How are IRON 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 IRON iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 60.10%), the computed maximum profit is $200.00 per contract and the computed maximum loss is -$300.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a IRON iron condor?

The breakeven for the IRON iron condor priced on this page is roughly $63.00 and $72.00 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 IRON market-implied 1-standard-deviation expected move is approximately 17.23%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current IRON implied volatility affect this iron condor?

IRON ATM IV is at 60.10% with IV rank near 11.59%, 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.

IRON Iron Condor Strategy

IRON (Disc Medicine, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Disc Medicine, Inc., a clinical-stage biotechnology company, engages in discovery, development, and commercialization of novel treatments for patients suffering from serious hematologic diseases. It builds a portfolio of therapeutic candidates that address a spectrum of hematologic diseases by targeting fundamental biological pathways of red blood cell biology, primarily heme biosynthesis and iron homeostasis. The company is based in Watertown, Massachusetts.

IRON (Disc Medicine, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.68B, a beta of 2.14 versus the broader market, a 52-week range of 40-99.5, average daily share volume of 587K, a public-listing history dating back to 2020, approximately 94 full-time employees. These structural characteristics shape how IRON stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.14 indicates IRON 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 IRON?

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 IRON snapshot

As of May 15, 2026, spot at $66.80, ATM IV 60.10%, IV rank 11.59%, expected move 17.23%. The iron condor on IRON 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 34-day expiry.

Why this iron condor structure on IRON specifically: IRON IV at 60.10% is on the cheap side of its 1-year range, which means a premium-selling IRON iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 17.23% (roughly $11.51 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated IRON expiries trade a higher absolute premium for lower per-day decay. Position sizing on IRON should anchor to the underlying notional of $66.80 per share and to the trader's directional view on IRON stock.

IRON iron condor setup

The IRON 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 IRON near $66.80, the first option leg uses a $70.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IRON chain at a 34-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 IRON shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$70.00	$3.78
Buy 1	Call	$75.00	$2.70
Sell 1	Put	$65.00	$3.65
Buy 1	Put	$60.00	$2.73

IRON iron condor risk and reward

Net Premium / Debit: +$200.00
Max Profit (per contract): $200.00
Max Loss (per contract): -$300.00
Breakeven(s): $63.00, $72.00
Risk / Reward Ratio: 0.667

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.

IRON iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on IRON. 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%	-$300.00
$14.78	-77.9%	-$300.00
$29.55	-55.8%	-$300.00
$44.32	-33.7%	-$300.00
$59.08	-11.5%	-$300.00
$73.85	+10.6%	-$185.37
$88.62	+32.7%	-$300.00
$103.39	+54.8%	-$300.00
$118.16	+76.9%	-$300.00
$132.93	+99.0%	-$300.00

When traders use iron condor on IRON

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

IRON thesis for this iron condor

The market-implied 1-standard-deviation range for IRON extends from approximately $55.29 on the downside to $78.31 on the upside. A IRON iron condor is a delta-neutral premium-collection structure that pays off when IRON 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 IRON IV rank near 11.59% 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 IRON at 60.10%. As a Healthcare name, IRON options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IRON-specific events.

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

Frequently asked questions

What is a iron condor on IRON?: A iron condor on IRON is the iron condor strategy applied to IRON (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 IRON stock trading near $66.80, the strikes shown on this page are snapped to the nearest listed IRON chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are IRON 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 IRON iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 60.10%), the computed maximum profit is $200.00 per contract and the computed maximum loss is -$300.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a IRON iron condor?: The breakeven for the IRON iron condor priced on this page is roughly $63.00 and $72.00 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 IRON market-implied 1-standard-deviation expected move is approximately 17.23%; 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 IRON?: Iron condors on IRON are a delta-neutral premium-collection structure that profits if IRON stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current IRON implied volatility affect this iron condor?: IRON ATM IV is at 60.10% with IV rank near 11.59%, 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.