About Short Iron Condors
A short iron condor is a multiple leg position that combines a bull put credit spread and a bear call credit spread where all strikes are equal distance and have the same expiration.
This position results in a net credit and max profit is realized if the underlying stock settles at or between the two short inside strikes at expiration.
Max risk is realized if the underlying settles below the lower long put or above the upper long call. This strategy has both limited profit and limited risk potential.
Example:
- Long 1 50 P @ .01
- Short 1 70 P @ .06
- Short 1 90 C @ .03
- Long 1 110 C @ .01
For the example above, you receive .05 for the 70/50 bull put spread and receive .02 for the 90/110 bear call spread.
Net credit on this iron condor is .07
Max profit is equal to the credit received .07
Max loss is equal to the difference between the spread's strike prices (strike differential) less the credit received. Here the max loss is 19.93 (20 - .07)
Max Profit
Max profit is incurred when the stock price is equal to or between the two short options at expiration. Max profit is equal to the net credit received (.07)
Max Loss
Max loss takes place if the underlying stock expires below the lower long put or above the higher long call. Take the strike differential minus the credit received (20 - .07 = 19.93)
Break Even Calculations
The upper BE is equal to the lower short call plus the net credit (90.07) and the lower BE is equal to the higher short put minus the net credit (69.93)
Both the profit and risk in this strategy are limited.
About Long Iron Condor
A long iron condor is a multiple leg position that combines a bear put debit spread and a bull call debit spread where all strikes are equal distance and have the same expiration.
This position results in a net debit and max profit is realized if the underlying stock settles below the lower short put or above the higher short call at expiration.
Max risk is realized if the underlying settles at or in between the two inside long call and put options. This strategy has both limited profit and limited risk potential.
Example:
- Short 1 160 P @ 7.55
- Long 1 165 P @ 10.25
- Long 1 170 C @ 8.00
- Short 1 175 C @ 6.15
For the example above, you pay 2.7 for the 165/160 bear put spread and pay 1.85 for the 170/175 bull call spread.
Net debit for this iron condor is 4.55
Max profit is equal to the difference between the spread's strike prices (strike differential) less the debit paid. Here the max profit is .45 (5 - 4.55)
Max loss is equal to the net debit (4.55)
Max Profit
Max profit is incurred when the stock price settles below the lower short put or above the higher short call. Take the strike differential minus the net debit (5 - 4.55)
Max Loss
Max loss takes place if the stock price is equal to or between the two short options at expiration. Max loss is the net debit (4.55)
Break Even Calculations
The upper BE is equal to the lower long call plus the net debit (174.55) and the lower BE is equal to the long put minus the net debit (160.45)
Both the profit and risk in this strategy is limited.
Options information is delayed a minimum of 15 minutes, and is updated at least once every 15-minutes through-out the day. The screener displays probability calculations based on the delayed stock price at the time the strategy is updated. The new day's options data will start populating the screener at approximately 8:55a CT.
Fields displayed on the Iron Condor strategies include:
- Stock Last Price - the last price of the underlying symbol
- Max Profit - the potential maximum profit of this strategy. Max profit is incurred when the stock price settles below the lower short put or above the higher short call.
- Max Profit% - the potential maximum profit of this strategy expressed as a percent
- Max Loss - the maximum loss that the strategy may return. Max loss takes place if the stock price is equal to or between the two short options at expiration.
- BE+ - the upper limit necessary for the strategy to break even. The upper BE is equal to the lower long call plus the net debit.
- BE- - the lower limit necessary for the strategy to break even. The lower BE is equal to the long put minus the net debit.
- Imp Vol - The average implied volatility (IV) of the nearest monthly options contract. IV is a forward looking prediction of the likelihood of price change of the underlying asset, with a higher IV signifying that the market expects significant price movement, and a lower IV signifying the market expects the underlying asset price to remain within the current trading range.
- Probability - the likelihood of the strategy breaking even. (See calculation below)
- Leg1 Strike - the strike price of the leg1 option
- Leg1 Ask - the ask price of the leg1 option
- Leg2 Strike - the strike price of the leg2 option
- Leg2 Bid - the bid price of the leg2 option
- Leg 3 Strike - the strike price of the leg3 option
- Leg3 Bid - the bid price of the leg3 option
- Leg4 Strike - the strike price of the leg4 option
- Leg4 Ask - the ask price of the leg4 option
Probability Calculation
We take the underlying stock price, the break even point (target price), the days to expiration, and the 52-week historical volatility, and then use those figures in this formula. Depending on the strategy, we use the above or below probability (i.e., the probability the price crosses the break even point).
