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Introduction

Options are an important derivative class that allows traders to take positions and generate profits with limited
risks. Traders going long on options have to pay a premium, whereas those going short/writing the option
charge premium. Apart from this, multiple option trading strategies enable traders to reduce their downside risk
further and increase the chances of profit-making based on different scenarios.

Reverse Iron Condor Option Strategy

The Reverse Iron Condor is a complex, volatile options strategy with limited maximum profit and maximum
loss potential and profits when the underlying stock breaks out to upside or downside.
The Reverse Iron Condor belongs to a family of complex, volatile options strategies and covers a broader
range of strike prices covered. From the Reverse Iron Butterfly Spread covering the smallest range of strike
prices to the Reverse Iron Condor Spread covering a more comprehensive range of strike prices to the Reverse
Iron Albatross spread covering the broadest range of strike prices.

How to use this template?

 In the active tempate:
* Enter the stock ticker
* Enter expiration date of option. A list of upcoming expiration dates has been provided adjacent to the input.
* Enter the OTM Strike price for put and call option.
* Enter the Far OTM Strike price for put and call option.

For more information, click on the link below

Reverse Iron Condor Option Strategy
 This sheet requires MarketXLS.com subcription to work.

Input Required By The User

For Investor's Reference

Reverse Iron Condor Option Strategy
*This is a limited profit and limited loss strategy Upcoming Expiration Dates
Price 12/1/2023
#NAME? 12/8/2023
Stock Ticker MSFT 12/15/2023
Company Name #NAME? Contract 12/22/2023
Expiration Date 12/8/2023 1 12/29/2023
OTM Strike Price for Call #NAME? 1/5/2024
Far OTM Strike Price for Call #NAME? 1/12/2024
OTM Strike Price for Put #NAME? 1/19/2024
Far OTM Strike Price for Put #NAME? 1/26/2024

Strike Option type Symbol Direction Contract Bid Ask Net Cash Flow
#NAME? Put #NAME? Sell 1 #NAME? #NAME?
#NAME? Put #NAME? Buy 1 #NAME? #NAME?
#NAME? Call #NAME? Buy 1 #NAME? #NAME?
#NAME? Call #NAME? Sell 1 #NAME? #NAME?

First leg Second leg Third leg Fourth leg

Symbol #NAME? #NAME? #NAME? #NAME?
Direction Sell Buy Buy Sell
Premium #NAME? #VALUE! #VALUE! #NAME?

MIN PRICE AT EXPIRATION #NAME?

Payoff Results
MAX PRICE AT EXPIRATION #NAME?
Price at Payoff Payoff Payoff Payoff
Net Payoff #NAME?
Expiration first leg second leg third leg fourth leg
#NAME? 0 Max Profit 0
#NAME? 0 Max Loss 0
#NAME? 0
#NAME? 0
#NAME? 0
#NAME? 0
#NAME? 0 1 Payoff results
#NAME? 0
#NAME? 0
#NAME? 0
#NAME? 0
#NAME? 0
#NAME? 0
1
#NAME? 0
#NAME? 0
#NAME? 0
#NAME? 0
#NAME? 0
#NAME? 0
#NAME? 0 0
#NAME? 0
 Input Required By The User For real-time updates, subscribe to
For Investor's Reference
Reverse Iron Condor Option Strategy
*This is a limited profit and limited loss strategy Upcoming Expiration Dates
Price 9/30/2022
238.07 10/7/2022
Stock Ticker MSFT =last(D6) 10/14/2022
Company Name Microsoft Corporation Contract 10/21/2022
Expiration Date 10/7/2022 100 10/28/2022
OTM Strike Price for Call 245.00 11/4/2022
Far OTM Strike Price for Call 250.00 11/11/2022
OTM Strike Price for Put 235.00 11/18/2022
Far OTM Strike Price for Put 230.00 11/25/2022

Strike Option type Symbol Direction Contract Bid Ask Net Cash Flow
230 Put @MSFT 221007P00230000 Sell 100 4.05 4.10
235 Put @MSFT 221007P00235000 Buy 100 5.95 6.05
-311
245 Call @MSFT 221007C00245000 Buy 100 2.26 2.29
250 Call @MSFT 221007C00250000 Sell 100 1.18 1.20
=OptionSymbol($D$10, =QM_Stream_Bid( =QM_Stream_
$D$14,C23,B23) D25) Ask(D25)

