CCI Iron Condor Strategy
CCI (Crown Castle Inc.), in the Real Estate sector, (REIT - Specialty industry), listed on NYSE.
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.
CCI (Crown Castle Inc.) trades in the Real Estate sector, specifically REIT - Specialty, with a market capitalization of approximately $39.11B, a trailing P/E of 36.90, a beta of 0.95 versus the broader market, a 52-week range of 75.96-115.76, average daily share volume of 3.1M, a public-listing history dating back to 1998, approximately 2K full-time employees. These structural characteristics shape how CCI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.95 places CCI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 36.90 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. CCI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CCI?
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 CCI snapshot
As of May 15, 2026, spot at $86.92, ATM IV 30.30%, IV rank 67.25%, expected move 8.69%. The iron condor on CCI 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 CCI specifically: CCI IV at 30.30% is mid-range versus its 1-year history, so the credit collected on a CCI iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 8.69% (roughly $7.55 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 CCI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCI should anchor to the underlying notional of $86.92 per share and to the trader's directional view on CCI stock.
CCI iron condor setup
The CCI 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 CCI near $86.92, the first option leg uses a $92.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCI 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 CCI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $92.50 | $0.88 |
| Buy 1 | Call | $95.00 | $0.58 |
| Sell 1 | Put | $82.50 | $1.68 |
| Buy 1 | Put | $77.50 | $0.68 |
CCI iron condor risk and reward
- Net Premium / Debit
- +$130.00
- Max Profit (per contract)
- $130.00
- Max Loss (per contract)
- -$370.00
- Breakeven(s)
- $81.20, $93.80
- Risk / Reward Ratio
- 0.351
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.
CCI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CCI. 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% | -$370.00 |
| $19.23 | -77.9% | -$370.00 |
| $38.44 | -55.8% | -$370.00 |
| $57.66 | -33.7% | -$370.00 |
| $76.88 | -11.6% | -$370.00 |
| $96.10 | +10.6% | -$120.00 |
| $115.31 | +32.7% | -$120.00 |
| $134.53 | +54.8% | -$120.00 |
| $153.75 | +76.9% | -$120.00 |
| $172.97 | +99.0% | -$120.00 |
When traders use iron condor on CCI
Iron condors on CCI are a delta-neutral premium-collection structure that profits if CCI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CCI thesis for this iron condor
The market-implied 1-standard-deviation range for CCI extends from approximately $79.37 on the downside to $94.47 on the upside. A CCI iron condor is a delta-neutral premium-collection structure that pays off when CCI 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 CCI IV rank near 67.25% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CCI should anchor more to the directional view and the expected-move geometry. As a Real Estate name, CCI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCI-specific events.
CCI 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. CCI positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCI alongside the broader basket even when CCI-specific fundamentals are unchanged. Short-premium structures like a iron condor on CCI carry tail risk when realized volatility exceeds the implied move; review historical CCI earnings reactions and macro stress periods before sizing. Always rebuild the position from current CCI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CCI?
- A iron condor on CCI is the iron condor strategy applied to CCI (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 CCI stock trading near $86.92, the strikes shown on this page are snapped to the nearest listed CCI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CCI 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 CCI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 30.30%), the computed maximum profit is $130.00 per contract and the computed maximum loss is -$370.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CCI iron condor?
- The breakeven for the CCI iron condor priced on this page is roughly $81.20 and $93.80 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 CCI market-implied 1-standard-deviation expected move is approximately 8.69%; 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 CCI?
- Iron condors on CCI are a delta-neutral premium-collection structure that profits if CCI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CCI implied volatility affect this iron condor?
- CCI ATM IV is at 30.30% with IV rank near 67.25%, 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.