Iron Condor on 22nd Century Group (XXII)
An iron condor on 22nd Century Group (XXII) is a neutral / range-bound options strategy, anchored to XXII's real 0.0884 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 XXII work?
An iron condor on 22nd Century Group sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if XXII stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 0.0884 USD (as of 2026-10-26).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~0.0928 USD and buy call ~0.0972 USD (call spread) |
| Sell | put illustratively ~0.084 USD and buy put ~0.0796 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 XXII settles between ~0.084 USD and ~0.0928 USD |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 0.0044 USD) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect XXII 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 XXII
Frequently asked questions
What is an iron condor on XXII?
An iron condor on XXII 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 XXII?
Sell a call spread roughly 0.0928 USD-0.0972 USD and a put spread roughly 0.0796 USD-0.084 USD, bracketing the current 0.0884 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 XXII 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 XXII?
Best when you expect XXII to stay range-bound with falling or stable implied volatility into expiry — not ahead of an event likely to cause a big move.