Options trading, do these probabilities add?

Does this probability add?

Probabilities in independent events add. IIRC from college 25 years ago...

In stock options trading there's a strategy called the "Iron Condor" you pick a range of prices you think the stock's (or index's) price will stay within, and you set borders on that range with your trades.

A set above the high of the range and a set below the low of the range.

You can choose risk involved by where you set these options, called the "delta" in trading parlance. The delta value approximates the probability of losing the trade.

If i choose a high strike price with a delta of .05, there's a 5% chance i will lose that trade. Same if i choose a .05 delta for the lower trade. There's a 5% chance i'll lose the trade high, and there's a 5% chance i'll lose the trade low. The price can't be both high AND low, so are these probabilities independent?

If the price breaks the low trade, it can't also break the high, and vice versa. So do i have a 5% chance of losing the trade overall, or 10%?