How are NKE 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 NKE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 51.93%), the computed maximum profit is $133.00 per contract and the computed maximum loss is -$67.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NKE iron condor?

The breakeven for the NKE iron condor priced on this page is roughly $37.67 and $44.33 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 NKE market-implied 1-standard-deviation expected move is approximately 14.89%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NKE implied volatility affect this iron condor?

NKE ATM IV is at 51.93% with IV rank near 82.90%, 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.

NKE Iron Condor Strategy

NKE (NIKE, Inc.), in the Consumer Cyclical sector, (Apparel - Footwear & Accessories industry), listed on NYSE.

NIKE, Inc., through its various subsidiaries, operates as a global enterprise focused on the design, development, marketing, and sale of athletic footwear, apparel, equipment, and accessories for all ages and genders. Beyond its primary offerings, the company provides a range of athletic and casual footwear, clothing, and accessories under the notable Jumpman trademark. It also distributes a variety of casual sneakers, apparel, and accessories, featuring well-known brands like Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell. Under the NIKE brand itself, the company supplies a comprehensive line of performance sports gear and accessories, such as bags, socks, sports balls, eyewear, timepieces, digital devices, bats, gloves, and protective equipment. Additionally, NIKE sells various plastic products to other manufacturers. The company also markets sportswear adorned with licensed logos from college and professional sports teams and leagues.

NKE (NIKE, Inc.) trades in the Consumer Cyclical sector, specifically Apparel - Footwear & Accessories, with a market capitalization of approximately $60.24B, a trailing P/E of 26.78, a beta of 1.12 versus the broader market, a 52-week range of 40-80.17, average daily share volume of 24.8M, a public-listing history dating back to 1980, approximately 79K full-time employees. These structural characteristics shape how NKE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.12 places NKE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. NKE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on NKE?

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 NKE snapshot

As of June 29, 2026, spot at $41.26, ATM IV 51.93%, IV rank 82.90%, expected move 14.89%. The iron condor on NKE 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 NKE specifically: NKE IV at 51.93% is rich versus its 1-year range, which favors premium-selling structures like a NKE iron condor, with a market-implied 1-standard-deviation move of approximately 14.89% (roughly $6.14 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 NKE expiries trade a higher absolute premium for lower per-day decay. Position sizing on NKE should anchor to the underlying notional of $41.26 per share and to the trader's directional view on NKE stock.

NKE iron condor setup

The NKE 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 NKE near $41.26, the first option leg uses a $43.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NKE 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 NKE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$43.00	$1.93
Buy 1	Call	$45.00	$1.24
Sell 1	Put	$39.00	$1.38
Buy 1	Put	$37.00	$0.74

NKE iron condor risk and reward

Net Premium / Debit: +$133.00
Max Profit (per contract): $133.00
Max Loss (per contract): -$67.00
Breakeven(s): $37.67, $44.33
Risk / Reward Ratio: 1.985

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.

NKE iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on NKE. 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%	-$67.00
$9.13	-77.9%	-$67.00
$18.25	-55.8%	-$67.00
$27.38	-33.7%	-$67.00
$36.50	-11.5%	-$67.00
$45.62	+10.6%	-$67.00
$54.74	+32.7%	-$67.00
$63.86	+54.8%	-$67.00
$72.98	+76.9%	-$67.00
$82.11	+99.0%	-$67.00

When traders use iron condor on NKE

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

NKE thesis for this iron condor

The market-implied 1-standard-deviation range for NKE extends from approximately $35.12 on the downside to $47.40 on the upside. A NKE iron condor is a delta-neutral premium-collection structure that pays off when NKE 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 NKE IV rank near 82.90% 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 NKE at 51.93%. As a Consumer Cyclical name, NKE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NKE-specific events.

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

Frequently asked questions

What is a iron condor on NKE?: A iron condor on NKE is the iron condor strategy applied to NKE (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 NKE stock trading near $41.26, the strikes shown on this page are snapped to the nearest listed NKE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NKE 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 NKE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 51.93%), the computed maximum profit is $133.00 per contract and the computed maximum loss is -$67.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NKE iron condor?: The breakeven for the NKE iron condor priced on this page is roughly $37.67 and $44.33 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 NKE market-implied 1-standard-deviation expected move is approximately 14.89%; 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 NKE?: Iron condors on NKE are a delta-neutral premium-collection structure that profits if NKE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current NKE implied volatility affect this iron condor?: NKE ATM IV is at 51.93% with IV rank near 82.90%, 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.