Iron condor on Nifty 50
A bull put spread and a bear call spread together. You collect premium and keep it if the index stays between the two sold strikes. Shown per lot of 65 with illustrative numbers.
Contract basics. Nifty 50 lot size: 65. Nifty 50 has weekly options expiring every Tuesday, so this example uses 7 days to expiry. Strikes in this example are rounded to the 50-point strike interval.
A structure for a view that the index will stay within a range until expiry, with losses capped on both sides.
| Leg | Premium per unit | Cash flow |
|---|---|---|
| Buy 1 lot 24,250 PE | ₹10.20 | −₹663 |
| Sell 1 lot 24,500 PE | ₹32.49 | +₹2,112 |
| Sell 1 lot 25,500 CE | ₹44.20 | +₹2,873 |
| Buy 1 lot 25,750 CE | ₹15.76 | −₹1,025 |
Profit and loss at expiry
For the whole position, before charges.
Premiums are theoretical Black–Scholes values from round, illustrative inputs, not market prices. Charges and margin are not included.Price a single leg with your own numbers.
Frequently asked questions
What is the maximum loss of an iron condor on Nifty 50?
In this illustrative example, ₹12,952 per set of legs (lot size 65), before charges.
What is the lot size of Nifty 50 options?
65 units per lot at the time of writing. Lot sizes are revised by the exchange from time to time; check the current size before trading.
When do Nifty 50 options expire?
Nifty 50 has weekly options expiring every Tuesday, so this example uses 7 days to expiry.
What is the maximum profit on an iron condor?
The total net premium received, if the index ends between the two sold strikes at expiry.
What is the maximum loss?
The width of one spread minus the net premium, times the lot size, if the index ends beyond either bought strike.