How are LWLG 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 LWLG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 135.30%), the computed maximum profit is $77.50 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a LWLG iron condor?

The breakeven for the LWLG iron condor priced on this page is roughly $12.23 and $14.78 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 LWLG market-implied 1-standard-deviation expected move is approximately 38.79%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current LWLG implied volatility affect this iron condor?

LWLG ATM IV is at 135.30% with IV rank near 45.51%, 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.

LWLG Iron Condor Strategy

LWLG (Lightwave Logic, Inc.), in the Basic Materials sector, (Chemicals - Specialty industry), listed on NASDAQ.

Lightwave Logic, Inc., a development stage company, focuses on the development of photonic devices and non-linear optical polymer materials systems for fiber-optic data communications and optical computing markets in the United States. The company is involved in designing and synthesizing organic chromophores for use in its electro-optic polymer systems and photonic device designs. It also offers electro-optic modulators, which converts data from electric signals to optical signals for transmission over fiber-optic cables; and polymer photonic integrated circuits, a photonic device, which integrates various photonic functions on a single chip. In addition, the company provides the ridge waveguide modulator, a modulator that fabricates the waveguide within a layer of its electro-optic polymer system. It focuses on selling its products to electro-optic device manufacturers, such as telecommunications component and systems manufacturers, networking and switching suppliers, semiconductor companies, Web 2.0 media, computing companies, aerospace companies, and government agencies. The company was formerly known as Third-order Nanotechnologies, Inc. and changed its name to Lightwave Logic, Inc. in March 2008.

LWLG (Lightwave Logic, Inc.) trades in the Basic Materials sector, specifically Chemicals - Specialty, with a market capitalization of approximately $2.74B, a beta of 3.24 versus the broader market, a 52-week range of 0.92-18.71, average daily share volume of 7.2M, a public-listing history dating back to 2006, approximately 31 full-time employees. These structural characteristics shape how LWLG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.24 indicates LWLG 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 LWLG?

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 LWLG snapshot

As of May 15, 2026, spot at $13.75, ATM IV 135.30%, IV rank 45.51%, expected move 38.79%. The iron condor on LWLG 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 LWLG specifically: LWLG IV at 135.30% is mid-range versus its 1-year history, so the credit collected on a LWLG iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 38.79% (roughly $5.33 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 LWLG expiries trade a higher absolute premium for lower per-day decay. Position sizing on LWLG should anchor to the underlying notional of $13.75 per share and to the trader's directional view on LWLG stock.

LWLG iron condor setup

The LWLG 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 LWLG near $13.75, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LWLG 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 LWLG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$14.00	$2.23
Buy 1	Call	$15.00	$1.88
Sell 1	Put	$13.00	$1.70
Buy 1	Put	$12.00	$1.28

LWLG iron condor risk and reward

Net Premium / Debit: +$77.50
Max Profit (per contract): $77.50
Max Loss (per contract): -$22.50
Breakeven(s): $12.23, $14.78
Risk / Reward Ratio: 3.444

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.

LWLG iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on LWLG. 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	-99.9%	-$22.50
$3.05	-77.8%	-$22.50
$6.09	-55.7%	-$22.50
$9.13	-33.6%	-$22.50
$12.17	-11.5%	-$5.86
$15.21	+10.6%	-$22.50
$18.24	+32.7%	-$22.50
$21.28	+54.8%	-$22.50
$24.32	+76.9%	-$22.50
$27.36	+99.0%	-$22.50

When traders use iron condor on LWLG

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

LWLG thesis for this iron condor

The market-implied 1-standard-deviation range for LWLG extends from approximately $8.42 on the downside to $19.08 on the upside. A LWLG iron condor is a delta-neutral premium-collection structure that pays off when LWLG 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 LWLG IV rank near 45.51% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on LWLG should anchor more to the directional view and the expected-move geometry. As a Basic Materials name, LWLG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LWLG-specific events.

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

Frequently asked questions

What is a iron condor on LWLG?: A iron condor on LWLG is the iron condor strategy applied to LWLG (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 LWLG stock trading near $13.75, the strikes shown on this page are snapped to the nearest listed LWLG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are LWLG 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 LWLG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 135.30%), the computed maximum profit is $77.50 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a LWLG iron condor?: The breakeven for the LWLG iron condor priced on this page is roughly $12.23 and $14.78 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 LWLG market-implied 1-standard-deviation expected move is approximately 38.79%; 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 LWLG?: Iron condors on LWLG are a delta-neutral premium-collection structure that profits if LWLG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current LWLG implied volatility affect this iron condor?: LWLG ATM IV is at 135.30% with IV rank near 45.51%, 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.