Iron Condor on NGL Energy Partners LP (NGL)
A iron condor on NGL Energy Partners LP (NGL) is a neutral / range-bound options strategy. An iron condor on NGL Energy Partners LP sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if NGL stays between the short strikes into expiry. It is a defined-risk, range-bound strategy. Strikes below are illustrative, anchored to NGL's real 16.15 USD price as of 2026-07-22 — not a live option quote.
Last updated 2026-07-22 · Source: FMP end-of-day close (real price); strikes illustrative, educational only — not a live option quote
How does a iron condor on NGL work?
An iron condor on NGL Energy Partners LP sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if NGL stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 16.15 USD (as of 2026-07-22).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~16.96 USD and buy call ~17.77 USD (call spread) |
| Sell | put illustratively ~15.34 USD and buy put ~14.53 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 NGL settles between ~15.34 USD and ~16.96 USD |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 0.81 USD) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect NGL 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 a iron condor on NGL?
An iron condor on NGL Energy Partners LP sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if NGL stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
How do you set up a iron condor for NGL?
Sell: call illustratively ~16.96 USD and buy call ~17.77 USD (call spread). Sell: put illustratively ~15.34 USD and buy put ~14.53 USD (put spread). Strikes shown are illustrative, anchored to NGL's real 16.15 USD price as of 2026-07-22 — choose actual strikes from a live option chain.
What is the max profit and loss?
Max profit: the net credit received, kept in full if NGL settles between ~15.34 USD and ~16.96 USD. Max loss: spread width − net credit (here the illustrative spread width is about 0.81 USD). Breakeven: short put strike − credit, and short call strike + credit.
When should you use a iron condor on NGL?
When you expect NGL 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.