CLPR Iron Condor Strategy
CLPR (Clipper Realty Inc.), in the Real Estate sector, (REIT - Residential industry), listed on NYSE.
Clipper Realty Inc. (NYSE: CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn.
CLPR (Clipper Realty Inc.) trades in the Real Estate sector, specifically REIT - Residential, with a market capitalization of approximately $48.6M, a beta of 0.97 versus the broader market, a 52-week range of 2.83-4.61, average daily share volume of 69K, a public-listing history dating back to 2017, approximately 171 full-time employees. These structural characteristics shape how CLPR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.97 places CLPR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CLPR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CLPR?
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 CLPR snapshot
As of May 15, 2026, spot at $2.92, ATM IV 20.60%, IV rank 0.00%, expected move 5.91%. The iron condor on CLPR 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 CLPR specifically: CLPR IV at 20.60% is on the cheap side of its 1-year range, which means a premium-selling CLPR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.91% (roughly $0.17 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 CLPR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLPR should anchor to the underlying notional of $2.92 per share and to the trader's directional view on CLPR stock.
CLPR iron condor setup
The CLPR 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 CLPR near $2.92, the first option leg uses a $3.07 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLPR 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 CLPR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $3.07 | N/A |
| Buy 1 | Call | $3.21 | N/A |
| Sell 1 | Put | $2.77 | N/A |
| Buy 1 | Put | $2.63 | N/A |
CLPR 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.
CLPR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CLPR. 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 CLPR
Iron condors on CLPR are a delta-neutral premium-collection structure that profits if CLPR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CLPR thesis for this iron condor
The market-implied 1-standard-deviation range for CLPR extends from approximately $2.75 on the downside to $3.09 on the upside. A CLPR iron condor is a delta-neutral premium-collection structure that pays off when CLPR 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 CLPR IV rank near 0.00% 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 CLPR at 20.60%. As a Real Estate name, CLPR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLPR-specific events.
CLPR 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. CLPR positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLPR alongside the broader basket even when CLPR-specific fundamentals are unchanged. Short-premium structures like a iron condor on CLPR carry tail risk when realized volatility exceeds the implied move; review historical CLPR earnings reactions and macro stress periods before sizing. Always rebuild the position from current CLPR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CLPR?
- A iron condor on CLPR is the iron condor strategy applied to CLPR (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 CLPR stock trading near $2.92, the strikes shown on this page are snapped to the nearest listed CLPR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLPR 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 CLPR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 20.60%), 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 CLPR iron condor?
- The breakeven for the CLPR 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 CLPR market-implied 1-standard-deviation expected move is approximately 5.91%; 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 CLPR?
- Iron condors on CLPR are a delta-neutral premium-collection structure that profits if CLPR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CLPR implied volatility affect this iron condor?
- CLPR ATM IV is at 20.60% with IV rank near 0.00%, 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.