ESLT Iron Condor Strategy
ESLT (Elbit Systems Ltd.), in the Industrials sector, (Aerospace & Defense industry), listed on NASDAQ.
Elbit Systems Ltd. develops and supplies a portfolio of airborne, land, and naval systems and products for the defense, homeland security, and commercial aviation applications primarily in Israel. The company offers military aircraft and helicopter systems; commercial aviation systems and aerostructures; unmanned aircraft systems; electro-optic, night vision, and countermeasures systems; naval systems; land vehicle systems; munitions, such as precision munitions for land, air, and sea applications; command, control, communications, computer, intelligence, surveillance and reconnaissance, and cyber systems; electronic warfare and signal intelligence systems; and other commercial activities. It also manufactures and sells data links and radio communication systems and equipment, and cyber intelligence, autonomous, and homeland security solutions; laser systems and products; guided rocket systems; and armored vehicle and other platforms survivability and protection systems, as well as provides various training and support services. The company markets its systems and products as a prime contractor or subcontractor to various governments and companies. It also has operations in the United States, Europe, Latin America, the Asia-Pacific, and internationally. The company was incorporated in 1966 and is based in Haifa, Israel.
ESLT (Elbit Systems Ltd.) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $36.46B, a trailing P/E of 66.52, a beta of -0.27 versus the broader market, a 52-week range of 369.6-1016.06, average daily share volume of 168K, 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 -0.27 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 66.52 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.
Current ESLT snapshot
As of May 15, 2026, spot at $754.23, ATM IV 51.30%, IV rank 34.02%, expected move 14.71%. The iron condor on ESLT 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 ESLT specifically: ESLT IV at 51.30% is mid-range versus its 1-year history, so the credit collected on a ESLT iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 14.71% (roughly $110.93 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 ESLT expiries trade a higher absolute premium for lower per-day decay. Position sizing on ESLT should anchor to the underlying notional of $754.23 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 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ESLT near $754.23, the first option leg uses a $790.00 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 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 ESLT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $790.00 | $31.55 |
| Buy 1 | Call | $830.00 | $20.15 |
| Sell 1 | Put | $720.00 | $31.60 |
| Buy 1 | Put | $680.00 | $18.55 |
ESLT iron condor risk and reward
- Net Premium / Debit
- +$2,445.00
- Max Profit (per contract)
- $2,445.00
- Max Loss (per contract)
- -$1,555.00
- Breakeven(s)
- $695.55, $814.45
- Risk / Reward Ratio
- 1.572
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% | -$1,555.00 |
| $166.77 | -77.9% | -$1,555.00 |
| $333.54 | -55.8% | -$1,555.00 |
| $500.30 | -33.7% | -$1,555.00 |
| $667.06 | -11.6% | -$1,555.00 |
| $833.83 | +10.6% | -$1,555.00 |
| $1,000.59 | +32.7% | -$1,555.00 |
| $1,167.35 | +54.8% | -$1,555.00 |
| $1,334.12 | +76.9% | -$1,555.00 |
| $1,500.88 | +99.0% | -$1,555.00 |
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 $643.30 on the downside to $865.16 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 34.02% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on ESLT should anchor more to the directional view and the expected-move geometry. 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 trading near $754.23, the strikes shown on this page are snapped to the nearest listed ESLT chain strike and the premiums come straight from the end-of-day 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 end-of-day chain at a 30-day expiry (ATM IV 51.30%), the computed maximum profit is $2,445.00 per contract and the computed maximum loss is -$1,555.00 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 $695.55 and $814.45 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 ESLT market-implied 1-standard-deviation expected move is approximately 14.71%; 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 51.30% with IV rank near 34.02%, 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.