CUZ Iron Condor Strategy
CUZ (Cousins Properties Incorporated), in the Real Estate sector, (REIT - Office industry), listed on NYSE.
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office towers located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments.
CUZ (Cousins Properties Incorporated) trades in the Real Estate sector, specifically REIT - Office, with a market capitalization of approximately $4.34B, a beta of 1.20 versus the broader market, a 52-week range of 21.03-30.81, average daily share volume of 2.3M, a public-listing history dating back to 1980, approximately 306 full-time employees. These structural characteristics shape how CUZ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.20 places CUZ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CUZ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CUZ?
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 CUZ snapshot
As of May 15, 2026, spot at $25.79, ATM IV 35.40%, IV rank 15.18%, expected move 10.15%. The iron condor on CUZ 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 CUZ specifically: CUZ IV at 35.40% is on the cheap side of its 1-year range, which means a premium-selling CUZ iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.15% (roughly $2.62 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 CUZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on CUZ should anchor to the underlying notional of $25.79 per share and to the trader's directional view on CUZ stock.
CUZ iron condor setup
The CUZ 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 CUZ near $25.79, the first option leg uses a $27.08 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CUZ 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 CUZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $27.08 | N/A |
| Buy 1 | Call | $28.37 | N/A |
| Sell 1 | Put | $24.50 | N/A |
| Buy 1 | Put | $23.21 | N/A |
CUZ 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.
CUZ iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CUZ. 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 CUZ
Iron condors on CUZ are a delta-neutral premium-collection structure that profits if CUZ stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CUZ thesis for this iron condor
The market-implied 1-standard-deviation range for CUZ extends from approximately $23.17 on the downside to $28.41 on the upside. A CUZ iron condor is a delta-neutral premium-collection structure that pays off when CUZ 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 CUZ IV rank near 15.18% 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 CUZ at 35.40%. As a Real Estate name, CUZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CUZ-specific events.
CUZ 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. CUZ positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CUZ alongside the broader basket even when CUZ-specific fundamentals are unchanged. Short-premium structures like a iron condor on CUZ carry tail risk when realized volatility exceeds the implied move; review historical CUZ earnings reactions and macro stress periods before sizing. Always rebuild the position from current CUZ chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CUZ?
- A iron condor on CUZ is the iron condor strategy applied to CUZ (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 CUZ stock trading near $25.79, the strikes shown on this page are snapped to the nearest listed CUZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CUZ 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 CUZ iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 35.40%), 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 CUZ iron condor?
- The breakeven for the CUZ 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 CUZ market-implied 1-standard-deviation expected move is approximately 10.15%; 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 CUZ?
- Iron condors on CUZ are a delta-neutral premium-collection structure that profits if CUZ stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CUZ implied volatility affect this iron condor?
- CUZ ATM IV is at 35.40% with IV rank near 15.18%, 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.