How are USB 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 USB iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 27.50%), the computed maximum profit is $117.50 per contract and the computed maximum loss is -$182.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a USB iron condor?

The breakeven for the USB iron condor priced on this page is roughly $56.83 and $65.18 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 USB market-implied 1-standard-deviation expected move is approximately 7.88%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current USB implied volatility affect this iron condor?

USB ATM IV is at 27.50% with IV rank near 44.73%, 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.

USB Iron Condor Strategy

USB (U.S. Bancorp), in the Financial Services sector, (Banks - Diversified industry), listed on NYSE.

U.S. Bancorp (USB) functions as a broad-based financial services holding company, delivering a comprehensive spectrum of banking and financial solutions throughout the United States. Its diverse customer base includes individual consumers, various businesses, institutional organizations, governmental bodies, and other financial entities. The company organizes its operations across key segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support. Its offerings encompass fundamental depository services such as checking accounts, savings accounts, and time certificates. U.S.

USB (U.S. Bancorp) trades in the Financial Services sector, specifically Banks - Diversified, with a market capitalization of approximately $94.55B, a trailing P/E of 12.12, a beta of 1.00 versus the broader market, a 52-week range of 43.46-61.88, average daily share volume of 9.2M, a public-listing history dating back to 1973, approximately 70K full-time employees. These structural characteristics shape how USB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.00 places USB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. USB pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on USB?

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 USB snapshot

As of June 29, 2026, spot at $61.31, ATM IV 27.50%, IV rank 44.73%, expected move 7.88%. The iron condor on USB 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 USB specifically: USB IV at 27.50% is mid-range versus its 1-year history, so the credit collected on a USB iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 7.88% (roughly $4.83 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 USB expiries trade a higher absolute premium for lower per-day decay. Position sizing on USB should anchor to the underlying notional of $61.31 per share and to the trader's directional view on USB stock.

USB iron condor setup

The USB 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 USB near $61.31, the first option leg uses a $64.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed USB 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 USB shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$64.00	$0.81
Buy 1	Call	$67.00	$0.26
Sell 1	Put	$58.00	$0.96
Buy 1	Put	$55.00	$0.33

USB iron condor risk and reward

Net Premium / Debit: +$117.50
Max Profit (per contract): $117.50
Max Loss (per contract): -$182.50
Breakeven(s): $56.83, $65.18
Risk / Reward Ratio: 0.644

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.

USB iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on USB. 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%	-$182.50
$13.56	-77.9%	-$182.50
$27.12	-55.8%	-$182.50
$40.67	-33.7%	-$182.50
$54.23	-11.5%	-$182.50
$67.78	+10.6%	-$182.50
$81.34	+32.7%	-$182.50
$94.89	+54.8%	-$182.50
$108.45	+76.9%	-$182.50
$122.00	+99.0%	-$182.50

When traders use iron condor on USB

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

USB thesis for this iron condor

The market-implied 1-standard-deviation range for USB extends from approximately $56.48 on the downside to $66.14 on the upside. A USB iron condor is a delta-neutral premium-collection structure that pays off when USB 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 USB IV rank near 44.73% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on USB should anchor more to the directional view and the expected-move geometry. As a Financial Services name, USB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to USB-specific events.

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

Frequently asked questions

What is a iron condor on USB?: A iron condor on USB is the iron condor strategy applied to USB (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 USB stock trading near $61.31, the strikes shown on this page are snapped to the nearest listed USB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are USB 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 USB iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 27.50%), the computed maximum profit is $117.50 per contract and the computed maximum loss is -$182.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a USB iron condor?: The breakeven for the USB iron condor priced on this page is roughly $56.83 and $65.18 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 USB market-implied 1-standard-deviation expected move is approximately 7.88%; 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 USB?: Iron condors on USB are a delta-neutral premium-collection structure that profits if USB stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current USB implied volatility affect this iron condor?: USB ATM IV is at 27.50% with IV rank near 44.73%, 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.