How are PCG 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 PCG iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 52.81%), the computed maximum profit is $57.00 per contract and the computed maximum loss is -$43.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PCG iron condor?

The breakeven for the PCG iron condor priced on this page is roughly $16.43 and $19.07 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The PCG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.14%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PCG implied volatility affect this iron condor?

PCG ATM IV is at 52.81% with IV rank near 72.07%, 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.

PCG Iron Condor Strategy

PCG (PG&E Corporation), in the Utilities sector, (Regulated Electric industry), listed on NYSE.

PG&E Corporation operates as a holding company, overseeing the generation, transmission, and distribution of electricity and natural gas to its clientele. The firm's expertise spans a broad range of energy-related services, including general utilities, power provision, gas supply, electrical grids, solar solutions, and sustainability initiatives. Established in 1995, the company maintains its corporate headquarters in Oakland, California.

PCG (PG&E Corporation) trades in the Utilities sector, specifically Regulated Electric, with a market capitalization of approximately $47.81B, a trailing P/E of 12.41, a beta of 0.28 versus the broader market, a 52-week range of 14.3-19.16, average daily share volume of 20.9M, a public-listing history dating back to 1972, approximately 29K full-time employees. These structural characteristics shape how PCG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.28 indicates PCG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. PCG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on PCG?

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.

PCG snapshot

As of August 14, 2026, spot at $17.80, ATM IV 52.81%, IV rank 72.07%, expected move 15.14%. The iron condor on PCG below is built from the August 14, 2026 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 PCG specifically: PCG IV at 52.81% is rich versus its 1-year range, which favors premium-selling structures like a PCG iron condor, with a market-implied 1-standard-deviation move of approximately 15.14% (roughly $2.70 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 PCG expiries trade a higher absolute premium for lower per-day decay. Position sizing on PCG should anchor to the underlying notional of $17.80 per share and to the trader's directional view on PCG stock.

PCG iron condor setup

The PCG iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PCG at $17.80 on that close, the first option leg uses a $18.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PCG 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 PCG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$18.50	$0.80
Buy 1	Call	$19.50	$0.51
Sell 1	Put	$17.00	$0.64
Buy 1	Put	$16.00	$0.36

PCG iron condor risk and reward

Net Premium / Debit: +$57.00
Max Profit (per contract): $57.00
Max Loss (per contract): -$43.00
Breakeven(s): $16.43, $19.07
Risk / Reward Ratio: 1.326

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.

PCG iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on PCG. 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	-99.9%	-$43.00
$3.94	-77.8%	-$43.00
$7.88	-55.7%	-$43.00
$11.81	-33.6%	-$43.00
$15.75	-11.5%	-$43.00
$19.68	+10.6%	-$43.00
$23.62	+32.7%	-$43.00
$27.55	+54.8%	-$43.00
$31.49	+76.9%	-$43.00
$35.42	+99.0%	-$43.00

When traders use iron condor on PCG

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

PCG thesis for this iron condor

The market-implied 1-standard-deviation range for PCG extends from approximately $15.10 on the downside to $20.50 on the upside. A PCG iron condor is a delta-neutral premium-collection structure that pays off when PCG 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 PCG IV rank near 72.07% 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 PCG at 52.81%. As a Utilities name, PCG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PCG-specific events.

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

Frequently asked questions

What is a iron condor on PCG?: A iron condor on PCG is the iron condor strategy applied to PCG (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 PCG stock at $17.80 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed PCG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PCG 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 PCG iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 52.81%), the computed maximum profit is $57.00 per contract and the computed maximum loss is -$43.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PCG iron condor?: The breakeven for the PCG iron condor priced on this page is roughly $16.43 and $19.07 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The PCG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.14%; 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 PCG?: Iron condors on PCG are a delta-neutral premium-collection structure that profits if PCG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current PCG implied volatility affect this iron condor?: PCG ATM IV is at 52.81% with IV rank near 72.07%, 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.