Iron Condor on IRIDEX (IRIX)
An iron condor on IRIDEX (IRIX) is a neutral / range-bound options strategy, anchored to IRIX's real 0.66 USD 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 IRIX work?
An iron condor on IRIDEX sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if IRIX stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 0.66 USD (as of 2026-09-11).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~0.693 USD and buy call ~0.726 USD (call spread) |
| Sell | put illustratively ~0.627 USD and buy put ~0.594 USD (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 IRIX settles between ~0.627 USD and ~0.693 USD |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 0.033 USD) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect IRIX 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 IRIX?
An iron condor on IRIX 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 IRIX?
Sell a call spread roughly 0.693 USD-0.726 USD and a put spread roughly 0.594 USD-0.627 USD, bracketing the current 0.66 USD 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 IRIX 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 IRIX?
Best when you expect IRIX to stay range-bound with falling or stable implied volatility into expiry — not ahead of an event likely to cause a big move.