CDRE Iron Condor Strategy
CDRE (Cadre Holdings, Inc.), in the Industrials sector, (Aerospace & Defense industry), listed on NYSE.
Cadre Holdings, Inc. manufactures and distributes safety and survivability equipment that provides protection to users in hazardous or life-threatening situations in the United States and internationally. The company operates in two segments, Products and Distribution. It primarily provides body armor product, such as concealable, corrections, and tactical armor under the Safariland and Protech Tactical brands; survival suits, remotely operated vehicles, specialty tools, blast sensors, accessories, and vehicle blast attenuation seats for bomb safety technicians; bomb suits; duty gear, including belts and accessories; and other protective and law enforcement equipment comprising communications gear, forensic and investigation products, firearms cleaning solutions, and crowd control products. The company also offers third-party products, such as uniforms, optics, boots, firearms, and ammunition. It serves first responders, such as state and local law enforcement, fire and rescue, explosive ordnance disposal technicians, emergency medical technicians, fishing, and wildlife enforcement and departments of corrections, as well as federal agencies including the U.S. Department of State, U.S.
CDRE (Cadre Holdings, Inc.) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $1.34B, a trailing P/E of 36.11, a beta of 1.32 versus the broader market, a 52-week range of 25.73-48.76, average daily share volume of 479K, a public-listing history dating back to 2021, approximately 2K full-time employees. These structural characteristics shape how CDRE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.32 indicates CDRE has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 36.11 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. CDRE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CDRE?
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 CDRE snapshot
As of May 15, 2026, spot at $30.07, ATM IV 79.30%, IV rank 23.83%, expected move 22.73%. The iron condor on CDRE 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 CDRE specifically: CDRE IV at 79.30% is on the cheap side of its 1-year range, which means a premium-selling CDRE iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 22.73% (roughly $6.84 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 CDRE expiries trade a higher absolute premium for lower per-day decay. Position sizing on CDRE should anchor to the underlying notional of $30.07 per share and to the trader's directional view on CDRE stock.
CDRE iron condor setup
The CDRE 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 CDRE near $30.07, the first option leg uses a $31.57 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CDRE 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 CDRE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $31.57 | N/A |
| Buy 1 | Call | $33.08 | N/A |
| Sell 1 | Put | $28.57 | N/A |
| Buy 1 | Put | $27.06 | N/A |
CDRE 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.
CDRE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CDRE. 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 CDRE
Iron condors on CDRE are a delta-neutral premium-collection structure that profits if CDRE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CDRE thesis for this iron condor
The market-implied 1-standard-deviation range for CDRE extends from approximately $23.23 on the downside to $36.91 on the upside. A CDRE iron condor is a delta-neutral premium-collection structure that pays off when CDRE 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 CDRE IV rank near 23.83% 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 CDRE at 79.30%. As a Industrials name, CDRE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CDRE-specific events.
CDRE 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. CDRE positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CDRE alongside the broader basket even when CDRE-specific fundamentals are unchanged. Short-premium structures like a iron condor on CDRE carry tail risk when realized volatility exceeds the implied move; review historical CDRE earnings reactions and macro stress periods before sizing. Always rebuild the position from current CDRE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CDRE?
- A iron condor on CDRE is the iron condor strategy applied to CDRE (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 CDRE stock trading near $30.07, the strikes shown on this page are snapped to the nearest listed CDRE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CDRE 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 CDRE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 79.30%), 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 CDRE iron condor?
- The breakeven for the CDRE iron condor priced on this page is no defined breakeven on the modeled curve 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 CDRE market-implied 1-standard-deviation expected move is approximately 22.73%; 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 CDRE?
- Iron condors on CDRE are a delta-neutral premium-collection structure that profits if CDRE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CDRE implied volatility affect this iron condor?
- CDRE ATM IV is at 79.30% with IV rank near 23.83%, 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.