How are PAAS 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 PAAS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 56.25%), the computed maximum profit is $202.50 per contract and the computed maximum loss is -$97.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PAAS iron condor?

The breakeven for the PAAS iron condor priced on this page is roughly $51.98 and $61.03 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 PAAS market-implied 1-standard-deviation expected move is approximately 16.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PAAS implied volatility affect this iron condor?

PAAS ATM IV is at 56.25% with IV rank near 50.51%, 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.

PAAS Iron Condor Strategy

PAAS (Pan American Silver Corp.), in the Basic Materials sector, (Silver industry), listed on NYSE.

Pan American Silver Corp., together with its subsidiaries, engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Argentina, and Bolivia. It holds interests in the La Colorada, Dolores, Huaron, Morococha, Shahuindo, La Arena, Timmins West, Bell Creek, Manantial Espejo, San Vicente, Joaquin, Cap-Oeste Sur Este, and Navidad mines. The company was formerly known as Pan American Minerals Corp. and changed its name to Pan American Silver Corp. in April 1995. Pan American Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.

PAAS (Pan American Silver Corp.) trades in the Basic Materials sector, specifically Silver, with a market capitalization of approximately $26.82B, a trailing P/E of 21.09, a beta of 1.49 versus the broader market, a 52-week range of 22.17-69.99, average daily share volume of 6.7M, a public-listing history dating back to 1995, approximately 9K full-time employees. These structural characteristics shape how PAAS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.49 indicates PAAS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. PAAS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on PAAS?

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 PAAS snapshot

As of May 15, 2026, spot at $56.62, ATM IV 56.25%, IV rank 50.51%, expected move 16.13%. The iron condor on PAAS 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 28-day expiry.

Why this iron condor structure on PAAS specifically: PAAS IV at 56.25% is mid-range versus its 1-year history, so the credit collected on a PAAS iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 16.13% (roughly $9.13 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PAAS expiries trade a higher absolute premium for lower per-day decay. Position sizing on PAAS should anchor to the underlying notional of $56.62 per share and to the trader's directional view on PAAS stock.

PAAS iron condor setup

The PAAS 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 PAAS near $56.62, the first option leg uses a $59.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PAAS chain at a 28-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 PAAS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$59.00	$2.50
Buy 1	Call	$62.00	$1.58
Sell 1	Put	$54.00	$2.28
Buy 1	Put	$51.00	$1.18

PAAS iron condor risk and reward

Net Premium / Debit: +$202.50
Max Profit (per contract): $202.50
Max Loss (per contract): -$97.50
Breakeven(s): $51.98, $61.03
Risk / Reward Ratio: 2.077

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.

PAAS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on PAAS. 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%	-$97.50
$12.53	-77.9%	-$97.50
$25.05	-55.8%	-$97.50
$37.56	-33.7%	-$97.50
$50.08	-11.5%	-$97.50
$62.60	+10.6%	-$97.50
$75.12	+32.7%	-$97.50
$87.64	+54.8%	-$97.50
$100.15	+76.9%	-$97.50
$112.67	+99.0%	-$97.50

When traders use iron condor on PAAS

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

PAAS thesis for this iron condor

The market-implied 1-standard-deviation range for PAAS extends from approximately $47.49 on the downside to $65.75 on the upside. A PAAS iron condor is a delta-neutral premium-collection structure that pays off when PAAS 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 PAAS IV rank near 50.51% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on PAAS should anchor more to the directional view and the expected-move geometry. As a Basic Materials name, PAAS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PAAS-specific events.

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

Frequently asked questions

What is a iron condor on PAAS?: A iron condor on PAAS is the iron condor strategy applied to PAAS (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 PAAS stock trading near $56.62, the strikes shown on this page are snapped to the nearest listed PAAS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PAAS 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 PAAS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 56.25%), the computed maximum profit is $202.50 per contract and the computed maximum loss is -$97.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PAAS iron condor?: The breakeven for the PAAS iron condor priced on this page is roughly $51.98 and $61.03 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 PAAS market-implied 1-standard-deviation expected move is approximately 16.13%; 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 PAAS?: Iron condors on PAAS are a delta-neutral premium-collection structure that profits if PAAS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current PAAS implied volatility affect this iron condor?: PAAS ATM IV is at 56.25% with IV rank near 50.51%, 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.