Iron Condor Max Profit Calculator

About this calculator

An iron condor is a four-leg options strategy — selling a call spread above the current price and a put spread below it — that profits when the underlying stays within a range through expiration. This calculator finds the trade's maximum profit, maximum loss, and risk/reward ratio from three inputs: the net credit received, the strike width, and the number of contracts.

Max profit is simply the net credit collected (times 100 shares per contract, times contract count) — the most you can make is capped at what you were paid to open the trade. Max loss is the strike width minus the credit received, since that's the worst-case payout if the underlying blows through either short strike: (strike width − net credit) × 100 × contracts.

Options traders run this before opening a condor to confirm the risk/reward is worth it — a common target is collecting at least a third of the strike width as credit, since a $1-wide spread collecting only $0.15 risks $0.85 to make $0.15, a poor ratio.