Enter the four strikes and premiums of an iron condor to get net credit, both breakevens, max profit, max loss and the reward:risk of the structure.
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An iron condor sells an out-of-the-money put spread and an out-of-the-money call spread simultaneously. You collect a net credit and profit if the underlying stays between the short strikes until expiry.
The reward:risk this calculator shows is the honest one: condors typically risk 2–4× the credit they collect. That's fine — the win rate is correspondingly high — but it means one full loss can erase several winners, and managing the losing side early is where condor traders live or die.
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Start Free — No Credit Card →Break-even win rate = max loss ÷ (max profit + max loss). A condor risking 3× its credit needs 75% of expiries inside the breakevens just to break even — before charges. Compare that against how often your index actually stays in such ranges.
Equal widths (as assumed here for max loss) make margin and risk symmetric. Unequal wings skew the risk toward one side — the calculator uses the wider wing for max loss, which is the exchange's margin view too.
Common practice: take profit at 50% of max credit, and act when the underlying reaches a short strike rather than hoping through expiry. Letting a tested condor run to full loss is the classic way high win rates end badly.