How are LEVI 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 LEVI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 53.40%), the computed maximum profit is $70.00 per contract and the computed maximum loss is -$130.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a LEVI iron condor?

The breakeven for the LEVI iron condor priced on this page is roughly $23.30 and $26.70 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 LEVI market-implied 1-standard-deviation expected move is approximately 15.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current LEVI implied volatility affect this iron condor?

LEVI ATM IV is at 53.40% with IV rank near 43.52%, 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.

LEVI Iron Condor Strategy

LEVI (Levi Strauss & Co.), in the Consumer Cyclical sector, (Apparel - Manufacturers industry), listed on NYSE.

Levi Strauss & Co. stands as a prominent global clothing enterprise, actively involved in the conceptualization, promotion, and distribution of an extensive collection of apparel and related accessories. Their comprehensive product line includes denim, casual and formal trousers, athletic wear, tops, shorts, skirts, dresses, jackets, footwear, and various other accessories, all designed to appeal to men, women, and children across the Americas, Europe, and Asia. The company markets its offerings under several renowned brands, such as Levi's, Dockers, Signature by Levi Strauss & Co., and Denizen. Furthermore, Levi Strauss & Co. extends its reach by granting licenses for its Levi's and Dockers trademarks to be utilized across an expanded array of product categories, including footwear, belts, small leather goods, outerwear, knitwear, dress shirts, children's apparel, sleepwear, and hosiery. The distribution of its merchandise occurs through a multifaceted approach: via independent retailers like major department stores, specialized boutiques, third-party e-commerce platforms, and franchised outlets dedicated to its brands. Concurrently, the company fosters a direct relationship with consumers through its own network of mainline and clearance stores, proprietary online sales portals, and select in-store concessions situated within larger retail environments.

LEVI (Levi Strauss & Co.) trades in the Consumer Cyclical sector, specifically Apparel - Manufacturers, with a market capitalization of approximately $9.67B, a trailing P/E of 15.46, a beta of 1.34 versus the broader market, a 52-week range of 17.72-24.925, average daily share volume of 2.9M, a public-listing history dating back to 2019, approximately 19K full-time employees. These structural characteristics shape how LEVI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.34 indicates LEVI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. LEVI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on LEVI?

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 LEVI snapshot

As of June 30, 2026, spot at $24.80, ATM IV 53.40%, IV rank 43.52%, expected move 15.31%. The iron condor on LEVI 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 LEVI specifically: LEVI IV at 53.40% is mid-range versus its 1-year history, so the credit collected on a LEVI iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 15.31% (roughly $3.80 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 LEVI expiries trade a higher absolute premium for lower per-day decay. Position sizing on LEVI should anchor to the underlying notional of $24.80 per share and to the trader's directional view on LEVI stock.

LEVI iron condor setup

The LEVI 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 LEVI near $24.80, the first option leg uses a $26.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LEVI 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 LEVI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$26.00	$0.68
Buy 1	Call	$27.00	$0.45
Sell 1	Put	$24.00	$0.75
Buy 1	Put	$22.00	$0.28

LEVI iron condor risk and reward

Net Premium / Debit: +$70.00
Max Profit (per contract): $70.00
Max Loss (per contract): -$130.00
Breakeven(s): $23.30, $26.70
Risk / Reward Ratio: 0.538

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.

LEVI iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on LEVI. 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%	-$130.00
$5.49	-77.9%	-$130.00
$10.97	-55.7%	-$130.00
$16.46	-33.6%	-$130.00
$21.94	-11.5%	-$130.00
$27.42	+10.6%	-$30.00
$32.90	+32.7%	-$30.00
$38.39	+54.8%	-$30.00
$43.87	+76.9%	-$30.00
$49.35	+99.0%	-$30.00

When traders use iron condor on LEVI

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

LEVI thesis for this iron condor

The market-implied 1-standard-deviation range for LEVI extends from approximately $21.00 on the downside to $28.60 on the upside. A LEVI iron condor is a delta-neutral premium-collection structure that pays off when LEVI 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 LEVI IV rank near 43.52% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on LEVI should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, LEVI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LEVI-specific events.

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

Frequently asked questions

What is a iron condor on LEVI?: A iron condor on LEVI is the iron condor strategy applied to LEVI (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 LEVI stock trading near $24.80, the strikes shown on this page are snapped to the nearest listed LEVI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are LEVI 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 LEVI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 53.40%), the computed maximum profit is $70.00 per contract and the computed maximum loss is -$130.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a LEVI iron condor?: The breakeven for the LEVI iron condor priced on this page is roughly $23.30 and $26.70 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 LEVI market-implied 1-standard-deviation expected move is approximately 15.31%; 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 LEVI?: Iron condors on LEVI are a delta-neutral premium-collection structure that profits if LEVI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current LEVI implied volatility affect this iron condor?: LEVI ATM IV is at 53.40% with IV rank near 43.52%, 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.