Option Profit Sim
SPY Iron Condor Calculator
Calculate max profit, max loss, breakeven and probability of profit for a SPDR S&P 500 ETF (SPY) iron condor. Adjust the strike and premium and the payoff chart updates instantly.
Open the SPY Iron Condor calculator →Pre-loaded with SPY and the iron condor — ready to edit.
Illustrative example on a ~$548 share price and a 6-week expiration. Open the calculator for live pricing and to edit the strikes, premium and expiration.
SPY Iron Condor: the essentials
- Max profit: capped at the net credit you collect, kept in full if the stock finishes between the two short strikes.
- Breakeven: two of them: the lower short strike minus the net credit, and the upper short strike plus the net credit.
- Outlook: neutral — you profit when the stock stays range-bound between your two short strikes through expiration.
Iron Condor FAQ
Educational overview of how the strategy works — not financial advice.
What is an iron condor on SPY?
A four-leg, defined-risk, market-neutral trade: you sell an out-of-the-money put spread and an out-of-the-money call spread on SPDR S&P 500 ETF (SPY), collecting a net credit. You profit if SPY stays range-bound between the two short strikes.
How much can I make and lose on a SPY iron condor?
Max profit is the net credit, kept if SPY finishes between the two short strikes. Max loss is defined: the width of one spread minus the credit, if the stock breaks through either side. Note the loss is usually larger than the credit — condors win often but lose bigger.
What are the breakevens on a SPY iron condor?
Two of them: the lower short strike minus the net credit, and the upper short strike plus the net credit. You keep the full profit anywhere between the short strikes and break even at those two points.
When is a SPY iron condor a good idea?
When you expect SPY to trade sideways and implied volatility is elevated (so you collect more premium). As a net option seller you benefit from time decay and, ideally, from IV contracting after you open the trade.
Is an iron condor bullish or bearish?
Neither — it's a neutral, range-bound bet. You're wagering that SPY stays inside your strikes through expiration, not that it goes up or down. The main risk is a sharp move past a short strike or a volatility spike.
Other SPY strategies
Iron Condor for other tickers
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Figures are theoretical estimates for education only — not financial advice. Options involve risk.
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