How are ISRG 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 ISRG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 45.36%), the computed maximum profit is $1,102.50 per contract and the computed maximum loss is -$897.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ISRG iron condor?

The breakeven for the ISRG iron condor priced on this page is roughly $373.98 and $436.03 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 ISRG market-implied 1-standard-deviation expected move is approximately 13.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ISRG implied volatility affect this iron condor?

ISRG ATM IV is at 45.36% with IV rank near 88.60%, 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.

ISRG Iron Condor Strategy

ISRG (Intuitive Surgical, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.

Intuitive Surgical, Inc. is a leading medical technology firm dedicated to advancing patient care by developing, producing, and commercializing sophisticated tools. These innovations empower medical professionals to deliver superior, accessible, and less-invasive treatment options to patients both within the United States and across international markets. Its flagship offering, the da Vinci Surgical System, facilitates intricate operations through a minimally disruptive approach. Expanding beyond surgical applications, the company also provides the Ion endoluminal system, designed for diagnostic interventions like minimally invasive lung biopsies. Complementing its primary systems, Intuitive Surgical supplies a comprehensive array of instruments, including stapling tools, energy devices, and essential core components. Furthermore, it offers structured training programs to ensure proficient use of its technology, alongside extensive customer support services encompassing installation, repairs, and ongoing maintenance.

ISRG (Intuitive Surgical, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $143.18B, a trailing P/E of 48.16, a beta of 1.45 versus the broader market, a 52-week range of 396.68-603.88, average daily share volume of 2.3M, a public-listing history dating back to 2000, approximately 16K full-time employees. These structural characteristics shape how ISRG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.45 indicates ISRG 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 48.16 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 ISRG?

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 ISRG snapshot

As of June 29, 2026, spot at $406.50, ATM IV 45.36%, IV rank 88.60%, expected move 13.01%. The iron condor on ISRG 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 32-day expiry.

Why this iron condor structure on ISRG specifically: ISRG IV at 45.36% is rich versus its 1-year range, which favors premium-selling structures like a ISRG iron condor, with a market-implied 1-standard-deviation move of approximately 13.01% (roughly $52.87 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ISRG expiries trade a higher absolute premium for lower per-day decay. Position sizing on ISRG should anchor to the underlying notional of $406.50 per share and to the trader's directional view on ISRG stock.

ISRG iron condor setup

The ISRG 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 ISRG near $406.50, the first option leg uses a $425.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ISRG chain at a 32-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 ISRG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$425.00	$14.40
Buy 1	Call	$445.00	$8.30
Sell 1	Put	$385.00	$10.75
Buy 1	Put	$365.00	$5.83

ISRG iron condor risk and reward

Net Premium / Debit: +$1,102.50
Max Profit (per contract): $1,102.50
Max Loss (per contract): -$897.50
Breakeven(s): $373.98, $436.03
Risk / Reward Ratio: 1.228

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.

ISRG iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on ISRG. 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%	-$897.50
$89.89	-77.9%	-$897.50
$179.77	-55.8%	-$897.50
$269.64	-33.7%	-$897.50
$359.52	-11.6%	-$897.50
$449.40	+10.6%	-$897.50
$539.28	+32.7%	-$897.50
$629.16	+54.8%	-$897.50
$719.04	+76.9%	-$897.50
$808.91	+99.0%	-$897.50

When traders use iron condor on ISRG

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

ISRG thesis for this iron condor

The market-implied 1-standard-deviation range for ISRG extends from approximately $353.63 on the downside to $459.37 on the upside. A ISRG iron condor is a delta-neutral premium-collection structure that pays off when ISRG 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 ISRG IV rank near 88.60% 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 ISRG at 45.36%. As a Healthcare name, ISRG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ISRG-specific events.

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

Frequently asked questions

What is a iron condor on ISRG?: A iron condor on ISRG is the iron condor strategy applied to ISRG (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 ISRG stock trading near $406.50, the strikes shown on this page are snapped to the nearest listed ISRG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ISRG 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 ISRG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 45.36%), the computed maximum profit is $1,102.50 per contract and the computed maximum loss is -$897.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ISRG iron condor?: The breakeven for the ISRG iron condor priced on this page is roughly $373.98 and $436.03 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 ISRG market-implied 1-standard-deviation expected move is approximately 13.01%; 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 ISRG?: Iron condors on ISRG are a delta-neutral premium-collection structure that profits if ISRG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current ISRG implied volatility affect this iron condor?: ISRG ATM IV is at 45.36% with IV rank near 88.60%, 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.