ESLT Iron Condor Strategy
ESLT (Elbit Systems Ltd.), in the Industrials sector, (Aerospace & Defense industry), listed on NASDAQ.
Headquartered in Haifa, Israel, and established in 1966, Elbit Systems Ltd. is a leading provider of advanced solutions for the defense, homeland security, and commercial aerospace sectors. The company's extensive portfolio spans airborne, land, and naval applications. In the aerial domain, offerings include systems for military aircraft and helicopters, commercial aviation components, and unmanned aerial systems. For ground operations, Elbit supplies vehicle systems, a range of munitions, sophisticated command, control, communications, computer, intelligence, surveillance, and reconnaissance (C4ISR) capabilities, and cyber technologies, alongside armored vehicle protection systems. Maritime solutions encompass naval systems and specialized munitions. Across these platforms, their expertise extends to electro-optic and night vision systems, electronic warfare, signal intelligence, countermeasure systems, data links, radio communication, cyber intelligence, autonomous systems, and laser and guided rocket technologies.
ESLT (Elbit Systems Ltd.) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $36.52B, a trailing P/E of 61.06, a beta of -0.23 versus the broader market, a 52-week range of 447-1016.06, average daily share volume of 104K, a public-listing history dating back to 1996, approximately 20K full-time employees. These structural characteristics shape how ESLT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.23 indicates ESLT has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 61.06 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. ESLT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on ESLT?
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.
ESLT snapshot
As of August 14, 2026, spot at $782.92, ATM IV 36.00%, IV rank 14.47%, expected move 10.32%. The iron condor on ESLT 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 ESLT specifically: ESLT IV at 36.00% is on the cheap side of its 1-year range, which means a premium-selling ESLT iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.32% (roughly $80.80 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 ESLT expiries trade a higher absolute premium for lower per-day decay. Position sizing on ESLT should anchor to the underlying notional of $782.92 per share and to the trader's directional view on ESLT stock.
ESLT iron condor setup
The ESLT 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 ESLT at $782.92 on that close, the first option leg uses a $820.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ESLT 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 ESLT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $820.00 | $20.85 |
| Buy 1 | Call | $860.00 | $11.00 |
| Sell 1 | Put | $740.00 | $16.50 |
| Buy 1 | Put | $700.00 | $7.45 |
ESLT iron condor risk and reward
- Net Premium / Debit
- +$1,890.00
- Max Profit (per contract)
- $1,890.00
- Max Loss (per contract)
- -$2,110.00
- Breakeven(s)
- $721.10, $838.90
- Risk / Reward Ratio
- 0.896
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.
ESLT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ESLT. 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% | -$2,110.00 |
| $173.12 | -77.9% | -$2,110.00 |
| $346.22 | -55.8% | -$2,110.00 |
| $519.33 | -33.7% | -$2,110.00 |
| $692.44 | -11.6% | -$2,110.00 |
| $865.54 | +10.6% | -$2,110.00 |
| $1,038.65 | +32.7% | -$2,110.00 |
| $1,211.76 | +54.8% | -$2,110.00 |
| $1,384.86 | +76.9% | -$2,110.00 |
| $1,557.97 | +99.0% | -$2,110.00 |
When traders use iron condor on ESLT
Iron condors on ESLT are a delta-neutral premium-collection structure that profits if ESLT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ESLT thesis for this iron condor
The market-implied 1-standard-deviation range for ESLT extends from approximately $702.12 on the downside to $863.72 on the upside. A ESLT iron condor is a delta-neutral premium-collection structure that pays off when ESLT 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 ESLT IV rank near 14.47% 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 ESLT at 36.00%. As a Industrials name, ESLT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ESLT-specific events.
ESLT 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. ESLT positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ESLT alongside the broader basket even when ESLT-specific fundamentals are unchanged. Short-premium structures like a iron condor on ESLT carry tail risk when realized volatility exceeds the implied move; review historical ESLT earnings reactions and macro stress periods before sizing. Always rebuild the position from current ESLT chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ESLT?
- A iron condor on ESLT is the iron condor strategy applied to ESLT (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 ESLT stock at $782.92 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ESLT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ESLT 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 ESLT iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 36.00%), the computed maximum profit is $1,890.00 per contract and the computed maximum loss is -$2,110.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ESLT iron condor?
- The breakeven for the ESLT iron condor priced on this page is roughly $721.10 and $838.90 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 ESLT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.32%; 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 ESLT?
- Iron condors on ESLT are a delta-neutral premium-collection structure that profits if ESLT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ESLT implied volatility affect this iron condor?
- ESLT ATM IV is at 36.00% with IV rank near 14.47%, 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.