How are ENB 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 ENB iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 18.50%), the computed maximum profit is $195.00 per contract and the computed maximum loss is -$55.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ENB iron condor?

The breakeven for the ENB iron condor priced on this page is roughly $50.55 and $59.45 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 ENB market-implied 1-standard-deviation expected move is approximately 5.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ENB implied volatility affect this iron condor?

ENB ATM IV is at 18.50% with IV rank near 17.21%, 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.

ENB Iron Condor Strategy

ENB (Enbridge Inc.), in the Energy sector, (Oil & Gas Midstream industry), listed on NYSE.

Enbridge Inc. operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States. The Gas Transmission and Midstream segment invests in natural gas pipelines, and gathering and processing facilities in Canada and the United States. The Gas Distribution and Storage segment is involved in natural gas utility operations serving residential, commercial, and industrial customers in Ontario, as well as natural gas distribution and energy transportation activities in Quebec. The Renewable Power Generation segment operates power generating assets, such as wind, solar, geothermal, and waste heat recovery facilities; and transmission assets in North America and Europe.

ENB (Enbridge Inc.) trades in the Energy sector, specifically Oil & Gas Midstream, with a market capitalization of approximately $120.52B, a trailing P/E of 21.84, a beta of 0.79 versus the broader market, a 52-week range of 43.59-55.49, average daily share volume of 4.6M, a public-listing history dating back to 1984, approximately 15K full-time employees. These structural characteristics shape how ENB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.79 places ENB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ENB pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on ENB?

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 ENB snapshot

As of May 15, 2026, spot at $55.17, ATM IV 18.50%, IV rank 17.21%, expected move 5.30%. The iron condor on ENB 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 245-day expiry.

Why this iron condor structure on ENB specifically: ENB IV at 18.50% is on the cheap side of its 1-year range, which means a premium-selling ENB iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.30% (roughly $2.93 on the underlying). The 245-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ENB expiries trade a higher absolute premium for lower per-day decay. Position sizing on ENB should anchor to the underlying notional of $55.17 per share and to the trader's directional view on ENB stock.

ENB iron condor setup

The ENB 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 ENB near $55.17, the first option leg uses a $57.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ENB chain at a 245-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 ENB shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$57.50	$2.40
Buy 1	Call	$60.00	$1.43
Sell 1	Put	$52.50	$2.53
Buy 1	Put	$50.00	$1.55

ENB iron condor risk and reward

Net Premium / Debit: +$195.00
Max Profit (per contract): $195.00
Max Loss (per contract): -$55.00
Breakeven(s): $50.55, $59.45
Risk / Reward Ratio: 3.545

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.

ENB iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on ENB. 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%	-$55.00
$12.21	-77.9%	-$55.00
$24.40	-55.8%	-$55.00
$36.60	-33.7%	-$55.00
$48.80	-11.5%	-$55.00
$61.00	+10.6%	-$55.00
$73.19	+32.7%	-$55.00
$85.39	+54.8%	-$55.00
$97.59	+76.9%	-$55.00
$109.79	+99.0%	-$55.00

When traders use iron condor on ENB

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

ENB thesis for this iron condor

The market-implied 1-standard-deviation range for ENB extends from approximately $52.24 on the downside to $58.10 on the upside. A ENB iron condor is a delta-neutral premium-collection structure that pays off when ENB 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 ENB IV rank near 17.21% 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 ENB at 18.50%. As a Energy name, ENB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ENB-specific events.

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

Frequently asked questions

What is a iron condor on ENB?: A iron condor on ENB is the iron condor strategy applied to ENB (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 ENB stock trading near $55.17, the strikes shown on this page are snapped to the nearest listed ENB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ENB 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 ENB iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 18.50%), the computed maximum profit is $195.00 per contract and the computed maximum loss is -$55.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ENB iron condor?: The breakeven for the ENB iron condor priced on this page is roughly $50.55 and $59.45 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 ENB market-implied 1-standard-deviation expected move is approximately 5.30%; 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 ENB?: Iron condors on ENB are a delta-neutral premium-collection structure that profits if ENB stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current ENB implied volatility affect this iron condor?: ENB ATM IV is at 18.50% with IV rank near 17.21%, 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.