A put credit spread and a call credit spread on the same expiry: the net credit, the profit zone between the breakevens, and the most it can lose.
| Price at expiry | Profit or loss at expiry |
|---|---|
| $74.50 | -$340.00 |
| $85.00 | -$340.00 |
| $88.40 | $0.00 |
| $90.00 | $160.00 |
| $100.00 | $160.00 |
| $110.00 | $160.00 |
| $111.60 | $0.00 |
| $115.00 | -$340.00 |
| $125.50 | -$340.00 |
An iron condor is four legs: a short put and a short call with a long put below and a long call above to cap each side. At expiry it keeps the whole credit anywhere between the short strikes.
Only one side can be in the money at expiry, so the most it can lose is the wider wing less the credit, not both wings. The profit zone is the range between the breakevens.
The width of the wider wing minus the net credit, times 100 per contract. Both wings cannot lose at once, because the price at expiry is below the puts or above the calls, never both.
Credit spread calculator · How many trades before a win rate means anything · every calculator
Every price here is one you typed; nothing is fetched and nothing is stored. The numbers travel in the address of this page, so a result can be linked to. Results are at expiry for one structure, before commissions and fees, and assume no early assignment. An illustration of the arithmetic, not advice.