There are two break-even prices for an iron condor position. To calculate the strategy’s break-even prices, subtract the credit received from the position’s short put strike and add the credit received to the position’s short call strike.
For example, if you sell an iron condor with a $95 short put option and a $105 short call option, and collect a $1.15 net credit, the position’s break-even prices are $93.85 and $106.15. If the underlying security is between the two break-even prices at expiration, the position is profitable.
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