Iron Condor on Australian Dollar vs US Dollar (AUDUSD)
An iron condor on Australian Dollar vs US Dollar (AUDUSD) is a neutral / range-bound options strategy, anchored to AUDUSD's real 0.7167 AUD price as of 2026-09-11. See how it works, an illustrative strike setup, and max profit/loss/breakeven below — not a live option quote.
Last updated 2026-09-11 · Source: FMP end-of-day close (real price); strikes illustrative, educational only — not a live option quote
How does an iron condor on AUDUSD work?
An iron condor on Australian Dollar vs US Dollar sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if AUDUSD stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 0.7167 AUD (as of 2026-09-11).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~0.7525 AUD and buy call ~0.7884 AUD (call spread) |
| Sell | put illustratively ~0.6809 AUD and buy put ~0.645 AUD (put spread) |
Strikes are illustrative percentages of the real price, not live option quotes. Pick actual strikes and expiries from a broker's option chain.
Max profit, max loss and breakeven
| Max profit | the net credit received, kept in full if AUDUSD settles between ~0.6809 AUD and ~0.7525 AUD |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 0.0359 AUD) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect AUDUSD to trade in a range with falling or stable volatility into expiry.
Risks: Losses occur on a large move beyond either short strike; defined-risk but the max loss can exceed the credit collected.
Related research pages
Frequently asked questions
What is an iron condor on AUDUSD?
An iron condor on AUDUSD combines a short call spread above the market and a short put spread below it, collecting a net credit that's kept in full if price stays inside both spreads.
How do you set up an iron condor for AUDUSD?
Sell a call spread roughly 0.7525 AUD-0.7884 AUD and a put spread roughly 0.645 AUD-0.6809 AUD, bracketing the current 0.7167 AUD price. Real strikes and widths should come from the live option chain.
What is the max profit and loss?
Max profit is the credit collected if AUDUSD stays between the short strikes; max loss is the spread width minus that credit if price breaks out either side.
When should you use an iron condor on AUDUSD?
Best when you expect AUDUSD to stay range-bound with falling or stable implied volatility into expiry — not ahead of an event likely to cause a big move.