How are RCLY 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 RCLY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 15.10%), the computed maximum profit is $51.00 per contract and the computed maximum loss is -$449.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a RCLY iron condor?

The breakeven for the RCLY iron condor priced on this page is roughly $95.49 and $106.42 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 RCLY market-implied 1-standard-deviation expected move is approximately 4.33%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current RCLY implied volatility affect this iron condor?

Current RCLY ATM IV is 15.10%; IV rank context is unavailable in the current snapshot.

RCLY Iron Condor Strategy

RCLY (Reckoner BBB-B CLO Annual ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

RCLY is a feeder fund that provides leveraged exposure to CLO tranches rated as BBB+ to B- by investing exclusively in its master fund, the Reckoner BBB-B CLO ETF (RCLO). The underlying ETF, RCLO, primarily focuses on floating-rate CLOs within its target rating range but may invest up to 70% in CLOs rated BB+ or lower, and up to 10% in CLOs rated above BBB+. Investments could be of any maturity, purchased from both primary and secondary markets. It applies a bottom-up approach to select investments by reviewing documentation on an issuers management, individual CLO structure and collateral, ability to meet obligations, cash flow, and trading frequency. RCLY makes a single annual dividend payment, offering tax efficiency, compounding potential, and the opportunity to maximize long-term total return.

RCLY (Reckoner BBB-B CLO Annual ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $12.6M, a beta of 0.07 versus the broader market, a 52-week range of 96.37-100.94, average daily share volume of 0K, a public-listing history dating back to 2026, approximately 320 full-time employees. These structural characteristics shape how RCLY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.07 indicates RCLY has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a iron condor on RCLY?

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 RCLY snapshot

As of June 29, 2026, spot at $101.14, ATM IV 15.10%, expected move 4.33%. The iron condor on RCLY 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 53-day expiry.

Why this iron condor structure on RCLY specifically: IV rank is unavailable in the current snapshot, so regime-based timing for RCLY is inferred from ATM IV at 15.10% alone, with a market-implied 1-standard-deviation move of approximately 4.33% (roughly $4.38 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RCLY expiries trade a higher absolute premium for lower per-day decay. Position sizing on RCLY should anchor to the underlying notional of $101.14 per share and to the trader's directional view on RCLY stock.

RCLY iron condor setup

The RCLY 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 RCLY near $101.14, the first option leg uses a $106.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RCLY chain at a 53-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 RCLY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$106.00	$0.38
Buy 1	Call	$111.00	$0.03
Sell 1	Put	$96.00	$0.17
Buy 1	Put	$91.00	$0.01

RCLY iron condor risk and reward

Net Premium / Debit: +$51.00
Max Profit (per contract): $51.00
Max Loss (per contract): -$449.00
Breakeven(s): $95.49, $106.42
Risk / Reward Ratio: 0.114

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.

RCLY iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on RCLY. 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%	-$449.00
$22.37	-77.9%	-$449.00
$44.73	-55.8%	-$449.00
$67.09	-33.7%	-$449.00
$89.46	-11.6%	-$449.00
$111.82	+10.6%	-$449.00
$134.18	+32.7%	-$449.00
$156.54	+54.8%	-$449.00
$178.90	+76.9%	-$449.00
$201.26	+99.0%	-$449.00

When traders use iron condor on RCLY

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

RCLY thesis for this iron condor

The market-implied 1-standard-deviation range for RCLY extends from approximately $96.76 on the downside to $105.52 on the upside. A RCLY iron condor is a delta-neutral premium-collection structure that pays off when RCLY 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, RCLY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RCLY-specific events.

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

Frequently asked questions

What is a iron condor on RCLY?: A iron condor on RCLY is the iron condor strategy applied to RCLY (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 RCLY stock trading near $101.14, the strikes shown on this page are snapped to the nearest listed RCLY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are RCLY 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 RCLY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 15.10%), the computed maximum profit is $51.00 per contract and the computed maximum loss is -$449.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a RCLY iron condor?: The breakeven for the RCLY iron condor priced on this page is roughly $95.49 and $106.42 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 RCLY market-implied 1-standard-deviation expected move is approximately 4.33%; 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 RCLY?: Iron condors on RCLY are a delta-neutral premium-collection structure that profits if RCLY stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current RCLY implied volatility affect this iron condor?: Current RCLY ATM IV is 15.10%; IV rank context is unavailable in the current snapshot.