AGX Iron Condor Strategy
AGX (Argan, Inc.), in the Industrials sector, (Engineering & Construction industry), listed on NYSE.
Argan, Inc., through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical, and consulting services to the power generation and renewable energy markets. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments. The Power Industry Services segment offers engineering, procurement, and construction contracting services to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 15 gigawatts of power-generating capacity. This segment serves independent power project owners, public utilities, power plant equipment suppliers, and energy plant construction companies. The Industrial Fabrication and Field Services segment provides industrial field, and pipe and vessel fabrication services for forest products, industrial gas, fertilizer, and mining companies in southeast region of the United States. The Telecommunications Infrastructure Services segment offers trenchless directional boring and excavation for underground communication and power networks, as well as aerial cabling services; and installs buried cable, high and low voltage electric lines, and private area outdoor lighting systems.
AGX (Argan, Inc.) trades in the Industrials sector, specifically Engineering & Construction, with a market capitalization of approximately $10.05B, a trailing P/E of 72.61, a beta of 0.61 versus the broader market, a 52-week range of 176.97-742.3, average daily share volume of 435K, a public-listing history dating back to 1995, approximately 2K full-time employees. These structural characteristics shape how AGX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.61 indicates AGX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 72.61 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. AGX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on AGX?
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 AGX snapshot
As of May 15, 2026, spot at $715.78, ATM IV 86.50%, IV rank 72.42%, expected move 24.80%. The iron condor on AGX 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 34-day expiry.
Why this iron condor structure on AGX specifically: AGX IV at 86.50% is rich versus its 1-year range, which favors premium-selling structures like a AGX iron condor, with a market-implied 1-standard-deviation move of approximately 24.80% (roughly $177.50 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AGX expiries trade a higher absolute premium for lower per-day decay. Position sizing on AGX should anchor to the underlying notional of $715.78 per share and to the trader's directional view on AGX stock.
AGX iron condor setup
The AGX 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 AGX near $715.78, the first option leg uses a $750.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AGX chain at a 34-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 AGX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $750.00 | $63.00 |
| Buy 1 | Call | $790.00 | $48.75 |
| Sell 1 | Put | $680.00 | $54.25 |
| Buy 1 | Put | $640.00 | $39.55 |
AGX iron condor risk and reward
- Net Premium / Debit
- +$2,895.00
- Max Profit (per contract)
- $2,895.00
- Max Loss (per contract)
- -$1,105.00
- Breakeven(s)
- $651.05, $778.95
- Risk / Reward Ratio
- 2.620
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.
AGX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on AGX. 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% | -$1,105.00 |
| $158.27 | -77.9% | -$1,105.00 |
| $316.53 | -55.8% | -$1,105.00 |
| $474.80 | -33.7% | -$1,105.00 |
| $633.06 | -11.6% | -$1,105.00 |
| $791.32 | +10.6% | -$1,105.00 |
| $949.58 | +32.7% | -$1,105.00 |
| $1,107.84 | +54.8% | -$1,105.00 |
| $1,266.10 | +76.9% | -$1,105.00 |
| $1,424.37 | +99.0% | -$1,105.00 |
When traders use iron condor on AGX
Iron condors on AGX are a delta-neutral premium-collection structure that profits if AGX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
AGX thesis for this iron condor
The market-implied 1-standard-deviation range for AGX extends from approximately $538.28 on the downside to $893.28 on the upside. A AGX iron condor is a delta-neutral premium-collection structure that pays off when AGX 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 AGX IV rank near 72.42% 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 AGX at 86.50%. As a Industrials name, AGX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AGX-specific events.
AGX 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. AGX positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AGX alongside the broader basket even when AGX-specific fundamentals are unchanged. Short-premium structures like a iron condor on AGX carry tail risk when realized volatility exceeds the implied move; review historical AGX earnings reactions and macro stress periods before sizing. Always rebuild the position from current AGX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on AGX?
- A iron condor on AGX is the iron condor strategy applied to AGX (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 AGX stock trading near $715.78, the strikes shown on this page are snapped to the nearest listed AGX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AGX 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 AGX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 86.50%), the computed maximum profit is $2,895.00 per contract and the computed maximum loss is -$1,105.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AGX iron condor?
- The breakeven for the AGX iron condor priced on this page is roughly $651.05 and $778.95 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 AGX market-implied 1-standard-deviation expected move is approximately 24.80%; 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 AGX?
- Iron condors on AGX are a delta-neutral premium-collection structure that profits if AGX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current AGX implied volatility affect this iron condor?
- AGX ATM IV is at 86.50% with IV rank near 72.42%, 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.