Iron Condor on Euro vs British Pound (EURGBP)
An iron condor on Euro vs British Pound (EURGBP) is a neutral / range-bound options strategy, anchored to EURGBP's real 0.8572 EUR 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 EURGBP work?
An iron condor on Euro vs British Pound sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if EURGBP stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 0.8572 EUR (as of 2026-09-11).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~0.9001 EUR and buy call ~0.943 EUR (call spread) |
| Sell | put illustratively ~0.8144 EUR and buy put ~0.7715 EUR (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 EURGBP settles between ~0.8144 EUR and ~0.9001 EUR |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 0.0429 EUR) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect EURGBP 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 EURGBP?
An iron condor on EURGBP 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 EURGBP?
Sell a call spread roughly 0.9001 EUR-0.943 EUR and a put spread roughly 0.7715 EUR-0.8144 EUR, bracketing the current 0.8572 EUR 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 EURGBP 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 EURGBP?
Best when you expect EURGBP to stay range-bound with falling or stable implied volatility into expiry — not ahead of an event likely to cause a big move.