CHRW Iron Condor Strategy
CHRW (C.H. Robinson Worldwide, Inc.), in the Industrials sector, (Integrated Freight & Logistics industry), listed on NASDAQ.
C.H. Robinson Worldwide, Inc., together with its subsidiaries, provides freight transportation services and logistics solutions to companies in various industries worldwide. The company operates in two segments, North American Surface Transportation and Global Forwarding. It offers transportation and logistics services, such as truckload; less than truckload transportation brokerage services, which include the shipment of single or multiple pallets of freight; intermodal transportation that comprise the shipment service of freight in containers or trailers by a combination of truck and rail; and non-vessel ocean common carrier and freight forwarding services, as well as organizes air shipments and provides door-to-door services. The company also offers customs broker services; and other logistics services, such as fee-based managed, warehousing, small parcel, and other services. It has contractual relationships with approximately 85,000 transportation companies, including motor carriers, railroads, and air and ocean carriers.
CHRW (C.H. Robinson Worldwide, Inc.) trades in the Industrials sector, specifically Integrated Freight & Logistics, with a market capitalization of approximately $19.24B, a trailing P/E of 32.65, a beta of 0.94 versus the broader market, a 52-week range of 92.36-203.34, average daily share volume of 2.0M, a public-listing history dating back to 1997, approximately 13K full-time employees. These structural characteristics shape how CHRW stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.94 places CHRW roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CHRW pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CHRW?
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 CHRW snapshot
As of May 15, 2026, spot at $164.19, ATM IV 35.80%, IV rank 43.11%, expected move 10.26%. The iron condor on CHRW 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 CHRW specifically: CHRW IV at 35.80% is mid-range versus its 1-year history, so the credit collected on a CHRW iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.26% (roughly $16.85 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 CHRW expiries trade a higher absolute premium for lower per-day decay. Position sizing on CHRW should anchor to the underlying notional of $164.19 per share and to the trader's directional view on CHRW stock.
CHRW iron condor setup
The CHRW 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 CHRW near $164.19, the first option leg uses a $170.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CHRW 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 CHRW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $170.00 | $4.60 |
| Buy 1 | Call | $180.00 | $1.95 |
| Sell 1 | Put | $155.00 | $3.80 |
| Buy 1 | Put | $150.00 | $2.45 |
CHRW iron condor risk and reward
- Net Premium / Debit
- +$400.00
- Max Profit (per contract)
- $400.00
- Max Loss (per contract)
- -$600.00
- Breakeven(s)
- $151.00, $174.00
- Risk / Reward Ratio
- 0.667
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.
CHRW iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CHRW. 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% | -$100.00 |
| $36.31 | -77.9% | -$100.00 |
| $72.61 | -55.8% | -$100.00 |
| $108.92 | -33.7% | -$100.00 |
| $145.22 | -11.6% | -$100.00 |
| $181.52 | +10.6% | -$600.00 |
| $217.82 | +32.7% | -$600.00 |
| $254.13 | +54.8% | -$600.00 |
| $290.43 | +76.9% | -$600.00 |
| $326.73 | +99.0% | -$600.00 |
When traders use iron condor on CHRW
Iron condors on CHRW are a delta-neutral premium-collection structure that profits if CHRW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CHRW thesis for this iron condor
The market-implied 1-standard-deviation range for CHRW extends from approximately $147.34 on the downside to $181.04 on the upside. A CHRW iron condor is a delta-neutral premium-collection structure that pays off when CHRW 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 CHRW IV rank near 43.11% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CHRW should anchor more to the directional view and the expected-move geometry. As a Industrials name, CHRW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CHRW-specific events.
CHRW 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. CHRW positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CHRW alongside the broader basket even when CHRW-specific fundamentals are unchanged. Short-premium structures like a iron condor on CHRW carry tail risk when realized volatility exceeds the implied move; review historical CHRW earnings reactions and macro stress periods before sizing. Always rebuild the position from current CHRW chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CHRW?
- A iron condor on CHRW is the iron condor strategy applied to CHRW (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 CHRW stock trading near $164.19, the strikes shown on this page are snapped to the nearest listed CHRW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CHRW 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 CHRW iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 35.80%), the computed maximum profit is $400.00 per contract and the computed maximum loss is -$600.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CHRW iron condor?
- The breakeven for the CHRW iron condor priced on this page is roughly $151.00 and $174.00 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 CHRW market-implied 1-standard-deviation expected move is approximately 10.26%; 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 CHRW?
- Iron condors on CHRW are a delta-neutral premium-collection structure that profits if CHRW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CHRW implied volatility affect this iron condor?
- CHRW ATM IV is at 35.80% with IV rank near 43.11%, 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.