How are EXE 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 EXE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 36.50%), the computed maximum profit is $153.50 per contract and the computed maximum loss is -$346.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a EXE iron condor?

The breakeven for the EXE iron condor priced on this page is roughly $83.47 and $96.54 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 EXE market-implied 1-standard-deviation expected move is approximately 10.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current EXE implied volatility affect this iron condor?

EXE ATM IV is at 36.50% with IV rank near 65.72%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

EXE Iron Condor Strategy

EXE (Expand Energy Corporation), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NASDAQ.

Expand Energy Corporation functions as an independent entity primarily focused on the discovery and extraction of energy resources throughout the United States. Its core operations involve the acquisition, exploration, and subsequent development of properties to produce crude oil, natural gas, and associated liquid hydrocarbons from subterranean geological formations. The company maintains significant interests in key natural gas production areas, specifically within Pennsylvania's northern Appalachian Basin (Marcellus Shale) and northwestern Louisiana (Haynesville/Bossier Shales). As of December 31, 2023, its asset base featured a diverse collection of onshore U.S. unconventional natural gas properties, including ownership stakes in approximately 5,000 natural gas wells. Established in 1989 and based in Oklahoma City, Oklahoma, the corporation was formerly known as Chesapeake Energy Corporation before officially adopting the Expand Energy Corporation name in October 2024.

EXE (Expand Energy Corporation) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $21.16B, a trailing P/E of 6.58, a beta of 0.32 versus the broader market, a 52-week range of 86.37-126.621, average daily share volume of 3.3M, a public-listing history dating back to 2021, approximately 2K full-time employees. These structural characteristics shape how EXE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.32 indicates EXE has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 6.58 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. EXE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on EXE?

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 EXE snapshot

As of June 30, 2026, spot at $91.25, ATM IV 36.50%, IV rank 65.72%, expected move 10.46%. The iron condor on EXE 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 17-day expiry.

Why this iron condor structure on EXE specifically: EXE IV at 36.50% is mid-range versus its 1-year history, so the credit collected on a EXE iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.46% (roughly $9.55 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EXE expiries trade a higher absolute premium for lower per-day decay. Position sizing on EXE should anchor to the underlying notional of $91.25 per share and to the trader's directional view on EXE stock.

EXE iron condor setup

The EXE 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 EXE near $91.25, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EXE chain at a 17-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 EXE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$95.00	$1.65
Buy 1	Call	$100.00	$0.60
Sell 1	Put	$85.00	$0.63
Buy 1	Put	$80.00	$0.14

EXE iron condor risk and reward

Net Premium / Debit: +$153.50
Max Profit (per contract): $153.50
Max Loss (per contract): -$346.50
Breakeven(s): $83.47, $96.54
Risk / Reward Ratio: 0.443

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.

EXE iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on EXE. 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%	-$346.50
$20.18	-77.9%	-$346.50
$40.36	-55.8%	-$346.50
$60.53	-33.7%	-$346.50
$80.71	-11.6%	-$275.59
$100.88	+10.6%	-$346.50
$121.06	+32.7%	-$346.50
$141.23	+54.8%	-$346.50
$161.41	+76.9%	-$346.50
$181.58	+99.0%	-$346.50

When traders use iron condor on EXE

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

EXE thesis for this iron condor

The market-implied 1-standard-deviation range for EXE extends from approximately $81.70 on the downside to $100.80 on the upside. A EXE iron condor is a delta-neutral premium-collection structure that pays off when EXE 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 EXE IV rank near 65.72% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on EXE should anchor more to the directional view and the expected-move geometry. As a Energy name, EXE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EXE-specific events.

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

Frequently asked questions

What is a iron condor on EXE?: A iron condor on EXE is the iron condor strategy applied to EXE (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 EXE stock trading near $91.25, the strikes shown on this page are snapped to the nearest listed EXE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are EXE 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 EXE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 36.50%), the computed maximum profit is $153.50 per contract and the computed maximum loss is -$346.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EXE iron condor?: The breakeven for the EXE iron condor priced on this page is roughly $83.47 and $96.54 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 EXE market-implied 1-standard-deviation expected move is approximately 10.46%; 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 EXE?: Iron condors on EXE are a delta-neutral premium-collection structure that profits if EXE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current EXE implied volatility affect this iron condor?: EXE ATM IV is at 36.50% with IV rank near 65.72%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.