CLB Iron Condor Strategy
CLB (Core Laboratories N.V.), in the Energy sector, (Oil & Gas Equipment & Services industry), listed on NYSE.
Core Laboratories N.V. (CLB) is a global provider to the oil and gas sector, delivering specialized services and products for characterizing subterranean reservoirs and optimizing hydrocarbon extraction. The company's operations are distinctly segmented into Reservoir Description and Production Enhancement. The Reservoir Description division meticulously analyzes petroleum reservoir rock, fluid, and gas samples. This detailed scientific examination aims to boost the yield and enhance the recovery of oil and gas from clients' reservoirs. Offerings in this segment encompass comprehensive laboratory analysis and on-site field evaluations to determine the properties of crude oil and refined products, alongside performing proprietary and collaborative industry research studies. Conversely, the Production Enhancement segment furnishes an array of services and products vital for well completions, perforations, stimulation processes, and general production activities.
CLB (Core Laboratories N.V.) trades in the Energy sector, specifically Oil & Gas Equipment & Services, with a market capitalization of approximately $508.0M, a trailing P/E of 17.49, a beta of 0.99 versus the broader market, a 52-week range of 9.72-20.36, average daily share volume of 530K, a public-listing history dating back to 1995, approximately 3K full-time employees. These structural characteristics shape how CLB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.99 places CLB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CLB pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CLB?
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 CLB snapshot
As of June 29, 2026, spot at $10.89, ATM IV 135.20%, IV rank 29.88%, expected move 38.76%. The iron condor on CLB 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 18-day expiry.
Why this iron condor structure on CLB specifically: CLB IV at 135.20% is on the cheap side of its 1-year range, which means a premium-selling CLB iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 38.76% (roughly $4.22 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLB expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLB should anchor to the underlying notional of $10.89 per share and to the trader's directional view on CLB stock.
CLB iron condor setup
The CLB 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 CLB near $10.89, the first option leg uses a $11.43 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLB chain at a 18-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 CLB shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $11.43 | N/A |
| Buy 1 | Call | $11.98 | N/A |
| Sell 1 | Put | $10.35 | N/A |
| Buy 1 | Put | $9.80 | N/A |
CLB 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.
CLB iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CLB. 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 CLB
Iron condors on CLB are a delta-neutral premium-collection structure that profits if CLB stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CLB thesis for this iron condor
The market-implied 1-standard-deviation range for CLB extends from approximately $6.67 on the downside to $15.11 on the upside. A CLB iron condor is a delta-neutral premium-collection structure that pays off when CLB 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 CLB IV rank near 29.88% 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 CLB at 135.20%. As a Energy name, CLB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLB-specific events.
CLB 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. CLB positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLB alongside the broader basket even when CLB-specific fundamentals are unchanged. Short-premium structures like a iron condor on CLB carry tail risk when realized volatility exceeds the implied move; review historical CLB earnings reactions and macro stress periods before sizing. Always rebuild the position from current CLB chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CLB?
- A iron condor on CLB is the iron condor strategy applied to CLB (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 CLB stock trading near $10.89, the strikes shown on this page are snapped to the nearest listed CLB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLB 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 CLB iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 135.20%), 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 CLB iron condor?
- The breakeven for the CLB 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 CLB market-implied 1-standard-deviation expected move is approximately 38.76%; 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 CLB?
- Iron condors on CLB are a delta-neutral premium-collection structure that profits if CLB stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CLB implied volatility affect this iron condor?
- CLB ATM IV is at 135.20% with IV rank near 29.88%, 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.