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15-min delayed
Strategy · Live on SPY $652.40
Long iron condor
advancedaggressive riskBuy the iron condor (net debit). Profits from a large move outside the inner strikes — opposite of selling one.
Payoff workbench
Long 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
in profitposition working
Profitable zone — P&L +$2,218 at mid-range.
The position is profitable at this price level. Consider your exit plan and whether you've reached your target return.
Cost to open
−$585
net across 4 option legs
Your P/L at $728
+$2,247
at the dragged expiry price
Break-even
$604.15
Max loss
−$585
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
Short 1 put · $570 · 30d
Premium +$15
Long 1 put · $610 · 30d
Cost −$360
Long 1 call · $700 · 30d
Cost −$265
Short 1 call · $730 · 30d
Premium +$25
Result
Long iron condor
Net debit ~$160. Profits when stock breaks hard through either inner strike. Max profit = spread − debit.
Pairs well with
Long straddleOpen →
Buy an ATM call and put at the same strike. Profit from a big move in either direction.Long strangleOpen →
Buy an OTM put and OTM call. Cheaper than a straddle — needs a bigger move to profit.Short call butterflyOpen →
Sell low + high calls, buy 2 middle calls. Net credit; profits if stock moves away from the middle.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.