How are ENPH 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 ENPH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 102.26%), the computed maximum profit is $254.00 per contract and the computed maximum loss is -$46.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ENPH iron condor?

The breakeven for the ENPH iron condor priced on this page is roughly $44.46 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 ENPH market-implied 1-standard-deviation expected move is approximately 29.32%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ENPH implied volatility affect this iron condor?

ENPH ATM IV is at 102.26% with IV rank near 77.19%, 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.

ENPH Iron Condor Strategy

ENPH (Enphase Energy, Inc.), in the Energy sector, (Solar industry), listed on NASDAQ.

Enphase Energy, Inc., along with its subsidiaries, is dedicated to developing, manufacturing, and distributing home energy solutions for the global solar photovoltaic industry. Their core offering is a semiconductor-based microinverter, designed to convert energy at the individual solar module level. This technology seamlessly integrates with their proprietary networking and software, providing advanced energy monitoring and control capabilities. The company's product portfolio also includes AC battery storage systems, the Envoy communications gateway, the cloud-based Enlighten monitoring service, and various related accessories. Enphase sells its offerings through multiple channels, reaching solar distributors, large installers directly, original equipment manufacturers (OEMs), strategic partners, and individual homeowners, as well as through its legacy product upgrade program and online store. Established in 2006, Enphase Energy, Inc. is headquartered in Fremont, California.

ENPH (Enphase Energy, Inc.) trades in the Energy sector, specifically Solar, with a market capitalization of approximately $6.27B, a trailing P/E of 46.29, a beta of 1.57 versus the broader market, a 52-week range of 25.78-73.74, average daily share volume of 8.0M, a public-listing history dating back to 2012, approximately 3K full-time employees. These structural characteristics shape how ENPH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.57 indicates ENPH has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 46.29 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.

What is a iron condor on ENPH?

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 ENPH snapshot

As of June 30, 2026, spot at $49.36, ATM IV 102.26%, IV rank 77.19%, expected move 29.32%. The iron condor on ENPH 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 31-day expiry.

Why this iron condor structure on ENPH specifically: ENPH IV at 102.26% is rich versus its 1-year range, which favors premium-selling structures like a ENPH iron condor, with a market-implied 1-standard-deviation move of approximately 29.32% (roughly $14.47 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ENPH expiries trade a higher absolute premium for lower per-day decay. Position sizing on ENPH should anchor to the underlying notional of $49.36 per share and to the trader's directional view on ENPH stock.

ENPH iron condor setup

The ENPH 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 ENPH near $49.36, the first option leg uses a $52.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ENPH chain at a 31-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 ENPH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$52.00	$4.85
Buy 1	Call	$54.00	$4.03
Sell 1	Put	$47.00	$4.60
Buy 1	Put	$44.00	$2.89

ENPH iron condor risk and reward

Net Premium / Debit: +$254.00
Max Profit (per contract): $254.00
Max Loss (per contract): -$46.00
Breakeven(s): $44.46
Risk / Reward Ratio: 5.522

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.

ENPH iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on ENPH. 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%	-$46.00
$10.92	-77.9%	-$46.00
$21.84	-55.8%	-$46.00
$32.75	-33.7%	-$46.00
$43.66	-11.5%	-$46.00
$54.57	+10.6%	+$54.00
$65.49	+32.7%	+$54.00
$76.40	+54.8%	+$54.00
$87.31	+76.9%	+$54.00
$98.22	+99.0%	+$54.00

When traders use iron condor on ENPH

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

ENPH thesis for this iron condor

The market-implied 1-standard-deviation range for ENPH extends from approximately $34.89 on the downside to $63.83 on the upside. A ENPH iron condor is a delta-neutral premium-collection structure that pays off when ENPH 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 ENPH IV rank near 77.19% 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 ENPH at 102.26%. As a Energy name, ENPH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ENPH-specific events.

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

Frequently asked questions

What is a iron condor on ENPH?: A iron condor on ENPH is the iron condor strategy applied to ENPH (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 ENPH stock trading near $49.36, the strikes shown on this page are snapped to the nearest listed ENPH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ENPH 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 ENPH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 102.26%), the computed maximum profit is $254.00 per contract and the computed maximum loss is -$46.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ENPH iron condor?: The breakeven for the ENPH iron condor priced on this page is roughly $44.46 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 ENPH market-implied 1-standard-deviation expected move is approximately 29.32%; 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 ENPH?: Iron condors on ENPH are a delta-neutral premium-collection structure that profits if ENPH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current ENPH implied volatility affect this iron condor?: ENPH ATM IV is at 102.26% with IV rank near 77.19%, 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.