Iron Condor Calculator

This iron condor calculator combines the premiums from a put credit spread and a call credit spread to show maximum expiration profit, maximum loss and both breakevens. Enter all four strikes, each premium, lot size and number of lots. A breakeven is the settlement price where gross profit is zero. The wider wing, meaning the larger gap between bought and sold strikes, determines the largest potential expiration loss before costs. The form also displays win-probability and setup-quality labels, but these are formula shortcuts rather than verified forecasts. It does not obtain option quotes or calculate your broker’s required margin.

Start with the four legs in the right order

From lowest strike to highest, the order is bought put, sold put, sold call, bought call. All legs must refer to the same underlying and expiration, with matching quantities. The bought options form the outer wings, meaning the protection beyond the short strikes. Cboe’s strategy sheet illustrates the expiration payoff of this credit structure.

The credit condor earns its maximum expiration profit between the sold strikes. It can still have a smaller profit beyond either sold strike until it reaches a breakeven. Beyond a bought strike, the loss on that side reaches its cap. The Options Industry Council guide describes the structure and the risks of its short legs.

These calculations assume correctly ordered strikes, a positive credit on each spread and combined credit smaller than either wing. Check these conditions yourself: the form does not validate strike order, and a zero or negative spread credit can silently become a positive default. The payoff limits also assume all the legs remain intact. Closing a protective leg, changing quantities or using different expirations creates a different position. A description such as limited risk applies to the matched spread payoff; it does not make that position suitable for every account.

Premium inputs are per unit, not the whole order

• Current Index Price: the level used to express the displayed range as a percentage and locate current price within that range. It is entered manually.
• Sell Put Strike (Lower) and Buy Put Strike (Lowest): the inner sold put and its outer protection.
• Sell Call Strike (Upper) and Buy Call Strike (Highest): the inner sold call and the bought call above it.
• Sell Put Premium, Buy Put Premium, Sell Call Premium and Buy Call Premium: enter the quoted premium per unit for each leg. The calculator subtracts the bought premiums from the sold premiums.
• Lot Size and Number of Lots: together these determine the quantity applied to the per-unit payoff. Keep the lot size appropriate to the specific contract.

No expiry, volatility, interest-rate or transaction-cost field appears in this form. Entering Current Index Price does not ask it to value the spread at that price today. The output Current Position locates the entered level relative to expiration breakevens; it is not an unrealised profit-and-loss calculation.

Check lot size instead of accepting a prefilled number. As checked on 15 October 2026, the NSE market-lot file lists 65 for NIFTY and 30 for BANKNIFTY in its October, November and December 2026 columns. Those quantities belong to those listed series. Recheck the exchange file for your own contract before using the form.

Worked Nifty example with fully labelled assumptions

Illustrative prices and premiums, not live quotes: Current Index Price 25,000; buy the 24,600 put for ₹25, sell the 24,800 put for ₹60, sell the 25,200 call for ₹55 and buy the 25,400 call for ₹20. Assume matching NIFTY contracts from the October 2026 series, Lot Size 65 and Number of Lots 1.

Put-spread credit is 60 − 25 = ₹35 per unit. Call-spread credit is 55 − 20 = ₹35 per unit. Combined credit is ₹70 per unit, and each wing is 200 points wide. Credit is smaller than either wing, so both breakevens fall inside the corresponding protective strikes.

For this example, the full ₹4,550 is retained at expiration between the sold strikes, 24,800 and 25,200. The larger profit range includes partial-profit prices. At an illustrative settlement of 24,750, the sold put has 50 points of intrinsic value, meaning value from its exercise price. The other legs have none. Gross profit is (70 − 50) × 65 = ₹1,300. At either breakeven the gross result is zero; after costs it would be a loss.

Unequal wings: use the larger width for worst-case loss

The implementation compares the put and call wing widths and uses the larger one for Max Loss. There is only one final settlement price, so a properly ordered condor cannot finish beyond both outer strikes at once. Adding both wing widths would overstate the combined expiration loss.

For a separate illustrative change, move only the bought call to 25,500 and hold the assumed combined credit at ₹70 per unit. This is a calculation scenario, not a quote for the changed option. The call wing is 300 points wide and the put wing remains 200. Worst-case loss is now (300 − 70) × 65 = ₹14,950 on the call side; the put-side cap remains ₹8,450.

For one spread considered alone, use the credit spread calculator, checking its currency and multiplier. For a broader combination of legs, compare the scope of the options strategy payoff generator.

Read the ratios without treating them as a forecast

Risk Reward on this form is credit divided by maximum loss. Return on Risk % expresses that same ratio as a percentage, with rounding. Neither output estimates an average return, expected return or the chance of retaining the credit.

Est. Win Probability % comes from a reward-to-risk shortcut with preset bounds. It does not use the time to expiration or implied volatility. Setup Quality assigns a preset description from the same ratio. An Excellent Setup label therefore cannot establish that the trade has favourable odds or deserves capital.

The Profit Range % is the distance between breakevens divided by Current Index Price. It is the whole range, not a permitted move of that percentage in either direction. Moving the spot input changes this percentage and the Current Position label; it does not change the entered credit or expiration loss cap.

The options probability calculator considers a different question and needs its own assumptions checked. Neither a payoff range nor a probability label replaces a live quote, settlement check or broker margin calculation.

Iron condor calculator questions

Sources

• Cboe: trading strategies, iron condor payoff, checked 15 October 2026.
• Options Industry Council: short condor, checked 15 October 2026.
• NSE: permitted market lots by series, checked 15 October 2026.