APLE Iron Condor Strategy
APLE (Apple Hospitality REIT, Inc.), in the Real Estate sector, (REIT - Hotel & Motel industry), listed on NYSE.
Apple Hospitality REIT, Inc. (NYSE: APLE) operates as a publicly traded real estate investment trust, managing one of the largest and most diverse collections of upscale, rooms-focused hotel properties throughout the United States. Its expansive portfolio encompasses 235 hotels, providing more than 30,000 guest rooms, strategically located across 87 markets in 34 states. The company's holdings are primarily concentrated with prominent hospitality brands, including 104 Marriott-branded hotels, 126 Hilton-branded hotels, 3 Hyatt-branded hotels, and 2 independent establishments.
APLE (Apple Hospitality REIT, Inc.) trades in the Real Estate sector, specifically REIT - Hotel & Motel, with a market capitalization of approximately $3.71B, a trailing P/E of 21.19, a beta of 0.88 versus the broader market, a 52-week range of 10.85-17.28, average daily share volume of 3.4M, a public-listing history dating back to 2015, approximately 64 full-time employees. These structural characteristics shape how APLE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.88 places APLE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. APLE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on APLE?
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.
APLE snapshot
As of August 14, 2026, spot at $16.07, ATM IV 234.90%, IV rank 51.24%, expected move 67.34%. The iron condor on APLE 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 APLE specifically: APLE IV at 234.90% is mid-range versus its 1-year history, so the credit collected on a APLE iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 67.34% (roughly $10.82 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 APLE expiries trade a higher absolute premium for lower per-day decay. Position sizing on APLE should anchor to the underlying notional of $16.07 per share and to the trader's directional view on APLE stock.
APLE iron condor setup
The APLE 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 APLE at $16.07 on that close, the first option leg uses a $16.87 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed APLE 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 APLE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $16.87 | N/A |
| Buy 1 | Call | $17.68 | N/A |
| Sell 1 | Put | $15.27 | N/A |
| Buy 1 | Put | $14.46 | N/A |
APLE 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.
APLE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on APLE. 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 APLE
Iron condors on APLE are a delta-neutral premium-collection structure that profits if APLE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
APLE thesis for this iron condor
The market-implied 1-standard-deviation range for APLE extends from approximately $5.25 on the downside to $26.89 on the upside. A APLE iron condor is a delta-neutral premium-collection structure that pays off when APLE 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 APLE IV rank near 51.24% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on APLE should anchor more to the directional view and the expected-move geometry. As a Real Estate name, APLE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to APLE-specific events.
APLE 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. APLE positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move APLE alongside the broader basket even when APLE-specific fundamentals are unchanged. Short-premium structures like a iron condor on APLE carry tail risk when realized volatility exceeds the implied move; review historical APLE earnings reactions and macro stress periods before sizing. Always rebuild the position from current APLE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on APLE?
- A iron condor on APLE is the iron condor strategy applied to APLE (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 APLE stock at $16.07 on the most recent close, the strikes shown on this page are snapped to the nearest listed APLE chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are APLE 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 APLE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 234.90%), 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 APLE iron condor?
- The breakeven for the APLE 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 APLE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 67.34%; 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 APLE?
- Iron condors on APLE are a delta-neutral premium-collection structure that profits if APLE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current APLE implied volatility affect this iron condor?
- APLE ATM IV is at 234.90% with IV rank near 51.24%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.