CCS Iron Condor Strategy
CCS (Century Communities, Inc.), in the Consumer Cyclical sector, (Residential Construction industry), listed on NYSE.
Century Communities, Inc. is a residential housing company that designs, builds, markets, and sells single-family homes, encompassing both attached and detached structures. Beyond construction, the firm also handles land preparation and entitlement, alongside offering key services such as mortgage, title, and insurance to individuals purchasing its homes. The company markets its properties under two main brands: Century Communities and Century Complete. Sales are conducted through a diverse network that includes its own sales teams, dedicated retail studios, online platforms, and independent real estate brokers, reaching customers in 17 states across the United States. Established in 2002, Century Communities, Inc. is based in Greenwood Village, Colorado.
CCS (Century Communities, Inc.) trades in the Consumer Cyclical sector, specifically Residential Construction, with a market capitalization of approximately $2.00B, a trailing P/E of 15.21, a beta of 1.30 versus the broader market, a 52-week range of 47.275-76, average daily share volume of 314K, a public-listing history dating back to 2014, approximately 2K full-time employees. These structural characteristics shape how CCS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.30 places CCS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CCS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CCS?
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.
CCS snapshot
As of August 14, 2026, spot at $70.51, ATM IV 41.40%, IV rank 42.86%, expected move 11.87%. The iron condor on CCS 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 CCS specifically: CCS IV at 41.40% is mid-range versus its 1-year history, so the credit collected on a CCS iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 11.87% (roughly $8.37 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 CCS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCS should anchor to the underlying notional of $70.51 per share and to the trader's directional view on CCS stock.
CCS iron condor setup
The CCS 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 CCS at $70.51 on that close, the first option leg uses a $74.04 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCS 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 CCS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $74.04 | N/A |
| Buy 1 | Call | $77.56 | N/A |
| Sell 1 | Put | $66.98 | N/A |
| Buy 1 | Put | $63.46 | N/A |
CCS 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.
CCS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CCS. 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 CCS
Iron condors on CCS are a delta-neutral premium-collection structure that profits if CCS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CCS thesis for this iron condor
The market-implied 1-standard-deviation range for CCS extends from approximately $62.14 on the downside to $78.88 on the upside. A CCS iron condor is a delta-neutral premium-collection structure that pays off when CCS 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 CCS IV rank near 42.86% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CCS should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, CCS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCS-specific events.
CCS 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. CCS positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCS alongside the broader basket even when CCS-specific fundamentals are unchanged. Short-premium structures like a iron condor on CCS carry tail risk when realized volatility exceeds the implied move; review historical CCS earnings reactions and macro stress periods before sizing. Always rebuild the position from current CCS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CCS?
- A iron condor on CCS is the iron condor strategy applied to CCS (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 CCS stock at $70.51 on the most recent close, the strikes shown on this page are snapped to the nearest listed CCS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CCS 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 CCS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 41.40%), 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 CCS iron condor?
- The breakeven for the CCS 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 CCS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.87%; 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 CCS?
- Iron condors on CCS are a delta-neutral premium-collection structure that profits if CCS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CCS implied volatility affect this iron condor?
- CCS ATM IV is at 41.40% with IV rank near 42.86%, 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.