Iron Condor
An iron condor is a defined-risk options strategy that profits when the price stays within a range. It combines two spreads — one above and one below the current price — into a single position.
Plan for a Range
Iron condor — profits when the underlying stays inside a range, with defined risk on both sides.
Illustrative example — not live market data.
Manual Market — Go Beyond a Single Expiration
Manual Market lets you set expiration dates independently for each leg and model positions with your own inputs — without depending on OptionLab's built-in US or Israel market data. Explore more advanced positions shaped by both price and time.
Related Strategies
How It Works
An iron condor combines four strikes and four option legs: a put spread below the current price and a call spread above it, both sold at the same time. The position generally receives a credit up front, and maximum profit occurs when the underlying finishes inside the intended range at expiration — between the two strikes you sold.
Because every leg is defined in advance, the maximum loss is also fixed from the start, no matter how far the price moves. An iron condor has two breakeven points, one on each side of the range, marking where the position starts to lose money.
Build an Iron Condor in OptionLab
Iron Condor is one of OptionLab's built-in strategy templates. OptionLab builds the four-leg structure for you, and you can adjust the strikes to match your view. From there, you can see the payoff graph, breakeven points, and maximum profit and maximum loss.
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