How are WOLF 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 WOLF iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 121.64%), the computed maximum profit is $180.50 per contract and the computed maximum loss is -$19.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WOLF iron condor?

The breakeven for the WOLF iron condor priced on this page is roughly $28.18 and $34.81 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The WOLF market-implied 1-standard-deviation expected move in the same options snapshot is approximately 34.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WOLF implied volatility affect this iron condor?

WOLF ATM IV is at 121.64% with IV rank near 18.87%, 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.

WOLF Iron Condor Strategy

WOLF (Wolfspeed Inc.), in the Technology sector, (Semiconductors industry), listed on NYSE.

Wolfspeed, Inc. is an innovator of wide bandgap semiconductors, focused on silicon carbide and gallium nitride (GaN) materials and devices for power and radiofrequency (RF) applications. Its product families include silicon carbide and GaN materials, power devices and RF devices, and its products are targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. The company was founded by Calvin H. Carter Jr., John W. Palmour, F. Neal Hunter, Eric Hunter, and John Edmond in 1987 and is headquartered in Durham, NC.

WOLF (Wolfspeed Inc.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $1.65B, a beta of 8.63 versus the broader market, a 52-week range of 8.05-80.82, average daily share volume of 6.4M, a public-listing history dating back to 2025, approximately 3K full-time employees. These structural characteristics shape how WOLF stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 8.63 indicates WOLF has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a iron condor on WOLF?

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.

WOLF snapshot

As of August 14, 2026, spot at $31.57, ATM IV 121.64%, IV rank 18.87%, expected move 34.87%. The iron condor on WOLF below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.

Why this iron condor structure on WOLF specifically: WOLF IV at 121.64% is on the cheap side of its 1-year range, which means a premium-selling WOLF iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 34.87% (roughly $11.01 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WOLF expiries trade a higher absolute premium for lower per-day decay. Position sizing on WOLF should anchor to the underlying notional of $31.57 per share and to the trader's directional view on WOLF stock.

WOLF iron condor setup

The WOLF iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With WOLF at $31.57 on that close, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WOLF chain at a 28-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 WOLF shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$33.00	$3.53
Buy 1	Call	$35.00	$2.85
Sell 1	Put	$30.00	$3.70
Buy 1	Put	$28.00	$2.57

WOLF iron condor risk and reward

Net Premium / Debit: +$180.50
Max Profit (per contract): $180.50
Max Loss (per contract): -$19.50
Breakeven(s): $28.18, $34.81
Risk / Reward Ratio: 9.256

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.

WOLF iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on WOLF. 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%	-$19.50
$6.99	-77.9%	-$19.50
$13.97	-55.8%	-$19.50
$20.95	-33.6%	-$19.50
$27.93	-11.5%	-$19.50
$34.91	+10.6%	-$10.10
$41.89	+32.7%	-$19.50
$48.86	+54.8%	-$19.50
$55.84	+76.9%	-$19.50
$62.82	+99.0%	-$19.50

When traders use iron condor on WOLF

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

WOLF thesis for this iron condor

The market-implied 1-standard-deviation range for WOLF extends from approximately $20.56 on the downside to $42.58 on the upside. A WOLF iron condor is a delta-neutral premium-collection structure that pays off when WOLF 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 WOLF IV rank near 18.87% 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 WOLF at 121.64%. As a Technology name, WOLF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WOLF-specific events.

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

Frequently asked questions

What is a iron condor on WOLF?: A iron condor on WOLF is the iron condor strategy applied to WOLF (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 WOLF stock at $31.57 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed WOLF chain strike and the premiums come straight from that session's bid/ask midpoint.
How are WOLF 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 WOLF iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 121.64%), the computed maximum profit is $180.50 per contract and the computed maximum loss is -$19.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WOLF iron condor?: The breakeven for the WOLF iron condor priced on this page is roughly $28.18 and $34.81 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The WOLF market-implied 1-standard-deviation expected move in the same options snapshot is approximately 34.87%; 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 WOLF?: Iron condors on WOLF are a delta-neutral premium-collection structure that profits if WOLF stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current WOLF implied volatility affect this iron condor?: WOLF ATM IV is at 121.64% with IV rank near 18.87%, 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.