FISI Iron Condor Strategy
FISI (Financial Institutions, Inc.), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Financial Institutions, Inc. operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company offers checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts. Its loan products include term loans and lines of credit; short and medium-term commercial loans for working capital, business expansion, and purchase of equipment; commercial business loans to the agricultural industry; commercial mortgage loans; one-to-four family residential mortgage loans, home improvement loans, closed-end home equity loans, and home equity lines of credit; and consumer loans, such as automobile, secured installment, and personal loans. The company also provides personal insurance products, including automobile, homeowners, boat, recreational vehicle, landlord, and umbrella coverage; commercial insurance comprising property, liability, automobile, inland marine, workers compensation, bonds, crop, and umbrella insurance products; and financial services comprising life and disability insurance, medicare supplements, long-term care, annuities, mutual funds, and retirement programs. In addition, it offers customized investment advisory, wealth management, investment consulting, and retirement plan services, as well as operates a real estate investment trust that holds residential mortgages and commercial real estate loans. The company operates a network of 48 banking offices in Allegany, Cattaraugus, Cayuga, Chautauqua, Chemung, Erie, Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Schuyler, Steuben, Wayne, Wyoming, and Yates counties, New York.
FISI (Financial Institutions, Inc.) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $674.1M, a trailing P/E of 8.52, a beta of 0.65 versus the broader market, a 52-week range of 24.41-35.7, average daily share volume of 129K, a public-listing history dating back to 1999, approximately 598 full-time employees. These structural characteristics shape how FISI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.65 indicates FISI 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 8.52 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. FISI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on FISI?
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 FISI snapshot
As of May 15, 2026, spot at $33.94, ATM IV 45.80%, IV rank 14.09%, expected move 13.13%. The iron condor on FISI 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 FISI specifically: FISI IV at 45.80% is on the cheap side of its 1-year range, which means a premium-selling FISI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.13% (roughly $4.46 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 FISI expiries trade a higher absolute premium for lower per-day decay. Position sizing on FISI should anchor to the underlying notional of $33.94 per share and to the trader's directional view on FISI stock.
FISI iron condor setup
The FISI 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 FISI near $33.94, the first option leg uses a $35.64 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FISI 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 FISI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $35.64 | N/A |
| Buy 1 | Call | $37.33 | N/A |
| Sell 1 | Put | $32.24 | N/A |
| Buy 1 | Put | $30.55 | N/A |
FISI iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
FISI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on FISI. 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.
When traders use iron condor on FISI
Iron condors on FISI are a delta-neutral premium-collection structure that profits if FISI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
FISI thesis for this iron condor
The market-implied 1-standard-deviation range for FISI extends from approximately $29.48 on the downside to $38.40 on the upside. A FISI iron condor is a delta-neutral premium-collection structure that pays off when FISI 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 FISI IV rank near 14.09% 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 FISI at 45.80%. As a Financial Services name, FISI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FISI-specific events.
FISI 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. FISI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FISI alongside the broader basket even when FISI-specific fundamentals are unchanged. Short-premium structures like a iron condor on FISI carry tail risk when realized volatility exceeds the implied move; review historical FISI earnings reactions and macro stress periods before sizing. Always rebuild the position from current FISI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on FISI?
- A iron condor on FISI is the iron condor strategy applied to FISI (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 FISI stock trading near $33.94, the strikes shown on this page are snapped to the nearest listed FISI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FISI 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 FISI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 45.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FISI iron condor?
- The breakeven for the FISI iron condor priced on this page is no defined breakeven on the modeled curve 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 FISI market-implied 1-standard-deviation expected move is approximately 13.13%; 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 FISI?
- Iron condors on FISI are a delta-neutral premium-collection structure that profits if FISI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current FISI implied volatility affect this iron condor?
- FISI ATM IV is at 45.80% with IV rank near 14.09%, 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.