FAST Iron Condor Strategy
FAST (Fastenal Company), in the Industrials sector, (Industrial - Distribution industry), listed on NASDAQ.
Fastenal Company, along with its associated entities, operates as a global wholesale supplier of industrial and construction materials, with significant operations throughout North America, including the United States, Canada, and Mexico, and other international markets. Branded as Fastenal, the company offers a comprehensive range of fasteners, such as threaded bolts, nuts, screws, studs, and washers, which are vital for manufacturing processes, building developments, and equipment servicing. Beyond fasteners, its product catalog extends to diverse hardware and miscellaneous items like pins, machinery keys, concrete anchors, metal framing systems, wire ropes, strut products, and rivets, along with their related accessories. Fastenal serves a wide array of clients, including original equipment manufacturers, maintenance, repair, and operations departments within the manufacturing sector, and various non-residential construction contractors spanning general, electrical, plumbing, sheet metal, and road construction. Its customer base further encompasses agricultural businesses, transportation services (trucking, railroads), mining operations, educational institutions, retail establishments, the oil and gas exploration, production, and refinement industries, and governmental bodies at federal, state, and local levels. The company distributes its offerings through an extensive network of 3,209 in-market facilities and 15 major distribution centers.
FAST (Fastenal Company) trades in the Industrials sector, specifically Industrial - Distribution, with a market capitalization of approximately $54.07B, a trailing P/E of 41.61, a beta of 0.73 versus the broader market, a 52-week range of 38.97-50.63, average daily share volume of 7.2M, a public-listing history dating back to 1987, approximately 21K full-time employees. These structural characteristics shape how FAST stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.73 places FAST roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 41.61 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. FAST pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on FAST?
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 FAST snapshot
As of June 29, 2026, spot at $47.17, ATM IV 35.50%, IV rank 54.21%, expected move 10.18%. The iron condor on FAST 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 172-day expiry.
Why this iron condor structure on FAST specifically: FAST IV at 35.50% is mid-range versus its 1-year history, so the credit collected on a FAST iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.18% (roughly $4.80 on the underlying). The 172-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FAST expiries trade a higher absolute premium for lower per-day decay. Position sizing on FAST should anchor to the underlying notional of $47.17 per share and to the trader's directional view on FAST stock.
FAST iron condor setup
The FAST 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 FAST near $47.17, the first option leg uses a $50.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FAST chain at a 172-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 FAST shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $50.00 | $2.50 |
| Buy 1 | Call | $52.50 | $1.60 |
| Sell 1 | Put | $45.00 | $2.55 |
| Buy 1 | Put | $42.50 | $2.45 |
FAST iron condor risk and reward
- Net Premium / Debit
- +$100.00
- Max Profit (per contract)
- $100.00
- Max Loss (per contract)
- -$150.00
- Breakeven(s)
- $44.00, $51.00
- Risk / Reward Ratio
- 0.667
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.
FAST iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on FAST. 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% | -$150.00 |
| $10.44 | -77.9% | -$150.00 |
| $20.87 | -55.8% | -$150.00 |
| $31.30 | -33.7% | -$150.00 |
| $41.72 | -11.5% | -$150.00 |
| $52.15 | +10.6% | -$115.22 |
| $62.58 | +32.7% | -$150.00 |
| $73.01 | +54.8% | -$150.00 |
| $83.44 | +76.9% | -$150.00 |
| $93.87 | +99.0% | -$150.00 |
When traders use iron condor on FAST
Iron condors on FAST are a delta-neutral premium-collection structure that profits if FAST stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
FAST thesis for this iron condor
The market-implied 1-standard-deviation range for FAST extends from approximately $42.37 on the downside to $51.97 on the upside. A FAST iron condor is a delta-neutral premium-collection structure that pays off when FAST 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 FAST IV rank near 54.21% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on FAST should anchor more to the directional view and the expected-move geometry. As a Industrials name, FAST options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FAST-specific events.
FAST 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. FAST positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FAST alongside the broader basket even when FAST-specific fundamentals are unchanged. Short-premium structures like a iron condor on FAST carry tail risk when realized volatility exceeds the implied move; review historical FAST earnings reactions and macro stress periods before sizing. Always rebuild the position from current FAST chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on FAST?
- A iron condor on FAST is the iron condor strategy applied to FAST (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 FAST stock trading near $47.17, the strikes shown on this page are snapped to the nearest listed FAST chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FAST 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 FAST iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 35.50%), the computed maximum profit is $100.00 per contract and the computed maximum loss is -$150.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FAST iron condor?
- The breakeven for the FAST iron condor priced on this page is roughly $44.00 and $51.00 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 FAST market-implied 1-standard-deviation expected move is approximately 10.18%; 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 FAST?
- Iron condors on FAST are a delta-neutral premium-collection structure that profits if FAST stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current FAST implied volatility affect this iron condor?
- FAST ATM IV is at 35.50% with IV rank near 54.21%, 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.