net Premium / Debit: +$211.00
Max Profit (per contract): $211.00
Max Loss (per contract): -$89.00
Breakeven(s): $51.89, $61.11
Risk / Reward Ratio: 2.371

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.

ELF iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on ELF. 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	-100.0%	-$89.00
$12.52	-77.9%	-$89.00
$25.03	-55.8%	-$89.00
$37.54	-33.7%	-$89.00
$50.06	-11.5%	-$89.00
$62.57	+10.6%	-$89.00
$75.08	+32.7%	-$89.00
$87.59	+54.8%	-$89.00
$100.10	+76.9%	-$89.00
$112.61	+99.0%	-$89.00

When traders use iron condor on ELF

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

ELF thesis for this iron condor

The market-implied 1-standard-deviation range for ELF extends from approximately $42.54 on the downside to $70.64 on the upside. A ELF iron condor is a delta-neutral premium-collection structure that pays off when ELF 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 ELF IV rank near 97.24% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on ELF at 86.61%. As a Consumer Defensive name, ELF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ELF-specific events.

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

Frequently asked questions

What is a iron condor on ELF?: A iron condor on ELF is the iron condor strategy applied to ELF (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 ELF stock trading near $56.59, the strikes shown on this page are snapped to the nearest listed ELF chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ELF 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 ELF iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 86.61%), the computed maximum profit is $211.00 per contract and the computed maximum loss is -$89.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ELF iron condor?: The breakeven for the ELF iron condor priced on this page is roughly $51.89 and $61.11 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 ELF market-implied 1-standard-deviation expected move is approximately 24.83%; 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 ELF?: Iron condors on ELF are a delta-neutral premium-collection structure that profits if ELF stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current ELF implied volatility affect this iron condor?: ELF ATM IV is at 86.61% with IV rank near 97.24%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.