How are FDS 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 FDS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 70.20%), the computed maximum profit is $607.50 per contract and the computed maximum loss is -$392.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FDS iron condor?

The breakeven for the FDS iron condor priced on this page is roughly $213.93 and $246.08 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 FDS market-implied 1-standard-deviation expected move is approximately 20.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FDS implied volatility affect this iron condor?

FDS ATM IV is at 70.20% with IV rank near 95.43%, 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.

FDS Iron Condor Strategy

FDS (FactSet Research Systems Inc.), in the Financial Services sector, (Financial - Data & Stock Exchanges industry), listed on NYSE.

FactSet Research Systems Inc. is a financial intelligence firm providing a comprehensive suite of integrated data and analytical software. The company serves the global investment community, with its operations spanning the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. FactSet delivers critical insights and information through specialized workflow solutions covering research, analytics, and trading, complemented by its content, technology platforms, and wealth management resources. Its diverse clientele includes portfolio managers, investment banks, asset managers, wealth advisors, corporate entities, and various other financial sector organizations. FactSet was established in 1978 and is headquartered in Norwalk, Connecticut.

FDS (FactSet Research Systems Inc.) trades in the Financial Services sector, specifically Financial - Data & Stock Exchanges, with a market capitalization of approximately $8.44B, a trailing P/E of 14.56, a beta of 0.71 versus the broader market, a 52-week range of 185-453.41, average daily share volume of 972K, a public-listing history dating back to 1996, approximately 13K full-time employees. These structural characteristics shape how FDS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.71 places FDS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. FDS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on FDS?

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 FDS snapshot

As of June 30, 2026, spot at $229.71, ATM IV 70.20%, IV rank 95.43%, expected move 20.13%. The iron condor on FDS 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 FDS specifically: FDS IV at 70.20% is rich versus its 1-year range, which favors premium-selling structures like a FDS iron condor, with a market-implied 1-standard-deviation move of approximately 20.13% (roughly $46.23 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 FDS expiries trade a higher absolute premium for lower per-day decay. Position sizing on FDS should anchor to the underlying notional of $229.71 per share and to the trader's directional view on FDS stock.

FDS iron condor setup

The FDS 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 FDS near $229.71, the first option leg uses a $240.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FDS 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 FDS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$240.00	$9.80
Buy 1	Call	$250.00	$7.50
Sell 1	Put	$220.00	$9.30
Buy 1	Put	$210.00	$5.53

FDS iron condor risk and reward

Net Premium / Debit: +$607.50
Max Profit (per contract): $607.50
Max Loss (per contract): -$392.50
Breakeven(s): $213.93, $246.08
Risk / Reward Ratio: 1.548

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.

FDS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on FDS. 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%	-$392.50
$50.80	-77.9%	-$392.50
$101.59	-55.8%	-$392.50
$152.38	-33.7%	-$392.50
$203.17	-11.6%	-$392.50
$253.96	+10.6%	-$392.50
$304.74	+32.7%	-$392.50
$355.53	+54.8%	-$392.50
$406.32	+76.9%	-$392.50
$457.11	+99.0%	-$392.50

When traders use iron condor on FDS

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

FDS thesis for this iron condor

The market-implied 1-standard-deviation range for FDS extends from approximately $183.48 on the downside to $275.94 on the upside. A FDS iron condor is a delta-neutral premium-collection structure that pays off when FDS 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 FDS IV rank near 95.43% 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 FDS at 70.20%. As a Financial Services name, FDS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FDS-specific events.

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

Frequently asked questions

What is a iron condor on FDS?: A iron condor on FDS is the iron condor strategy applied to FDS (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 FDS stock trading near $229.71, the strikes shown on this page are snapped to the nearest listed FDS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FDS 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 FDS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 70.20%), the computed maximum profit is $607.50 per contract and the computed maximum loss is -$392.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FDS iron condor?: The breakeven for the FDS iron condor priced on this page is roughly $213.93 and $246.08 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 FDS market-implied 1-standard-deviation expected move is approximately 20.13%; 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 FDS?: Iron condors on FDS are a delta-neutral premium-collection structure that profits if FDS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current FDS implied volatility affect this iron condor?: FDS ATM IV is at 70.20% with IV rank near 95.43%, 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.