CLAR Iron Condor Strategy
CLAR (Clarus Corporation), in the Consumer Cyclical sector, (Leisure industry), listed on NASDAQ.
Clarus Corporation develops, manufactures, and distributes outdoor equipment and lifestyle products focusing on the outdoor and consumer markets in the United States, Canada, Europe, the Middle East, Asia, Australia, New Zealand, Africa, and South America. Its Outdoor segment offers activity-based apparel, such as shells, insulation, midlayers, pants, and logowear; rock-climbing footwear and equipment, including carabiners, protection devices, harnesses, belay devices, helmets, and ice-climbing gears; technical backpacks and day packs; trekking poles; headlamps and lanterns; gloves and mittens; skincare and other products; and skis, ski poles, ski skins, and snow safety products, such as avalanche airbag systems, avalanche transceivers, shovels, and probes. This segment offers its products for climbing, mountaineering, trail running, backpacking, skiing, and other outdoor recreation activities under the Black Diamond Equipment, PIEPS, and SKINourishment brands. The company's Precision Sport segment manufactures bullets and ammunition products for precision target shooting, hunting, and military and law enforcement purposes under the Sierra and Barnes brands. The company sells its products to mountain, rock, ice, and gym climbers; and winter outdoor enthusiasts, trail runners, backpackers, competitive shooters, hunters, and outdoor consumers. Its Adventure segment offers engineered automotive roof racks, trays, mounting systems, luggage boxes, carriers, and accessories under the Rhino-Rack brand; and overlanding and off-road vehicle recovery and extraction tracks for the overland and the off-road market under the MAXTRAX brand.
CLAR (Clarus Corporation) trades in the Consumer Cyclical sector, specifically Leisure, with a market capitalization of approximately $97.3M, a beta of 1.03 versus the broader market, a 52-week range of 2.525-4.03, average daily share volume of 242K, a public-listing history dating back to 1998, approximately 470 full-time employees. These structural characteristics shape how CLAR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.03 places CLAR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CLAR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CLAR?
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 CLAR snapshot
As of May 15, 2026, spot at $2.74, ATM IV 174.20%, IV rank 38.46%, expected move 49.94%. The iron condor on CLAR 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 CLAR specifically: CLAR IV at 174.20% is mid-range versus its 1-year history, so the credit collected on a CLAR iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 49.94% (roughly $1.37 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 CLAR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLAR should anchor to the underlying notional of $2.74 per share and to the trader's directional view on CLAR stock.
CLAR iron condor setup
The CLAR 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 CLAR near $2.74, the first option leg uses a $2.88 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLAR 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 CLAR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $2.88 | N/A |
| Buy 1 | Call | $3.01 | N/A |
| Sell 1 | Put | $2.60 | N/A |
| Buy 1 | Put | $2.47 | N/A |
CLAR 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.
CLAR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CLAR. 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 CLAR
Iron condors on CLAR are a delta-neutral premium-collection structure that profits if CLAR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CLAR thesis for this iron condor
The market-implied 1-standard-deviation range for CLAR extends from approximately $1.37 on the downside to $4.11 on the upside. A CLAR iron condor is a delta-neutral premium-collection structure that pays off when CLAR 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 CLAR IV rank near 38.46% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CLAR should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, CLAR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLAR-specific events.
CLAR 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. CLAR positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLAR alongside the broader basket even when CLAR-specific fundamentals are unchanged. Short-premium structures like a iron condor on CLAR carry tail risk when realized volatility exceeds the implied move; review historical CLAR earnings reactions and macro stress periods before sizing. Always rebuild the position from current CLAR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CLAR?
- A iron condor on CLAR is the iron condor strategy applied to CLAR (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 CLAR stock trading near $2.74, the strikes shown on this page are snapped to the nearest listed CLAR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLAR 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 CLAR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 174.20%), 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 CLAR iron condor?
- The breakeven for the CLAR 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 CLAR market-implied 1-standard-deviation expected move is approximately 49.94%; 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 CLAR?
- Iron condors on CLAR are a delta-neutral premium-collection structure that profits if CLAR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CLAR implied volatility affect this iron condor?
- CLAR ATM IV is at 174.20% with IV rank near 38.46%, 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.