How are XNDU 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 XNDU iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 105.59%), the computed maximum profit is $42.50 per contract and the computed maximum loss is -$7.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a XNDU iron condor?

The breakeven for the XNDU iron condor priced on this page is roughly $10.58 and $12.43 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 XNDU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 30.27%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current XNDU implied volatility affect this iron condor?

Current XNDU ATM IV is 105.59%; IV rank context is unavailable in the current snapshot.

XNDU Iron Condor Strategy

XNDU (Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.

Xanadu Quantum Technologies Inc. specializes in the creation and delivery of photonic quantum computing solutions, encompassing both sophisticated hardware and versatile software platforms. Their hardware offerings include cloud-accessible "x-series" photonic quantum computers, which boast features such as programmable quantum gates and advanced photon-number resolving detectors. On the software front, Xanadu provides a suite of tools: Pennylane: A Python library for quantum programming that supports differentiable quantum programming, facilitating integration with machine learning frameworks and enabling the development of hybrid quantum-classical applications. Catalyst: Designed for just-in-time compilation, it optimizes quantum algorithms for enhanced performance. Lightning: A high-performance quantum simulator built for both CPU and GPU architectures, engineered to integrate seamlessly with Pennylane. The company ensures robust support for its users, offering extensive documentation, instructional tutorials, practical guides, and community-driven resources that cover areas like quantum machine learning, quantum chemistry simulations, and various other quantum computing applications.

XNDU (Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $240.4M, a beta of 2.76 versus the broader market, a 52-week range of 6.97-42.44, average daily share volume of 4.6M, a public-listing history dating back to 2026, approximately 252 full-time employees. These structural characteristics shape how XNDU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.76 indicates XNDU 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 XNDU?

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.

XNDU snapshot

As of August 14, 2026, spot at $11.54, ATM IV 105.59%, expected move 30.27%. The iron condor on XNDU 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 XNDU specifically: IV rank is unavailable in the current snapshot, so regime-based timing for XNDU is inferred from ATM IV at 105.59% alone, with a market-implied 1-standard-deviation move of approximately 30.27% (roughly $3.49 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 XNDU expiries trade a higher absolute premium for lower per-day decay. Position sizing on XNDU should anchor to the underlying notional of $11.54 per share and to the trader's directional view on XNDU stock.

XNDU iron condor setup

The XNDU 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 XNDU at $11.54 on that close, the first option leg uses a $12.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XNDU 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 XNDU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$12.00	$0.98
Buy 1	Call	$12.50	$0.80
Sell 1	Put	$11.00	$1.13
Buy 1	Put	$10.50	$0.88

XNDU iron condor risk and reward

Net Premium / Debit: +$42.50
Max Profit (per contract): $42.50
Max Loss (per contract): -$7.50
Breakeven(s): $10.58, $12.43
Risk / Reward Ratio: 5.667

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.

XNDU iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on XNDU. 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	-99.9%	-$7.50
$2.56	-77.8%	-$7.50
$5.11	-55.7%	-$7.50
$7.66	-33.6%	-$7.50
$10.21	-11.5%	-$7.50
$12.76	+10.6%	-$7.50
$15.31	+32.7%	-$7.50
$17.86	+54.8%	-$7.50
$20.41	+76.9%	-$7.50
$22.96	+99.0%	-$7.50

When traders use iron condor on XNDU

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

XNDU thesis for this iron condor

The market-implied 1-standard-deviation range for XNDU extends from approximately $8.05 on the downside to $15.03 on the upside. A XNDU iron condor is a delta-neutral premium-collection structure that pays off when XNDU 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. As a Technology name, XNDU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XNDU-specific events.

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

Frequently asked questions

What is a iron condor on XNDU?: A iron condor on XNDU is the iron condor strategy applied to XNDU (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 XNDU stock at $11.54 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed XNDU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are XNDU 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 XNDU iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 105.59%), the computed maximum profit is $42.50 per contract and the computed maximum loss is -$7.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a XNDU iron condor?: The breakeven for the XNDU iron condor priced on this page is roughly $10.58 and $12.43 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 XNDU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 30.27%; 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 XNDU?: Iron condors on XNDU are a delta-neutral premium-collection structure that profits if XNDU stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current XNDU implied volatility affect this iron condor?: Current XNDU ATM IV is 105.59%; IV rank context is unavailable in the current snapshot.