First leg Second leg Third leg Fourth leg

Symbol @MSFT 221007P00230000 @MSFT 221007P00235000 @MSFT 221007C00245000 @MSFT 221007C00250000
Direction Sell Buy Buy Sell
Premium 4.05 -6.05 -2.29 1.18

MIN PRICE AT EXPIRATION 190

Payoff Results
MAX PRICE AT EXPIRATION 290
Price at Payoff Payoff Payoff Payoff Max profit and loss for the range
Net Payoff
Expiration first leg second leg third leg fourth leg 190-290
190.00 -3595.00 3895.00 -229.00 118.00 189.00 Max Profit 189.00
195.00 -3095.00 3395.00 -229.00 118.00 189.00 Max Loss -311.00
200.00 -2595.00 2895.00 -229.00 118.00 189.00
205.00 -2095.00 2395.00 -229.00 118.00 189.00
210.00 -1595.00 1895.00 -229.00 118.00 189.00
215.00 -1095.00 1395.00 -229.00 118.00 189.00
Payoff results
220.00 -595.00 895.00 -229.00 118.00 189.00
300.00
225.00 -95.00 395.00 -229.00 118.00 189.00
230.00 405.00 -105.00 -229.00 118.00 189.00 200.00
235.00 405.00 -605.00 -229.00 118.00 -311.00
240.00 405.00 -605.00 -229.00 118.00 -311.00 100.00

245.00 405.00 -605.00 -229.00 118.00 -311.00

250.00 405.00 -605.00 271.00 118.00 189.00 0.00
00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00
0. 5. 0. 5. 0. 5. 0. 5. 0. 5. 0. 5. 0. 5. 0. 5. 0. 5. 0. 5. 0.
255.00 405.00 -605.00 771.00 -382.00 189.00 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29
-100.00
260.00 405.00 -605.00 1271.00 -882.00 189.00
265.00 405.00 -605.00 1771.00 -1382.00 189.00 -200.00
270.00 405.00 -605.00 2271.00 -1882.00 189.00
275.00 405.00 -605.00 2771.00 -2382.00 189.00 -300.00
280.00 405.00 -605.00 3271.00 -2882.00 189.00
285.00 405.00 -605.00 3771.00 -3382.00 189.00 -400.00

290.00 405.00 -605.00 4271.00 -3882.00 189.00

 Reverse Iron Condor Option Strategy
When to use the Reverse Iron Condor Option Strategy?

A trader could use the Reverse Iron Condor for stocks expected to make a massive breakout in an uncertain
direction. For example, one can use this strategy ahead of earnings releases or essential releases.

How to implement Reverse Iron Condor Option Strategy?

The four significant legs of the strategy include – writing the call options far out of the money, buying an out-
of-the-money call option, writing largely out-of-the-money put options, and buying an out-of-the-money put
option.

The four options must have:

> Same Expiration Date
> Same Underlying Security
> Each leg must have same number of contracts.

What is the maximum profit that can be expected in this strategy?

The maximum profit is the difference between the long and short strike price minus the premium paid, while
the maximum loss is the net debit of the strategy.
 TERMS AND CONDITION OF USE

These templates should not be considered as an advertisement or advice, professional or otherwise. You are
requested to consider all the risk factors, including your financial condition, suitability to risk-return profile, and
other similar conditions. These templates do not account for any professional advice but are merely some guidelines
to explain the concept. It would be best if you did NOT make your investment decisions solely based on these
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We have reviewed these templates, and they are believed to be reliable though MarketXLS Limited can not
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Past performance is not a guide for future performance. Certain transactions involve substantial risk and are not
suitable for all investors, like derivatives are a sophisticated investment instrument. The investor is requested to take
into consideration all the risk factors before actually trading in derivative contracts.

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The resulting output from these templates is general and do not consider your risk appetite or investment objective

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must not be reproduced or redistributed to any other person. Persons into whose possession these templates may
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Due to the templates' digital nature, we are not in a position to entertain any refunds for the templates.
No part of these templates may be duplicated in any form and redistributed without MarketXLS Limited's prior
consent. These templates are not for public distribution and have been furnished solely for your information, and
must not be reproduced or redistributed to any other person. Persons into whose possession these templates may
come are required to observe these restrictions.

Due to the templates' digital nature, we are not in a position to entertain any refunds for the templates.