How are ACA 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 ACA iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 457.80%), the computed maximum profit is $113.00 per contract and the computed maximum loss is -$887.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ACA iron condor?

The breakeven for the ACA iron condor priced on this page is roughly $138.89 and $156.11 at expiration, derived from the August 14, 2026 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 ACA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 131.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ACA implied volatility affect this iron condor?

ACA ATM IV is at 457.80% with IV rank near 91.69%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

ACA Iron Condor Strategy

ACA (Arcosa, Inc.), in the Industrials sector, (Industrial - Infrastructure Operations industry), listed on NYSE.

Arcosa, Inc. (ACA), founded in 2018 and headquartered in Dallas, Texas, is a leading North American supplier of essential infrastructure products and solutions. The company primarily serves the construction, energy, and transportation industries, operating through three distinct business segments. The Construction Products division provides natural and recycled aggregates, specialized materials, and protective equipment like trench shields and shoring, supporting a wide range of residential, commercial, agricultural, and general infrastructure projects. Its Engineered Structures segment manufactures diverse components, including utility poles, wind turbine towers, traffic and lighting structures, and telecommunication infrastructure, alongside tanks for storing and distributing gas and liquids. These products are crucial for electricity transmission, wind power generation, highway construction, wireless communications, and various residential, commercial, energy, agricultural, and industrial storage and transport needs. Lastly, the Transportation Products segment produces inland barges and related accessories such as fiberglass covers and winches.

ACA (Arcosa, Inc.) trades in the Industrials sector, specifically Industrial - Infrastructure Operations, with a market capitalization of approximately $7.14B, a trailing P/E of 14.53, a beta of 1.07 versus the broader market, a 52-week range of 89.03-146.92, average daily share volume of 583K, a public-listing history dating back to 2018, approximately 6K full-time employees. These structural characteristics shape how ACA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.07 places ACA roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ACA pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on ACA?

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.

ACA snapshot

As of August 14, 2026, spot at $145.31, ATM IV 457.80%, IV rank 91.69%, expected move 131.25%. The iron condor on ACA below is built from the August 14, 2026 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 ACA specifically: ACA IV at 457.80% is rich versus its 1-year range, which favors premium-selling structures like a ACA iron condor, with a market-implied 1-standard-deviation move of approximately 131.25% (roughly $190.72 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 ACA expiries trade a higher absolute premium for lower per-day decay. Position sizing on ACA should anchor to the underlying notional of $145.31 per share and to the trader's directional view on ACA stock.

ACA iron condor setup

The ACA iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ACA at $145.31 on that close, the first option leg uses a $155.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ACA 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 ACA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$155.00	$0.40
Buy 1	Call	$160.00	$0.09
Sell 1	Put	$140.00	$0.85
Buy 1	Put	$130.00	$0.03

ACA iron condor risk and reward

Net Premium / Debit: +$113.00
Max Profit (per contract): $113.00
Max Loss (per contract): -$887.00
Breakeven(s): $138.89, $156.11
Risk / Reward Ratio: 0.127

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.

ACA iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on ACA. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$887.00
$32.14	-77.9%	-$887.00
$64.27	-55.8%	-$887.00
$96.39	-33.7%	-$887.00
$128.52	-11.6%	-$887.00
$160.65	+10.6%	-$387.00
$192.78	+32.7%	-$387.00
$224.90	+54.8%	-$387.00
$257.03	+76.9%	-$387.00
$289.16	+99.0%	-$387.00

When traders use iron condor on ACA

Iron condors on ACA are a delta-neutral premium-collection structure that profits if ACA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

ACA thesis for this iron condor

The market-implied 1-standard-deviation range for ACA extends from approximately $-45.41 on the downside to $336.03 on the upside. A ACA iron condor is a delta-neutral premium-collection structure that pays off when ACA 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 ACA IV rank near 91.69% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on ACA at 457.80%. As a Industrials name, ACA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ACA-specific events.

ACA 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. ACA positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ACA alongside the broader basket even when ACA-specific fundamentals are unchanged. Short-premium structures like a iron condor on ACA carry tail risk when realized volatility exceeds the implied move; review historical ACA earnings reactions and macro stress periods before sizing. Always rebuild the position from current ACA chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on ACA?: A iron condor on ACA is the iron condor strategy applied to ACA (stock). 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 ACA stock at $145.31 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ACA chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ACA 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 ACA iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 457.80%), the computed maximum profit is $113.00 per contract and the computed maximum loss is -$887.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ACA iron condor?: The breakeven for the ACA iron condor priced on this page is roughly $138.89 and $156.11 at expiration, derived from the August 14, 2026 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 ACA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 131.25%; 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 ACA?: Iron condors on ACA are a delta-neutral premium-collection structure that profits if ACA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current ACA implied volatility affect this iron condor?: ACA ATM IV is at 457.80% with IV rank near 91.69%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.