How are TTWO 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 TTWO iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 47.79%), the computed maximum profit is $730.00 per contract and the computed maximum loss is -$770.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TTWO iron condor?

The breakeven for the TTWO iron condor priced on this page is roughly $227.70 and $267.30 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 TTWO market-implied 1-standard-deviation expected move is approximately 13.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TTWO implied volatility affect this iron condor?

TTWO ATM IV is at 47.79% with IV rank near 67.43%, 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.

TTWO Iron Condor Strategy

TTWO (Take-Two Interactive Software, Inc.), in the Communication Services sector, (Electronic Gaming & Multimedia industry), listed on NASDAQ.

Established in 1993 and headquartered in New York, New York, Take-Two Interactive Software, Inc. is a global leader in the development, publishing, and marketing of interactive entertainment experiences for consumers worldwide. The company's extensive catalog is primarily distributed under its prominent labels: Rockstar Games, 2K, Private Division, and T2 Mobile Games. Rockstar Games is renowned for its action-adventure titles, including iconic franchises like Grand Theft Auto, Red Dead Redemption, Max Payne, and Midnight Club, alongside other fan favorites such as LA Noire, Bully, and Manhunt. The 2K label covers a broad spectrum of genres, offering popular series in shooter (Borderlands), action (BioShock, Mafia), role-playing, strategy (Sid Meier's Civilization, XCOM series), sports, and family/casual categories. This includes highly successful sports simulation games like the NBA 2K basketball series, WWE 2K professional wrestling, and PGA TOUR 2K. Private Division supports titles such as Kerbal Space Program, OlliOlli World, The Outer Worlds, and Ancestors: The Humankind Odyssey.

TTWO (Take-Two Interactive Software, Inc.) trades in the Communication Services sector, specifically Electronic Gaming & Multimedia, with a market capitalization of approximately $44.29B, a beta of 0.98 versus the broader market, a 52-week range of 187.63-264.79, average daily share volume of 2.3M, a public-listing history dating back to 1997, approximately 12K full-time employees. These structural characteristics shape how TTWO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.98 places TTWO roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a iron condor on TTWO?

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 TTWO snapshot

As of June 29, 2026, spot at $248.51, ATM IV 47.79%, IV rank 67.43%, expected move 13.70%. The iron condor on TTWO 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 32-day expiry.

Why this iron condor structure on TTWO specifically: TTWO IV at 47.79% is mid-range versus its 1-year history, so the credit collected on a TTWO iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 13.70% (roughly $34.05 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TTWO expiries trade a higher absolute premium for lower per-day decay. Position sizing on TTWO should anchor to the underlying notional of $248.51 per share and to the trader's directional view on TTWO stock.

TTWO iron condor setup

The TTWO 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 TTWO near $248.51, the first option leg uses a $260.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TTWO chain at a 32-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 TTWO shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$260.00	$9.40
Buy 1	Call	$275.00	$5.10
Sell 1	Put	$235.00	$8.15
Buy 1	Put	$225.00	$5.15

TTWO iron condor risk and reward

Net Premium / Debit: +$730.00
Max Profit (per contract): $730.00
Max Loss (per contract): -$770.00
Breakeven(s): $227.70, $267.30
Risk / Reward Ratio: 0.948

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.

TTWO iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on TTWO. 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%	-$270.00
$54.96	-77.9%	-$270.00
$109.90	-55.8%	-$270.00
$164.85	-33.7%	-$270.00
$219.79	-11.6%	-$270.00
$274.74	+10.6%	-$743.91
$329.68	+32.7%	-$770.00
$384.63	+54.8%	-$770.00
$439.58	+76.9%	-$770.00
$494.52	+99.0%	-$770.00

When traders use iron condor on TTWO

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

TTWO thesis for this iron condor

The market-implied 1-standard-deviation range for TTWO extends from approximately $214.46 on the downside to $282.56 on the upside. A TTWO iron condor is a delta-neutral premium-collection structure that pays off when TTWO 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 TTWO IV rank near 67.43% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on TTWO should anchor more to the directional view and the expected-move geometry. As a Communication Services name, TTWO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TTWO-specific events.

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

Frequently asked questions

What is a iron condor on TTWO?: A iron condor on TTWO is the iron condor strategy applied to TTWO (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 TTWO stock trading near $248.51, the strikes shown on this page are snapped to the nearest listed TTWO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TTWO 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 TTWO iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 47.79%), the computed maximum profit is $730.00 per contract and the computed maximum loss is -$770.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TTWO iron condor?: The breakeven for the TTWO iron condor priced on this page is roughly $227.70 and $267.30 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 TTWO market-implied 1-standard-deviation expected move is approximately 13.70%; 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 TTWO?: Iron condors on TTWO are a delta-neutral premium-collection structure that profits if TTWO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current TTWO implied volatility affect this iron condor?: TTWO ATM IV is at 47.79% with IV rank near 67.43%, 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.