ICLN Iron Condor Strategy
ICLN (iShares Global Clean Energy ETF), in the Financial Services sector, (Asset Management - Global industry), listed on NASDAQ.
The iShares Global Clean Energy ETF (ICLN) seeks to track the investment results of an index composed of global equities in the clean energy sector.
ICLN (iShares Global Clean Energy ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $2.85B, a beta of 1.26 versus the broader market, a 52-week range of 12.31-22.1, average daily share volume of 5.9M, a public-listing history dating back to 2008. These structural characteristics shape how ICLN etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.26 places ICLN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ICLN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on ICLN?
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.
Current ICLN snapshot
As of May 15, 2026, spot at $21.93, ATM IV 35.87%, IV rank 14.80%, expected move 10.28%. The iron condor on ICLN below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.
Why this iron condor structure on ICLN specifically: ICLN IV at 35.87% is on the cheap side of its 1-year range, which means a premium-selling ICLN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.28% (roughly $2.26 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ICLN expiries trade a higher absolute premium for lower per-day decay. Position sizing on ICLN should anchor to the underlying notional of $21.93 per share and to the trader's directional view on ICLN etf.
ICLN iron condor setup
The ICLN 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 ICLN near $21.93, the first option leg uses a $23.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ICLN chain at a 28-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 ICLN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $23.00 | $0.30 |
| Buy 1 | Call | $24.00 | $0.13 |
| Sell 1 | Put | $21.00 | $0.59 |
| Buy 1 | Put | $19.50 | $0.16 |
ICLN iron condor risk and reward
- Net Premium / Debit
- +$60.00
- Max Profit (per contract)
- $60.00
- Max Loss (per contract)
- -$90.00
- Breakeven(s)
- $20.40, $23.60
- Risk / Reward Ratio
- 0.667
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.
ICLN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ICLN. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$90.00 |
| $4.86 | -77.8% | -$90.00 |
| $9.71 | -55.7% | -$90.00 |
| $14.55 | -33.6% | -$90.00 |
| $19.40 | -11.5% | -$90.00 |
| $24.25 | +10.6% | -$40.00 |
| $29.10 | +32.7% | -$40.00 |
| $33.94 | +54.8% | -$40.00 |
| $38.79 | +76.9% | -$40.00 |
| $43.64 | +99.0% | -$40.00 |
When traders use iron condor on ICLN
Iron condors on ICLN are a delta-neutral premium-collection structure that profits if ICLN etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ICLN thesis for this iron condor
The market-implied 1-standard-deviation range for ICLN extends from approximately $19.67 on the downside to $24.19 on the upside. A ICLN iron condor is a delta-neutral premium-collection structure that pays off when ICLN 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 ICLN IV rank near 14.80% 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 ICLN at 35.87%. As a Financial Services name, ICLN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ICLN-specific events.
ICLN 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. ICLN positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ICLN alongside the broader basket even when ICLN-specific fundamentals are unchanged. Short-premium structures like a iron condor on ICLN carry tail risk when realized volatility exceeds the implied move; review historical ICLN earnings reactions and macro stress periods before sizing. Always rebuild the position from current ICLN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ICLN?
- A iron condor on ICLN is the iron condor strategy applied to ICLN (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 ICLN etf trading near $21.93, the strikes shown on this page are snapped to the nearest listed ICLN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ICLN 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 ICLN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 35.87%), the computed maximum profit is $60.00 per contract and the computed maximum loss is -$90.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ICLN iron condor?
- The breakeven for the ICLN iron condor priced on this page is roughly $20.40 and $23.60 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current ICLN market-implied 1-standard-deviation expected move is approximately 10.28%; 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 ICLN?
- Iron condors on ICLN are a delta-neutral premium-collection structure that profits if ICLN etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ICLN implied volatility affect this iron condor?
- ICLN ATM IV is at 35.87% with IV rank near 14.80%, 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.