Iron Condor Calculator
Four strikes, one bet: price stays inside the shorts and you keep the credit. The wings cap disaster, and this maps the zone, the max profit and the bill when it breaks.
Results (live)
Estimates only, not financial advice. All math runs in your browser; nothing you type leaves this page.
How it works
max profit = net credit
max loss = wing width − credit
break-evens = short strikes ± credit
Worked example
58/61/69/72 condor for $950 credit: profit anywhere between $60,050 and $69,950, keep $950 max, lose at most $2,050. You are selling the market's boredom.
FAQ
When do condors make sense?
When implied volatility is rich and you expect a range. In crypto that is a bold expectation, so size like the max loss will occasionally happen, because it will.
Why not skip the long wings?
Naked short strangles have unlimited risk. The wings are insurance you buy so a black swan is expensive rather than terminal.
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Estimates only, not financial, tax or investment advice. Verify numbers against your exchange or a professional before acting.