How are QNDX 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 QNDX iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 21.07%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a QNDX iron condor?

The breakeven for the QNDX iron condor priced on this page is roughly $22.33 and $26.68 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 QNDX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.04%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current QNDX implied volatility affect this iron condor?

Current QNDX ATM IV is 21.07%; IV rank context is unavailable in the current snapshot.

QNDX Iron Condor Strategy

QNDX (State Street SPDR Portfolio Nasdaq 100 ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

Exchange-traded fund (ETF) that seeks to track the performance of the Nasdaq-100 Index, which consists of 100 of the largest non-financial companies listed on the Nasdaq Stock Market. The fund provides exposure primarily to large-cap growth and technology-oriented companies.

QNDX (State Street SPDR Portfolio Nasdaq 100 ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $41.7M, a beta of 1.88 versus the broader market, a 52-week range of 22.4-24.98, average daily share volume of 506K, a public-listing history dating back to 2026. These structural characteristics shape how QNDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.88 indicates QNDX 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 QNDX?

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.

QNDX snapshot

As of August 14, 2026, spot at $24.73, ATM IV 21.07%, expected move 6.04%. The iron condor on QNDX 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 217-day expiry.

Why this iron condor structure on QNDX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for QNDX is inferred from ATM IV at 21.07% alone, with a market-implied 1-standard-deviation move of approximately 6.04% (roughly $1.49 on the underlying). The 217-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated QNDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on QNDX should anchor to the underlying notional of $24.73 per share and to the trader's directional view on QNDX stock.

QNDX iron condor setup

The QNDX 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 QNDX at $24.73 on that close, 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 QNDX chain at a 217-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 QNDX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$26.00	$1.30
Buy 1	Call	$27.00	$0.95
Sell 1	Put	$23.00	$1.03
Buy 1	Put	$22.00	$0.70

QNDX iron condor risk and reward

Net Premium / Debit: +$67.50
Max Profit (per contract): $67.50
Max Loss (per contract): -$32.50
Breakeven(s): $22.33, $26.68
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.

QNDX iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on QNDX. 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%	-$32.50
$5.48	-77.9%	-$32.50
$10.94	-55.7%	-$32.50
$16.41	-33.6%	-$32.50
$21.88	-11.5%	-$32.50
$27.34	+10.6%	-$32.50
$32.81	+32.7%	-$32.50
$38.28	+54.8%	-$32.50
$43.74	+76.9%	-$32.50
$49.21	+99.0%	-$32.50

When traders use iron condor on QNDX

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

QNDX thesis for this iron condor

The market-implied 1-standard-deviation range for QNDX extends from approximately $23.24 on the downside to $26.22 on the upside. A QNDX iron condor is a delta-neutral premium-collection structure that pays off when QNDX 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. As a Financial Services name, QNDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QNDX-specific events.

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

Frequently asked questions

What is a iron condor on QNDX?: A iron condor on QNDX is the iron condor strategy applied to QNDX (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 QNDX stock at $24.73 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed QNDX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are QNDX 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 QNDX iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 21.07%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a QNDX iron condor?: The breakeven for the QNDX iron condor priced on this page is roughly $22.33 and $26.68 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 QNDX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.04%; 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 QNDX?: Iron condors on QNDX are a delta-neutral premium-collection structure that profits if QNDX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current QNDX implied volatility affect this iron condor?: Current QNDX ATM IV is 21.07%; IV rank context is unavailable in the current snapshot.