How are CTAS 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 CTAS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 33.30%), the computed maximum profit is $205.00 per contract and the computed maximum loss is -$295.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CTAS iron condor?

The breakeven for the CTAS iron condor priced on this page is roughly $157.95 and $182.05 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 CTAS market-implied 1-standard-deviation expected move is approximately 9.55%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CTAS implied volatility affect this iron condor?

CTAS ATM IV is at 33.30% with IV rank near 94.86%, 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.

CTAS Iron Condor Strategy

CTAS (Cintas Corporation), in the Industrials sector, (Specialty Business Services industry), listed on NASDAQ.

Cintas Corporation specializes in supplying professional uniforms and a range of essential business services primarily across the United States, Canada, and Latin America. The company's operations are divided into three main divisions: Uniform Rental and Facility Services, First Aid and Safety Services, and an 'All Other' segment. Within its Uniform Rental and Facility Services division, Cintas offers rental and maintenance for various workwear, including flame-resistant apparel, alongside floor mats, mops, and industrial towels. This segment also manages restroom sanitation solutions, providing both cleaning services and supplies, and directly sells new uniforms. Additionally, its First Aid and Safety Services segment delivers comprehensive first aid programs, safety solutions, and fire suppression products and services. Cintas reaches its diverse clientele, ranging from small service and manufacturing businesses to large corporate entities, through an extensive distribution network, dedicated local delivery routes, and direct representatives.

CTAS (Cintas Corporation) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $68.78B, a trailing P/E of 35.64, a beta of 0.93 versus the broader market, a 52-week range of 161.16-226.75, average daily share volume of 2.2M, a public-listing history dating back to 1983, approximately 47K full-time employees. These structural characteristics shape how CTAS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.93 places CTAS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 35.64 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. CTAS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on CTAS?

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 CTAS snapshot

As of June 30, 2026, spot at $169.50, ATM IV 33.30%, IV rank 94.86%, expected move 9.55%. The iron condor on CTAS 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 CTAS specifically: CTAS IV at 33.30% is rich versus its 1-year range, which favors premium-selling structures like a CTAS iron condor, with a market-implied 1-standard-deviation move of approximately 9.55% (roughly $16.18 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 CTAS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CTAS should anchor to the underlying notional of $169.50 per share and to the trader's directional view on CTAS stock.

CTAS iron condor setup

The CTAS 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 CTAS near $169.50, the first option leg uses a $180.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CTAS 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 CTAS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$180.00	$2.83
Buy 1	Call	$185.00	$1.85
Sell 1	Put	$160.00	$2.93
Buy 1	Put	$155.00	$1.85

CTAS iron condor risk and reward

Net Premium / Debit: +$205.00
Max Profit (per contract): $205.00
Max Loss (per contract): -$295.00
Breakeven(s): $157.95, $182.05
Risk / Reward Ratio: 0.695

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.

CTAS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on CTAS. 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%	-$295.00
$37.49	-77.9%	-$295.00
$74.96	-55.8%	-$295.00
$112.44	-33.7%	-$295.00
$149.92	-11.6%	-$295.00
$187.39	+10.6%	-$295.00
$224.87	+32.7%	-$295.00
$262.34	+54.8%	-$295.00
$299.82	+76.9%	-$295.00
$337.30	+99.0%	-$295.00

When traders use iron condor on CTAS

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

CTAS thesis for this iron condor

The market-implied 1-standard-deviation range for CTAS extends from approximately $153.32 on the downside to $185.68 on the upside. A CTAS iron condor is a delta-neutral premium-collection structure that pays off when CTAS 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 CTAS IV rank near 94.86% 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 CTAS at 33.30%. As a Industrials name, CTAS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CTAS-specific events.

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

Frequently asked questions

What is a iron condor on CTAS?: A iron condor on CTAS is the iron condor strategy applied to CTAS (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 CTAS stock trading near $169.50, the strikes shown on this page are snapped to the nearest listed CTAS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CTAS 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 CTAS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 33.30%), the computed maximum profit is $205.00 per contract and the computed maximum loss is -$295.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CTAS iron condor?: The breakeven for the CTAS iron condor priced on this page is roughly $157.95 and $182.05 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 CTAS market-implied 1-standard-deviation expected move is approximately 9.55%; 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 CTAS?: Iron condors on CTAS are a delta-neutral premium-collection structure that profits if CTAS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current CTAS implied volatility affect this iron condor?: CTAS ATM IV is at 33.30% with IV rank near 94.86%, 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.