Pabove = N(d)
Pbelow = 1 - N(d)
where
N(d)= x if d > 0
= (1-x) if d < 0
and
d = 1n(b/l) / v√t,
y = 1/(1 + 0.2316419|d|),
z = 0.3989423e - (d*d)/2,
x = 1 - z(1.330274y⁵ - 1.821256y⁴ + 1.781478y³ - 0.356538y² + 0.3193815y)
and
b = break even point
l = last price
v = 52-week historical volatility
t = days to expiration
e = 2.71828 Data Updates
For pages showing Intraday views, we use the current session's data with new price data appear on the page as indicated by a "flash". Stocks: 15 minute delay (Cboe BZX data for U.S. equities is real-time), ET. Volume reflects consolidated markets. Futures and Forex: 10 or 15 minute delay, CT.
The list of symbols included on the page is updated every 10 minutes throughout the trading day. However, new stocks are not automatically added to or re-ranked on the page until the site performs its 10-minute update.
For reference, we include the date and timestamp of when the list was last updated at the top right of the page.
Page Sort
Pages are initially sorted in a specific order (depending on the data presented). You can re-sort the page by clicking on any of the column headings in the table.
Views
Most data tables can be analyzed using "Views." A View simply presents the symbols on the page with a different set of columns. Site members can also display the page using Custom Views.
Each View has a "Links" column on the far right to access a symbol's Quote Overview, Chart, Options Quotes (when available), Barchart Opinion, and Technical Analysis page. Standard Views found throughout the site include:
- Main View: Symbol, Name, Last Price, Change, Percent Change, High, Low, Volume, and Time of Last Trade.
- Technical View: Symbol, Name, Last Price, Today's Opinion, 20-Day Relative Strength, 20-Day Historic Volatility, 20-Day Average Volume, 52-Week High and 52-Week Low.
- Performance View: Symbol, Name, Last Price, Weighted Alpha, YTD Percent Change, 1-Month, 3-Month and 1-Year Percent Change.
- Fundamental View: Available only on equity pages, shows Symbol, Name, Market Cap, P/E Ratio (trailing 12 months). Earnings Per Share (trailing 12 months), Net Income, Beta, Annual Dividend, and Dividend Yield.
Note: For all markets except U.S. equities, fundamental data is not licensed for downloading. Your .csv file will show "N/L" for "not licensed" when downloading from a Canadian, UK, Australian, or European stocks page.
- Mini-Chart View: Available for Barchart Plus and Premier Members, this view displays 12 small charts per page for the symbols shown in the data table. You may change the bar type and time frame for the Mini-Charts as you scroll through the page. The default settings for Mini-Charts are found in your Site Preferences, under "Overview Charts".
- Pre-Post Market Data: Available for Barchart Plus and Premier Members, this view will show any pre- or post-market price activity for U.S. equities only.
View Symbol More Data (+)
Unique to Barchart.com, data tables contain an option that allows you to see more data for the symbol without leaving the page. Click the "+" icon in the first column (on the left) to view more data for the selected symbol. Scroll through widgets of the different content available for the symbol. Click on any of the widgets to go to the full page. The "More Data" widgets are also available from the Links column of the right side of the data table.
Flipcharts
Also unique to Barchart, Flipcharts allow you to scroll through all the symbols on the table in a chart view. While viewing Flipcharts, you can apply a custom chart template, further customizing the way you can analyze the symbols. Flipcharts are a free tool available to Site Members.
Note: Flipcharts, unlike the full-page chart or Dashboard, does not stream updated data to the chart.
Download
Download is a free tool available to Site Members. This tool will download a .csv file for the View being displayed. For dynamically-generated tables (such as a Stock or ETF Screener) where you see more than 1000 rows of data, the download will be limited to only the first 1000 records on the table. For other static pages (such as the Russell 3000 Components list) all rows will be downloaded.
Free members are limited to 1 site download per day. Barchart Plus Members have 10 downloads per day, while Barchart Premier Members may download up to 250 .csv files per day.
Note: Due to licensing restrictions, Canadian fundamental data cannot be downloaded from Barchart.com. You will see "N/L" in a downloaded column when this is the case.
Should you require more than 250 downloads per day, please contact Barchart Sales at 866-333-7587 or email solutions@barchart.com for more information or additional options about historical market data.
