CW Iron Condor Strategy
CW (Curtiss-Wright Corporation), in the Industrials sector, (Aerospace & Defense industry), listed on NYSE.
Curtiss-Wright Corporation (CW), along with its affiliated entities, delivers highly engineered products, comprehensive solutions, and a variety of services to a global client base across the aerospace, defense, general industrial, and power generation sectors. The company strategically organizes its operations into three primary divisions: Aerospace & Industrial, Defense Electronics, and Naval & Power. The Aerospace & Industrial segment specializes in manufacturing components for industrial vehicles, such as electronic throttle control systems, joysticks, and transmission shifters. It also supplies advanced sensors, control mechanisms, and electromechanical actuation parts for both commercial and military aircraft. Furthermore, this division offers sophisticated surface treatment services, including shot peening, laser peening, and specialized coatings. In the Defense Electronics segment, Curtiss-Wright provides a wide array of offerings.
CW (Curtiss-Wright Corporation) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $26.73B, a trailing P/E of 49.40, a beta of 0.88 versus the broader market, a 52-week range of 465.51-808.16, average daily share volume of 270K, a public-listing history dating back to 1980, approximately 9K full-time employees. These structural characteristics shape how CW stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.88 places CW roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 49.40 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. CW pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CW?
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.
CW snapshot
As of August 14, 2026, spot at $696.59, ATM IV 39.60%, IV rank 47.23%, expected move 11.35%. The iron condor on CW below is built from the August 14, 2026 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 CW specifically: CW IV at 39.60% is mid-range versus its 1-year history, so the credit collected on a CW iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 11.35% (roughly $79.08 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 CW expiries trade a higher absolute premium for lower per-day decay. Position sizing on CW should anchor to the underlying notional of $696.59 per share and to the trader's directional view on CW stock.
CW iron condor setup
The CW iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CW at $696.59 on that close, the first option leg uses a $730.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CW 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 CW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $730.00 | $20.60 |
| Buy 1 | Call | $770.00 | $8.90 |
| Sell 1 | Put | $660.00 | $19.30 |
| Buy 1 | Put | $630.00 | $9.95 |
CW iron condor risk and reward
- Net Premium / Debit
- +$2,105.00
- Max Profit (per contract)
- $2,105.00
- Max Loss (per contract)
- -$1,895.00
- Breakeven(s)
- $638.95, $751.05
- Risk / Reward Ratio
- 1.111
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.
CW iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CW. 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% | -$895.00 |
| $154.03 | -77.9% | -$895.00 |
| $308.05 | -55.8% | -$895.00 |
| $462.07 | -33.7% | -$895.00 |
| $616.09 | -11.6% | -$895.00 |
| $770.10 | +10.6% | -$1,895.00 |
| $924.12 | +32.7% | -$1,895.00 |
| $1,078.14 | +54.8% | -$1,895.00 |
| $1,232.16 | +76.9% | -$1,895.00 |
| $1,386.18 | +99.0% | -$1,895.00 |
When traders use iron condor on CW
Iron condors on CW are a delta-neutral premium-collection structure that profits if CW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CW thesis for this iron condor
The market-implied 1-standard-deviation range for CW extends from approximately $617.51 on the downside to $775.67 on the upside. A CW iron condor is a delta-neutral premium-collection structure that pays off when CW 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 CW IV rank near 47.23% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CW should anchor more to the directional view and the expected-move geometry. As a Industrials name, CW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CW-specific events.
CW 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. CW positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CW alongside the broader basket even when CW-specific fundamentals are unchanged. Short-premium structures like a iron condor on CW carry tail risk when realized volatility exceeds the implied move; review historical CW earnings reactions and macro stress periods before sizing. Always rebuild the position from current CW chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CW?
- A iron condor on CW is the iron condor strategy applied to CW (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 CW stock at $696.59 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CW chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CW 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 CW iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 39.60%), the computed maximum profit is $2,105.00 per contract and the computed maximum loss is -$1,895.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CW iron condor?
- The breakeven for the CW iron condor priced on this page is roughly $638.95 and $751.05 at expiration, derived from the August 14, 2026 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 CW market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.35%; 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 CW?
- Iron condors on CW are a delta-neutral premium-collection structure that profits if CW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CW implied volatility affect this iron condor?
- CW ATM IV is at 39.60% with IV rank near 47.23%, 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.