FXR Iron Condor Strategy
FXR (First Trust Industrials/Producer Durables AlphaDEX Fund), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The First Trust Industrials/Producer Durables AlphaDEX Fund operates as an exchange-traded fund (ETF). Its central goal is to mirror the price and yield performance, before accounting for any fees or expenses, of the StrataQuant Industrials Index, an equity benchmark.
FXR (First Trust Industrials/Producer Durables AlphaDEX Fund) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.93B, a beta of 1.08 versus the broader market, a 52-week range of 73.08-92.78, average daily share volume of 35K, a public-listing history dating back to 2007. These structural characteristics shape how FXR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.08 places FXR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. FXR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on FXR?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
FXR snapshot
As of August 14, 2026, spot at $91.92, ATM IV 19.30%, IV rank 7.64%, expected move 5.53%. The iron condor on FXR below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on FXR specifically: FXR IV at 19.30% is on the cheap side of its 1-year range, which means a premium-selling FXR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.53% (roughly $5.09 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FXR expiries trade a higher absolute premium for lower per-day decay. Position sizing on FXR should anchor to the underlying notional of $91.92 per share and to the trader's directional view on FXR etf.
FXR iron condor setup
The FXR iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FXR at $91.92 on that close, the first option leg uses a $96.52 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FXR chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 FXR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $96.52 | N/A |
| Buy 1 | Call | $101.11 | N/A |
| Sell 1 | Put | $87.32 | N/A |
| Buy 1 | Put | $82.73 | N/A |
FXR iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
FXR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on FXR. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use iron condor on FXR
Iron condors on FXR are a delta-neutral premium-collection structure that profits if FXR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
FXR thesis for this iron condor
The market-implied 1-standard-deviation range for FXR extends from approximately $86.83 on the downside to $97.01 on the upside. A FXR iron condor is a delta-neutral premium-collection structure that pays off when FXR stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current FXR IV rank near 7.64% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on FXR at 19.30%. As a Financial Services name, FXR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FXR-specific events.
FXR iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. FXR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FXR alongside the broader basket even when FXR-specific fundamentals are unchanged. Short-premium structures like a iron condor on FXR carry tail risk when realized volatility exceeds the implied move; review historical FXR earnings reactions and macro stress periods before sizing. Always rebuild the position from current FXR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on FXR?
- A iron condor on FXR is the iron condor strategy applied to FXR (etf). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With FXR etf at $91.92 on the most recent close, the strikes shown on this page are snapped to the nearest listed FXR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are FXR iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the FXR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 19.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FXR iron condor?
- The breakeven for the FXR iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The FXR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on FXR?
- Iron condors on FXR are a delta-neutral premium-collection structure that profits if FXR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current FXR implied volatility affect this iron condor?
- FXR ATM IV is at 19.30% with IV rank near 7.64%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.