← All strategies
15-min delayed
Strategy · Live on SPY $652.40
Iron condor
advancedaggressive riskPut credit spread + call credit spread around the price. Bet on chop.
Payoff workbench
Iron condor on SPY at $652.40
Expiry
Contracts1
Drag anywhere on the chart to test a price at expiryP/L at expiry · 1 contract (100 sh)
▼ −$2,247
call spread bleedingput side safe
Stock pushed into the call-spread zone.
Mirror of the put-side issue. Roll the call side or adjust.
Credit collected
+$585
net across 4 option legs
Your P/L at $728
−$2,247
at the dragged expiry price
Break-even
$604.15
Max loss
−$3,415
Modelled estimate: premiums are approximations from delayed quotes. Confirm at your broker.
Live chain
Pick your strike: SPY puts · 30 days out
How it’s built
The legs: toggle them to see why each one matters
Long 1 put · $570 · 30d
Cost −$15
Short 1 put · $610 · 30d
Premium +$360
Short 1 call · $700 · 30d
Premium +$265
Long 1 call · $730 · 30d
Cost −$25
Result
Iron condor
Defined-risk income on a range-bound view.
Pairs well with
Short straddleOpen →
Sell an ATM call and put. Collect max premium — but lose if the stock makes a big move.Short strangleOpen →
Sell OTM call and OTM put. Collect premium — profit if stock stays between the strikes.Iron butterflyOpen →
Short straddle at ATM + buy OTM wings. High credit, defined risk, very narrow profit zone.Unfamiliar term? The glossary defines it in a sentence, and the plain-English guides cover the ideas in longer form.
Educational only, not financial advice. Quotes delayed at least 15 minutes. Premiums, deltas and probabilities are modelled estimates, not live market quotes. Confirm at your broker. Denaras never places trades.