How are WMB 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 WMB iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 25.41%), the computed maximum profit is $137.50 per contract and the computed maximum loss is -$262.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WMB iron condor?

The breakeven for the WMB iron condor priced on this page is roughly $69.63 and $79.38 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 WMB market-implied 1-standard-deviation expected move is approximately 7.29%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WMB implied volatility affect this iron condor?

WMB ATM IV is at 25.41% with IV rank near 42.57%, 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.

WMB Iron Condor Strategy

WMB (The Williams Companies, Inc.), in the Energy sector, (Oil & Gas Midstream industry), listed on NYSE.

The Williams Companies, Inc., alongside its subsidiaries, operates as a prominent energy infrastructure entity, primarily conducting business throughout the United States. The company’s operations are organized into four key segments: Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services. The Transmission & Gulf of Mexico division manages crucial natural gas pipelines such as Transco and Northwest, in addition to natural gas gathering and processing, and crude oil production handling and transportation assets situated in the Gulf Coast. This segment also oversees various petrochemical and feedstock pipelines. Focusing on midstream activities, the Northeast G&P segment handles gathering, processing, and fractionation within the Marcellus Shale region, predominantly in Pennsylvania and New York, and the Utica Shale region of eastern Ohio. The West segment delivers gas gathering, processing, and treating services across the Rocky Mountain areas of Colorado and Wyoming, the Barnett Shale in north-central Texas, the Eagle Ford Shale in South Texas, the Haynesville Shale in northwest Louisiana, and the expansive Mid-Continent region (including the Anadarko, Arkoma, and Permian basins).

WMB (The Williams Companies, Inc.) trades in the Energy sector, specifically Oil & Gas Midstream, with a market capitalization of approximately $95.30B, a trailing P/E of 33.57, a beta of 0.60 versus the broader market, a 52-week range of 55.82-80.08, average daily share volume of 6.6M, a public-listing history dating back to 1981, approximately 6K full-time employees. These structural characteristics shape how WMB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.60 indicates WMB has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. WMB pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on WMB?

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 WMB snapshot

As of June 30, 2026, spot at $74.54, ATM IV 25.41%, IV rank 42.57%, expected move 7.29%. The iron condor on WMB 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 31-day expiry.

Why this iron condor structure on WMB specifically: WMB IV at 25.41% is mid-range versus its 1-year history, so the credit collected on a WMB iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 7.29% (roughly $5.43 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WMB expiries trade a higher absolute premium for lower per-day decay. Position sizing on WMB should anchor to the underlying notional of $74.54 per share and to the trader's directional view on WMB stock.

WMB iron condor setup

The WMB 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 WMB near $74.54, the first option leg uses a $78.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WMB chain at a 31-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 WMB shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$78.00	$1.08
Buy 1	Call	$82.00	$0.30
Sell 1	Put	$71.00	$0.80
Buy 1	Put	$67.00	$0.20

WMB iron condor risk and reward

Net Premium / Debit: +$137.50
Max Profit (per contract): $137.50
Max Loss (per contract): -$262.50
Breakeven(s): $69.63, $79.38
Risk / Reward Ratio: 0.524

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.

WMB iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on WMB. 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%	-$262.50
$16.49	-77.9%	-$262.50
$32.97	-55.8%	-$262.50
$49.45	-33.7%	-$262.50
$65.93	-11.6%	-$262.50
$82.41	+10.6%	-$262.50
$98.89	+32.7%	-$262.50
$115.37	+54.8%	-$262.50
$131.85	+76.9%	-$262.50
$148.33	+99.0%	-$262.50

When traders use iron condor on WMB

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

WMB thesis for this iron condor

The market-implied 1-standard-deviation range for WMB extends from approximately $69.11 on the downside to $79.97 on the upside. A WMB iron condor is a delta-neutral premium-collection structure that pays off when WMB 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 WMB IV rank near 42.57% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on WMB should anchor more to the directional view and the expected-move geometry. As a Energy name, WMB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WMB-specific events.

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

Frequently asked questions

What is a iron condor on WMB?: A iron condor on WMB is the iron condor strategy applied to WMB (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 WMB stock trading near $74.54, the strikes shown on this page are snapped to the nearest listed WMB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are WMB 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 WMB iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 25.41%), the computed maximum profit is $137.50 per contract and the computed maximum loss is -$262.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WMB iron condor?: The breakeven for the WMB iron condor priced on this page is roughly $69.63 and $79.38 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 WMB market-implied 1-standard-deviation expected move is approximately 7.29%; 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 WMB?: Iron condors on WMB are a delta-neutral premium-collection structure that profits if WMB stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current WMB implied volatility affect this iron condor?: WMB ATM IV is at 25.41% with IV rank near 42.57%, 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.