How are TPB 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 TPB iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 46.90%), the computed maximum profit is $95.00 per contract and the computed maximum loss is -$405.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TPB iron condor?

The breakeven for the TPB iron condor priced on this page is roughly $79.05 and $90.95 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 TPB market-implied 1-standard-deviation expected move is approximately 13.45%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TPB implied volatility affect this iron condor?

TPB ATM IV is at 46.90% with IV rank near 25.78%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

TPB Iron Condor Strategy

TPB (Turning Point Brands, Inc.), in the Consumer Defensive sector, (Tobacco industry), listed on NYSE.

Turning Point Brands, Inc., along with its affiliated companies, is engaged in the creation, promotion, and distribution of a diverse array of branded consumer products. Its operations are structured into three distinct divisions: Zig-Zag Products, Stoker's Products, and NewGen Products. The Zig-Zag Products division focuses on the marketing and distribution of rolling papers, cigarette tubes, pre-rolled cigars, 'make-your-own' cigar wraps, and related accessories, all sold under the well-known Zig-Zag brand. Conversely, the Stoker's Products division is responsible for manufacturing and commercializing moist snuff and loose-leaf chewing tobacco products. These are offered under several brand names including Stoker's, Beech-Nut, Durango, Trophy, and Wind River. The NewGen Products segment caters to individual consumers by marketing and distributing cannabidiol (CBD) isolate, liquid vapor items, and various other offerings free from tobacco and/or nicotine.

TPB (Turning Point Brands, Inc.) trades in the Consumer Defensive sector, specifically Tobacco, with a market capitalization of approximately $1.69B, a trailing P/E of 30.16, a beta of 0.92 versus the broader market, a 52-week range of 65.8-146.9, average daily share volume of 503K, a public-listing history dating back to 2016, approximately 310 full-time employees. These structural characteristics shape how TPB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.92 places TPB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. TPB pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on TPB?

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 TPB snapshot

As of June 30, 2026, spot at $84.21, ATM IV 46.90%, IV rank 25.78%, expected move 13.45%. The iron condor on TPB 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 17-day expiry.

Why this iron condor structure on TPB specifically: TPB IV at 46.90% is on the cheap side of its 1-year range, which means a premium-selling TPB iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.45% (roughly $11.32 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TPB expiries trade a higher absolute premium for lower per-day decay. Position sizing on TPB should anchor to the underlying notional of $84.21 per share and to the trader's directional view on TPB stock.

TPB iron condor setup

The TPB 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 TPB near $84.21, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TPB chain at a 17-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 TPB shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$90.00	$1.48
Buy 1	Call	$95.00	$0.60
Sell 1	Put	$80.00	$1.65
Buy 1	Put	$75.00	$1.58

TPB iron condor risk and reward

Net Premium / Debit: +$95.00
Max Profit (per contract): $95.00
Max Loss (per contract): -$405.00
Breakeven(s): $79.05, $90.95
Risk / Reward Ratio: 0.235

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.

TPB iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on TPB. 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%	-$405.00
$18.63	-77.9%	-$405.00
$37.25	-55.8%	-$405.00
$55.86	-33.7%	-$405.00
$74.48	-11.6%	-$405.00
$93.10	+10.6%	-$215.10
$111.72	+32.7%	-$405.00
$130.34	+54.8%	-$405.00
$148.96	+76.9%	-$405.00
$167.57	+99.0%	-$405.00

When traders use iron condor on TPB

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

TPB thesis for this iron condor

The market-implied 1-standard-deviation range for TPB extends from approximately $72.89 on the downside to $95.53 on the upside. A TPB iron condor is a delta-neutral premium-collection structure that pays off when TPB 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 TPB IV rank near 25.78% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on TPB at 46.90%. As a Consumer Defensive name, TPB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TPB-specific events.

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

Frequently asked questions

What is a iron condor on TPB?: A iron condor on TPB is the iron condor strategy applied to TPB (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 TPB stock trading near $84.21, the strikes shown on this page are snapped to the nearest listed TPB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TPB 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 TPB iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 46.90%), the computed maximum profit is $95.00 per contract and the computed maximum loss is -$405.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TPB iron condor?: The breakeven for the TPB iron condor priced on this page is roughly $79.05 and $90.95 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 TPB market-implied 1-standard-deviation expected move is approximately 13.45%; 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 TPB?: Iron condors on TPB are a delta-neutral premium-collection structure that profits if TPB stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current TPB implied volatility affect this iron condor?: TPB ATM IV is at 46.90% with IV rank near 25.78%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.