Iron Condor on Pershing Square (PS)
An iron condor on Pershing Square (PS) is a neutral / range-bound options strategy, anchored to PS's real 37.67 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 PS work?
An iron condor on Pershing Square sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if PS stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 37.67 USD (as of 2026-09-11).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~39.55 USD and buy call ~41.44 USD (call spread) |
| Sell | put illustratively ~35.79 USD and buy put ~33.9 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 PS settles between ~35.79 USD and ~39.55 USD |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 1.89 USD) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect PS 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 PS?
An iron condor on PS 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 PS?
Sell a call spread roughly 39.55 USD-41.44 USD and a put spread roughly 33.9 USD-35.79 USD, bracketing the current 37.67 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 PS 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 PS?
Best when you expect PS to stay range-bound with falling or stable implied volatility into expiry — not ahead of an event likely to cause a big move.