CCEP Iron Condor Strategy
CCEP (Coca-Cola Europacific Partners PLC), in the Consumer Defensive sector, (Beverages - Non-Alcoholic industry), listed on NASDAQ.
Coca-Cola Europacific Partners PLC, together with its subsidiaries, produces, distributes, and sells a range of non-alcoholic ready to drink beverages. The company offers flavours, mixers, and energy drinks; soft drinks, waters, enhanced water, and isotonic drinks; and ready-to-drink tea and coffee, juices, and other drinks. It provides its products under the Coca-Cola, Diet Coke, Coca-Cola Zero Sugar, Fanta, Sprite, Monster Energy, Coca-Cola Energy, Relentless, nalu, URGE, BURN, Kuli, REIGN, POWERADE, Appletiser, Schweppes, FINLEY, mezzo mix, Royal Bliss, Lift, Vio SCHORLE, Coca-Cola Signature Mixers, NORDIC MIST, smartwater, Chaudfontaine, AQUARIUS, VILAS del Turbon, BONAQUA, Apollinaris, Krystal, Honest, Costa Coffee, Fuzetea, CHAQWA, NESTEA, Capri-Sun, Oasis, Minute Maid, MER, and Tropico brands. In addition, the company engages in the bottling and other operations. As of March 15, 2022, it served approximately 600 million consumers. The company was formerly known as Coca-Cola European Partners plc and changed its name to Coca-Cola Europacific Partners PLC in May 2021.
CCEP (Coca-Cola Europacific Partners PLC) trades in the Consumer Defensive sector, specifically Beverages - Non-Alcoholic, with a market capitalization of approximately $40.96B, a trailing P/E of 18.04, a beta of 0.49 versus the broader market, a 52-week range of 84.66-110.9, average daily share volume of 1.9M, a public-listing history dating back to 1986, approximately 41K full-time employees. These structural characteristics shape how CCEP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.49 indicates CCEP has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CCEP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CCEP?
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 CCEP snapshot
As of May 15, 2026, spot at $89.56, ATM IV 23.40%, IV rank 5.70%, expected move 6.71%. The iron condor on CCEP 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 189-day expiry.
Why this iron condor structure on CCEP specifically: CCEP IV at 23.40% is on the cheap side of its 1-year range, which means a premium-selling CCEP iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.71% (roughly $6.01 on the underlying). The 189-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CCEP expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCEP should anchor to the underlying notional of $89.56 per share and to the trader's directional view on CCEP stock.
CCEP iron condor setup
The CCEP 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 CCEP near $89.56, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCEP chain at a 189-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 CCEP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $95.00 | $4.80 |
| Buy 1 | Call | $100.00 | $2.95 |
| Sell 1 | Put | $85.00 | $3.40 |
| Buy 1 | Put | $80.00 | $2.58 |
CCEP iron condor risk and reward
- Net Premium / Debit
- +$267.50
- Max Profit (per contract)
- $267.50
- Max Loss (per contract)
- -$232.50
- Breakeven(s)
- $82.33, $97.68
- Risk / Reward Ratio
- 1.151
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.
CCEP iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CCEP. 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% | -$232.50 |
| $19.81 | -77.9% | -$232.50 |
| $39.61 | -55.8% | -$232.50 |
| $59.41 | -33.7% | -$232.50 |
| $79.21 | -11.6% | -$232.50 |
| $99.02 | +10.6% | -$134.05 |
| $118.82 | +32.7% | -$232.50 |
| $138.62 | +54.8% | -$232.50 |
| $158.42 | +76.9% | -$232.50 |
| $178.22 | +99.0% | -$232.50 |
When traders use iron condor on CCEP
Iron condors on CCEP are a delta-neutral premium-collection structure that profits if CCEP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CCEP thesis for this iron condor
The market-implied 1-standard-deviation range for CCEP extends from approximately $83.55 on the downside to $95.57 on the upside. A CCEP iron condor is a delta-neutral premium-collection structure that pays off when CCEP 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 CCEP IV rank near 5.70% 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 CCEP at 23.40%. As a Consumer Defensive name, CCEP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCEP-specific events.
CCEP 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. CCEP positions also carry Consumer Defensive sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCEP alongside the broader basket even when CCEP-specific fundamentals are unchanged. Short-premium structures like a iron condor on CCEP carry tail risk when realized volatility exceeds the implied move; review historical CCEP earnings reactions and macro stress periods before sizing. Always rebuild the position from current CCEP chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CCEP?
- A iron condor on CCEP is the iron condor strategy applied to CCEP (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 CCEP stock trading near $89.56, the strikes shown on this page are snapped to the nearest listed CCEP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CCEP 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 CCEP iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 23.40%), the computed maximum profit is $267.50 per contract and the computed maximum loss is -$232.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CCEP iron condor?
- The breakeven for the CCEP iron condor priced on this page is roughly $82.33 and $97.68 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 CCEP market-implied 1-standard-deviation expected move is approximately 6.71%; 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 CCEP?
- Iron condors on CCEP are a delta-neutral premium-collection structure that profits if CCEP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CCEP implied volatility affect this iron condor?
- CCEP ATM IV is at 23.40% with IV rank near 5.70%, 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.