CLH Iron Condor Strategy
CLH (Clean Harbors, Inc.), in the Industrials sector, (Waste Management industry), listed on NYSE.
Clean Harbors, Inc. provides environmental and industrial services in North America. The company operates through two segments, Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment collects, transports, treats, and disposes hazardous and non-hazardous waste, such as resource recovery, physical treatment, fuel blending, incineration, landfill disposal, wastewater treatment, lab chemicals disposal, and explosives management services; and CleanPack services, including collection, identification, categorization, specialized packaging, transportation, and disposal of laboratory chemicals and household hazardous waste. This segment also provides industrial maintenance and specialty industrial services, and utilizes specialty equipment and resources that performs field services. The Safety-Kleen Sustainability Solutions segment offers specially designed parts washers; automotive and industrial cleaning products, such as antifreeze, windshield washer fluid, degreasers, glass and floor cleaners, hand cleaners, absorbents, mats, and spill kits; pickup and transportation services for hazardous and non-hazardous containerized waste for recycling or disposal; and vacuum services to remove solids, residual oily water and sludge, and other fluids from customers oil/water separators, sumps, and collection tanks, as well as remove and collect waste fluids found at metal fabricators, auto maintenance providers, and general manufacturers. This segment also manufactures, formulates, packages, distributes, and markets lubricants; and provides containerized waste, vacuum services, used motor oil collection, and contract blending and packaging services.
CLH (Clean Harbors, Inc.) trades in the Industrials sector, specifically Waste Management, with a market capitalization of approximately $16.01B, a trailing P/E of 40.46, a beta of 0.92 versus the broader market, a 52-week range of 201.34-316.98, average daily share volume of 569K, a public-listing history dating back to 1987, approximately 23K full-time employees. These structural characteristics shape how CLH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.92 places CLH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 40.46 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.
What is a iron condor on CLH?
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 CLH snapshot
As of May 15, 2026, spot at $301.95, ATM IV 27.20%, IV rank 27.73%, expected move 7.80%. The iron condor on CLH 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 CLH specifically: CLH IV at 27.20% is on the cheap side of its 1-year range, which means a premium-selling CLH iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.80% (roughly $23.55 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 CLH expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLH should anchor to the underlying notional of $301.95 per share and to the trader's directional view on CLH stock.
CLH iron condor setup
The CLH 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 CLH near $301.95, the first option leg uses a $320.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLH 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 CLH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $320.00 | $4.05 |
| Buy 1 | Call | $330.00 | $2.38 |
| Sell 1 | Put | $290.00 | $4.95 |
| Buy 1 | Put | $270.00 | $2.35 |
CLH iron condor risk and reward
- Net Premium / Debit
- +$427.50
- Max Profit (per contract)
- $427.50
- Max Loss (per contract)
- -$1,572.50
- Breakeven(s)
- $285.73, $324.28
- Risk / Reward Ratio
- 0.272
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.
CLH iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CLH. 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% | -$1,572.50 |
| $66.77 | -77.9% | -$1,572.50 |
| $133.53 | -55.8% | -$1,572.50 |
| $200.30 | -33.7% | -$1,572.50 |
| $267.06 | -11.6% | -$1,572.50 |
| $333.82 | +10.6% | -$572.50 |
| $400.58 | +32.7% | -$572.50 |
| $467.34 | +54.8% | -$572.50 |
| $534.10 | +76.9% | -$572.50 |
| $600.87 | +99.0% | -$572.50 |
When traders use iron condor on CLH
Iron condors on CLH are a delta-neutral premium-collection structure that profits if CLH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CLH thesis for this iron condor
The market-implied 1-standard-deviation range for CLH extends from approximately $278.40 on the downside to $325.50 on the upside. A CLH iron condor is a delta-neutral premium-collection structure that pays off when CLH 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 CLH IV rank near 27.73% 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 CLH at 27.20%. As a Industrials name, CLH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLH-specific events.
CLH 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. CLH positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLH alongside the broader basket even when CLH-specific fundamentals are unchanged. Short-premium structures like a iron condor on CLH carry tail risk when realized volatility exceeds the implied move; review historical CLH earnings reactions and macro stress periods before sizing. Always rebuild the position from current CLH chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CLH?
- A iron condor on CLH is the iron condor strategy applied to CLH (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 CLH stock trading near $301.95, the strikes shown on this page are snapped to the nearest listed CLH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLH 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 CLH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 27.20%), the computed maximum profit is $427.50 per contract and the computed maximum loss is -$1,572.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CLH iron condor?
- The breakeven for the CLH iron condor priced on this page is roughly $285.73 and $324.28 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 CLH market-implied 1-standard-deviation expected move is approximately 7.80%; 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 CLH?
- Iron condors on CLH are a delta-neutral premium-collection structure that profits if CLH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CLH implied volatility affect this iron condor?
- CLH ATM IV is at 27.20% with IV rank near 27.73%, 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.