How are CNM 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 CNM iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 50.30%), the computed maximum profit is $147.50 per contract and the computed maximum loss is -$102.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CNM iron condor?

The breakeven for the CNM iron condor priced on this page is roughly $43.53 and $51.48 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 CNM market-implied 1-standard-deviation expected move is approximately 14.42%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CNM implied volatility affect this iron condor?

CNM ATM IV is at 50.30% with IV rank near 54.16%, 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.

CNM Iron Condor Strategy

CNM (Core & Main, Inc.), in the Industrials sector, (Industrial - Distribution industry), listed on NYSE.

Core & Main, Inc. distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, and other related products; fire protection products, including fire protection pipes, sprinkler heads and other devices, fire suppression systems, and related accessories, as well as fabrication services; and meter products, such as smart meter products, installation, software and other services. The company's specialty products and services are used in the maintenance, repair, replacement, and construction of water and fire protection infrastructure. Core & Main, Inc. was founded in 1874 and is headquartered in St. Louis, Missouri.

CNM (Core & Main, Inc.) trades in the Industrials sector, specifically Industrial - Distribution, with a market capitalization of approximately $8.91B, a trailing P/E of 20.44, a beta of 0.93 versus the broader market, a 52-week range of 43.96-67.18, average daily share volume of 2.5M, a public-listing history dating back to 2021, approximately 6K full-time employees. These structural characteristics shape how CNM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.93 places CNM roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a iron condor on CNM?

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 CNM snapshot

As of May 15, 2026, spot at $46.91, ATM IV 50.30%, IV rank 54.16%, expected move 14.42%. The iron condor on CNM 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 CNM specifically: CNM IV at 50.30% is mid-range versus its 1-year history, so the credit collected on a CNM iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 14.42% (roughly $6.76 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 CNM expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNM should anchor to the underlying notional of $46.91 per share and to the trader's directional view on CNM stock.

CNM iron condor setup

The CNM 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 CNM near $46.91, the first option leg uses a $50.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNM 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 CNM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$50.00	$1.85
Buy 1	Call	$52.50	$1.18
Sell 1	Put	$45.00	$2.28
Buy 1	Put	$42.50	$1.48

CNM iron condor risk and reward

Net Premium / Debit: +$147.50
Max Profit (per contract): $147.50
Max Loss (per contract): -$102.50
Breakeven(s): $43.53, $51.48
Risk / Reward Ratio: 1.439

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.

CNM iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on CNM. 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%	-$102.50
$10.38	-77.9%	-$102.50
$20.75	-55.8%	-$102.50
$31.12	-33.7%	-$102.50
$41.49	-11.5%	-$102.50
$51.86	+10.6%	-$38.98
$62.24	+32.7%	-$102.50
$72.61	+54.8%	-$102.50
$82.98	+76.9%	-$102.50
$93.35	+99.0%	-$102.50

When traders use iron condor on CNM

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

CNM thesis for this iron condor

The market-implied 1-standard-deviation range for CNM extends from approximately $40.15 on the downside to $53.67 on the upside. A CNM iron condor is a delta-neutral premium-collection structure that pays off when CNM 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 CNM IV rank near 54.16% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CNM should anchor more to the directional view and the expected-move geometry. As a Industrials name, CNM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNM-specific events.

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

Frequently asked questions

What is a iron condor on CNM?: A iron condor on CNM is the iron condor strategy applied to CNM (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 CNM stock trading near $46.91, the strikes shown on this page are snapped to the nearest listed CNM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CNM 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 CNM iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 50.30%), the computed maximum profit is $147.50 per contract and the computed maximum loss is -$102.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CNM iron condor?: The breakeven for the CNM iron condor priced on this page is roughly $43.53 and $51.48 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 CNM market-implied 1-standard-deviation expected move is approximately 14.42%; 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 CNM?: Iron condors on CNM are a delta-neutral premium-collection structure that profits if CNM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current CNM implied volatility affect this iron condor?: CNM ATM IV is at 50.30% with IV rank near 54.16%, 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.