EVRG Iron Condor Strategy
EVRG (Evergy, Inc.), in the Utilities sector, (Regulated Electric industry), listed on NASDAQ.
Evergy, Inc., along with its subsidiaries, operates as an integrated electric utility, focusing on the production, conveyance, distribution, and direct sale of power throughout Kansas and Missouri in the United States. The company's electricity generation relies on a diverse energy mix, utilizing sources such as coal, hydroelectric, landfill gas, uranium, natural gas, and oil, alongside a growing portfolio of renewables like solar and wind energy. Supporting its operations, Evergy maintains a robust infrastructure, which includes roughly 10,100 circuit miles of high-voltage transmission lines, about 39,800 circuit miles of overhead distribution lines, and an additional 13,000 circuit miles of underground distribution networks. It provides service to a substantial customer base of approximately 1,620,400, encompassing residential consumers, commercial enterprises, industrial facilities, municipal entities, and fellow electric utilities. Evergy, Inc. was founded in 2017 and has its main corporate headquarters situated in Kansas City, Missouri.
EVRG (Evergy, Inc.) trades in the Utilities sector, specifically Regulated Electric, with a market capitalization of approximately $20.82B, a trailing P/E of 19.28, a beta of 0.47 versus the broader market, a 52-week range of 71.41-89.66, average daily share volume of 2.2M, a public-listing history dating back to 2018, approximately 5K full-time employees. These structural characteristics shape how EVRG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.47 indicates EVRG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. EVRG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on EVRG?
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.
EVRG snapshot
As of November 13, 2026, spot at $88.56, ATM IV 17.40%, IV rank 33.04%, expected move 4.99%. The iron condor on EVRG below is built from the November 13, 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 EVRG specifically: EVRG IV at 17.40% is mid-range versus its 1-year history, so the credit collected on a EVRG iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 4.99% (roughly $4.42 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 EVRG expiries trade a higher absolute premium for lower per-day decay. Position sizing on EVRG should anchor to the underlying notional of $88.56 per share and to the trader's directional view on EVRG stock.
EVRG iron condor setup
The EVRG iron condor below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With EVRG at $88.56 on that close, the first option leg uses a $92.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EVRG 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 EVRG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $92.50 | $0.45 |
| Buy 1 | Call | $95.00 | $0.25 |
| Sell 1 | Put | $85.00 | $1.20 |
| Buy 1 | Put | $80.00 | $1.40 |
EVRG iron condor risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- -$500.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- 0.000
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.
EVRG iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on EVRG. 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% | -$500.00 |
| $19.59 | -77.9% | -$500.00 |
| $39.17 | -55.8% | -$500.00 |
| $58.75 | -33.7% | -$500.00 |
| $78.33 | -11.6% | -$500.00 |
| $97.91 | +10.6% | -$250.00 |
| $117.49 | +32.7% | -$250.00 |
| $137.07 | +54.8% | -$250.00 |
| $156.65 | +76.9% | -$250.00 |
| $176.23 | +99.0% | -$250.00 |
When traders use iron condor on EVRG
Iron condors on EVRG are a delta-neutral premium-collection structure that profits if EVRG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
EVRG thesis for this iron condor
The market-implied 1-standard-deviation range for EVRG extends from approximately $84.14 on the downside to $92.98 on the upside. A EVRG iron condor is a delta-neutral premium-collection structure that pays off when EVRG 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 EVRG IV rank near 33.04% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on EVRG should anchor more to the directional view and the expected-move geometry. As a Utilities name, EVRG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EVRG-specific events.
EVRG 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. EVRG positions also carry Utilities sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EVRG alongside the broader basket even when EVRG-specific fundamentals are unchanged. Short-premium structures like a iron condor on EVRG carry tail risk when realized volatility exceeds the implied move; review historical EVRG earnings reactions and macro stress periods before sizing. Always rebuild the position from current EVRG chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on EVRG?
- A iron condor on EVRG is the iron condor strategy applied to EVRG (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 EVRG stock at $88.56 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed EVRG chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are EVRG 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 EVRG iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 17.40%), the computed maximum profit is $0.00 per contract and the computed maximum loss is -$500.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EVRG iron condor?
- The breakeven for the EVRG iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the November 13, 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 EVRG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.99%; 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 EVRG?
- Iron condors on EVRG are a delta-neutral premium-collection structure that profits if EVRG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current EVRG implied volatility affect this iron condor?
- EVRG ATM IV is at 17.40% with IV rank near 33.04%, 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.