Punch in your four strikes, the net credit, and the number of contracts. We give you back the max profit, max loss, both break-evens, and a payoff diagram that shows exactly where the trade lives or dies.
An iron condor only works if the underlying stays inside your short strikes — make sure you know where those strikes are.
Three reads to take away before you place the order.
Between the break-evens you keep some or all of the credit. Outside them you give it back, and beyond your long strikes the loss is capped at the wider wing minus credit. If the spot is hugging a break-even, the trade is already in trouble.
Forget probability of profit for a moment. The max-loss figure is what hits your account if the underlying breaches a short strike by more than your wing width. If you can't stomach that figure, size down before clicking confirm.
Most retail iron condors give back 3-5x what they collect. That's why managing winners early — and never letting losers ride to expiration — is the entire game. The diagram makes that asymmetry obvious.
MindTrajour groups your iron condors by IV regime, DTE, and short-delta — so you can see whether the setup that looks good on this calculator has historically paid off on your account.
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