How are ZION 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 ZION iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 29.10%), the computed maximum profit is $192.50 per contract and the computed maximum loss is -$307.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ZION iron condor?

The breakeven for the ZION iron condor priced on this page is roughly $55.58 and $64.43 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 ZION market-implied 1-standard-deviation expected move is approximately 8.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ZION implied volatility affect this iron condor?

ZION ATM IV is at 29.10% with IV rank near 17.82%, 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.

ZION Iron Condor Strategy

ZION (Zions Bancorporation, National Association), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.

Zions Bancorporation, National Association provides various banking and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers corporate banking services; commercial banking, including a focus on small- and medium-sized businesses; commercial real estate banking services; municipal and public finance services; retail banking, including residential mortgages; trust services; wealth management and private client banking services; and capital markets products and services. As of December 31, 2020, it operated 422 branches, which included 273 owned and 149 leased. The company was formerly known as ZB, National Association and changed its name to Zions Bancorporation, National Association in September 2018. Zions Bancorporation, National Association was founded in 1873 and is headquartered in Salt Lake City, Utah.

ZION (Zions Bancorporation, National Association) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $8.77B, a trailing P/E of 9.11, a beta of 0.82 versus the broader market, a 52-week range of 45.52-66.18, average daily share volume of 1.7M, a public-listing history dating back to 1980, approximately 9K full-time employees. These structural characteristics shape how ZION stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.82 places ZION roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 9.11 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. ZION pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on ZION?

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 ZION snapshot

As of May 15, 2026, spot at $59.48, ATM IV 29.10%, IV rank 17.82%, expected move 8.34%. The iron condor on ZION 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 63-day expiry.

Why this iron condor structure on ZION specifically: ZION IV at 29.10% is on the cheap side of its 1-year range, which means a premium-selling ZION iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.34% (roughly $4.96 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ZION expiries trade a higher absolute premium for lower per-day decay. Position sizing on ZION should anchor to the underlying notional of $59.48 per share and to the trader's directional view on ZION stock.

ZION iron condor setup

The ZION 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 ZION near $59.48, the first option leg uses a $62.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ZION chain at a 63-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 ZION shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$62.50	$1.73
Buy 1	Call	$65.00	$0.95
Sell 1	Put	$57.50	$1.95
Buy 1	Put	$52.50	$0.80

ZION iron condor risk and reward

Net Premium / Debit: +$192.50
Max Profit (per contract): $192.50
Max Loss (per contract): -$307.50
Breakeven(s): $55.58, $64.43
Risk / Reward Ratio: 0.626

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.

ZION iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on ZION. 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$307.50
$13.16	-77.9%	-$307.50
$26.31	-55.8%	-$307.50
$39.46	-33.7%	-$307.50
$52.61	-11.5%	-$296.40
$65.76	+10.6%	-$57.50
$78.91	+32.7%	-$57.50
$92.06	+54.8%	-$57.50
$105.21	+76.9%	-$57.50
$118.36	+99.0%	-$57.50

When traders use iron condor on ZION

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

ZION thesis for this iron condor

The market-implied 1-standard-deviation range for ZION extends from approximately $54.52 on the downside to $64.44 on the upside. A ZION iron condor is a delta-neutral premium-collection structure that pays off when ZION 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 ZION IV rank near 17.82% 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 ZION at 29.10%. As a Financial Services name, ZION options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ZION-specific events.

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

Frequently asked questions

What is a iron condor on ZION?: A iron condor on ZION is the iron condor strategy applied to ZION (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 ZION stock trading near $59.48, the strikes shown on this page are snapped to the nearest listed ZION chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ZION 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 ZION iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 29.10%), the computed maximum profit is $192.50 per contract and the computed maximum loss is -$307.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ZION iron condor?: The breakeven for the ZION iron condor priced on this page is roughly $55.58 and $64.43 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 ZION market-implied 1-standard-deviation expected move is approximately 8.34%; 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 ZION?: Iron condors on ZION are a delta-neutral premium-collection structure that profits if ZION stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current ZION implied volatility affect this iron condor?: ZION ATM IV is at 29.10% with IV rank near 17.82%, 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.