Iron Condor on Merlin (MRLN)
An iron condor on Merlin (MRLN) is a neutral / range-bound options strategy, anchored to MRLN's real 0.8585 USD price as of 2026-10-26. See how it works, an illustrative strike setup, and max profit/loss/breakeven below — not a live option quote.
Last updated 2026-10-26 · Source: end-of-day close (real price); strikes illustrative, educational only — not a live option quote
How does an iron condor on MRLN work?
An iron condor on Merlin sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if MRLN stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 0.8585 USD (as of 2026-10-26).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~0.9014 USD and buy call ~0.9444 USD (call spread) |
| Sell | put illustratively ~0.8156 USD and buy put ~0.7727 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 MRLN settles between ~0.8156 USD and ~0.9014 USD |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 0.043 USD) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect MRLN 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
More on MRLN
Frequently asked questions
What is an iron condor on MRLN?
An iron condor on MRLN 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 MRLN?
Sell a call spread roughly 0.9014 USD-0.9444 USD and a put spread roughly 0.7727 USD-0.8156 USD, bracketing the current 0.8585 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 MRLN 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 MRLN?
Best when you expect MRLN to stay range-bound with falling or stable implied volatility into expiry — not ahead of an event likely to cause a big move.