CNNE Iron Condor Strategy
CNNE (Cannae Holdings, Inc.), in the Consumer Cyclical sector, (Restaurants industry), listed on NYSE.
Cannae Holdings, Inc. operates as a core investment enterprise. This firm primarily funnels capital into a range of sectors, including the restaurant industry, technology-driven healthcare services, and various financial ventures. Its investment approach involves securing both controlling interests and non-dominant equity positions. The company's headquarters are located in Las Vegas, Nevada.
CNNE (Cannae Holdings, Inc.) trades in the Consumer Cyclical sector, specifically Restaurants, with a market capitalization of approximately $660.0M, a beta of 1.22 versus the broader market, a 52-week range of 10.46-19.88, average daily share volume of 487K, a public-listing history dating back to 2017, approximately 7K full-time employees. These structural characteristics shape how CNNE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.22 places CNNE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CNNE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CNNE?
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.
CNNE snapshot
As of August 14, 2026, spot at $14.77, ATM IV 89.10%, IV rank 14.85%, expected move 25.54%. The iron condor on CNNE below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on CNNE specifically: CNNE IV at 89.10% is on the cheap side of its 1-year range, which means a premium-selling CNNE iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 25.54% (roughly $3.77 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CNNE expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNNE should anchor to the underlying notional of $14.77 per share and to the trader's directional view on CNNE stock.
CNNE iron condor setup
The CNNE 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 CNNE at $14.77 on that close, the first option leg uses a $15.51 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNNE chain at a 35-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 CNNE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $15.51 | N/A |
| Buy 1 | Call | $16.25 | N/A |
| Sell 1 | Put | $14.03 | N/A |
| Buy 1 | Put | $13.29 | N/A |
CNNE 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.
CNNE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CNNE. 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 CNNE
Iron condors on CNNE are a delta-neutral premium-collection structure that profits if CNNE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CNNE thesis for this iron condor
The market-implied 1-standard-deviation range for CNNE extends from approximately $11.00 on the downside to $18.54 on the upside. A CNNE iron condor is a delta-neutral premium-collection structure that pays off when CNNE 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 CNNE IV rank near 14.85% 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 CNNE at 89.10%. As a Consumer Cyclical name, CNNE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNNE-specific events.
CNNE 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. CNNE positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CNNE alongside the broader basket even when CNNE-specific fundamentals are unchanged. Short-premium structures like a iron condor on CNNE carry tail risk when realized volatility exceeds the implied move; review historical CNNE earnings reactions and macro stress periods before sizing. Always rebuild the position from current CNNE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CNNE?
- A iron condor on CNNE is the iron condor strategy applied to CNNE (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 CNNE stock at $14.77 on the most recent close, the strikes shown on this page are snapped to the nearest listed CNNE chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CNNE 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 CNNE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 89.10%), 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 CNNE iron condor?
- The breakeven for the CNNE iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CNNE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.54%; 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 CNNE?
- Iron condors on CNNE are a delta-neutral premium-collection structure that profits if CNNE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CNNE implied volatility affect this iron condor?
- CNNE ATM IV is at 89.10% with IV rank near 14.85%, 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.