How are CLS 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 CLS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 88.35%), the computed maximum profit is $1,680.00 per contract and the computed maximum loss is -$320.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLS iron condor?

The breakeven for the CLS iron condor priced on this page is roughly $328.20 and $396.80 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 CLS market-implied 1-standard-deviation expected move is approximately 25.33%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLS implied volatility affect this iron condor?

CLS ATM IV is at 88.35% with IV rank near 93.84%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

CLS Iron Condor Strategy

CLS (Celestica Inc.), in the Technology sector, (Hardware, Equipment & Parts industry), listed on NYSE.

Headquartered in Toronto, Canada, and established in 1994, Celestica Inc. delivers comprehensive hardware platform and supply chain solutions to clients across North America, Europe, and Asia. The company operates through two key segments: Advanced Technology Solutions and Connectivity & Cloud Solutions. Celestica's extensive service portfolio encompasses the entire product lifecycle, from initial design and development, engineering, and supply chain management to new product introduction, component sourcing, electronic manufacturing and assembly, rigorous testing, complex mechanical integration, and systems integration. Further offerings include precision machining, order fulfillment, logistics, asset management, product licensing, and post-market repair and return services. Additionally, Celestica provides a wide array of products, including enterprise-grade data communication and information processing infrastructure such as routers, switches, data center interconnects, edge solutions, servers, and storage products. They also supply individual electronic components like capacitors, microprocessors, resistors, and memory modules, alongside power inverters, energy storage products, and smart meters.

CLS (Celestica Inc.) trades in the Technology sector, specifically Hardware, Equipment & Parts, with a market capitalization of approximately $38.81B, a trailing P/E of 40.41, a beta of 1.48 versus the broader market, a 52-week range of 144.27-474.03, average daily share volume of 2.3M, a public-listing history dating back to 1998, approximately 22K full-time employees. These structural characteristics shape how CLS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.48 indicates CLS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 40.41 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 CLS?

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 CLS snapshot

As of June 30, 2026, spot at $363.35, ATM IV 88.35%, IV rank 93.84%, expected move 25.33%. The iron condor on CLS 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 31-day expiry.

Why this iron condor structure on CLS specifically: CLS IV at 88.35% is rich versus its 1-year range, which favors premium-selling structures like a CLS iron condor, with a market-implied 1-standard-deviation move of approximately 25.33% (roughly $92.03 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLS should anchor to the underlying notional of $363.35 per share and to the trader's directional view on CLS stock.

CLS iron condor setup

The CLS 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 CLS near $363.35, the first option leg uses a $380.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLS chain at a 31-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 CLS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$380.00	$30.60
Buy 1	Call	$400.00	$23.05
Sell 1	Put	$345.00	$28.75
Buy 1	Put	$325.00	$19.50

CLS iron condor risk and reward

Net Premium / Debit: +$1,680.00
Max Profit (per contract): $1,680.00
Max Loss (per contract): -$320.00
Breakeven(s): $328.20, $396.80
Risk / Reward Ratio: 5.250

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.

CLS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on CLS. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$320.00
$80.35	-77.9%	-$320.00
$160.69	-55.8%	-$320.00
$241.02	-33.7%	-$320.00
$321.36	-11.6%	-$320.00
$401.70	+10.6%	-$320.00
$482.04	+32.7%	-$320.00
$562.37	+54.8%	-$320.00
$642.71	+76.9%	-$320.00
$723.05	+99.0%	-$320.00

When traders use iron condor on CLS

Iron condors on CLS are a delta-neutral premium-collection structure that profits if CLS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

CLS thesis for this iron condor

The market-implied 1-standard-deviation range for CLS extends from approximately $271.32 on the downside to $455.38 on the upside. A CLS iron condor is a delta-neutral premium-collection structure that pays off when CLS 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 CLS IV rank near 93.84% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on CLS at 88.35%. As a Technology name, CLS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLS-specific events.

CLS 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. CLS positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLS alongside the broader basket even when CLS-specific fundamentals are unchanged. Short-premium structures like a iron condor on CLS carry tail risk when realized volatility exceeds the implied move; review historical CLS earnings reactions and macro stress periods before sizing. Always rebuild the position from current CLS chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on CLS?: A iron condor on CLS is the iron condor strategy applied to CLS (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 CLS stock trading near $363.35, the strikes shown on this page are snapped to the nearest listed CLS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CLS 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 CLS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 88.35%), the computed maximum profit is $1,680.00 per contract and the computed maximum loss is -$320.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLS iron condor?: The breakeven for the CLS iron condor priced on this page is roughly $328.20 and $396.80 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 CLS market-implied 1-standard-deviation expected move is approximately 25.33%; 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 CLS?: Iron condors on CLS are a delta-neutral premium-collection structure that profits if CLS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current CLS implied volatility affect this iron condor?: CLS ATM IV is at 88.35% with IV rank near 93.84%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.