FND Iron Condor Strategy
FND (Floor & Decor Holdings, Inc.), in the Consumer Cyclical sector, (Home Improvement industry), listed on NYSE.
Floor & Decor Holdings, Inc. functions as a leading multi-channel business, acting as both a specialized retailer and a commercial distributor of hard surface flooring and its related accessories. The company provides a wide array of flooring options, such as tile, wood, laminate, vinyl, and natural stone, along with decorative and installation components. It serves a broad customer base, including professional installers, commercial clients, and do-it-yourself customers. As of May 5, 2022, the company boasted a significant physical presence with 166 large-format retail warehouses and five design studios spread across 34 states. Its products are also available online via its website, FloorandDecor.com. Founded in 2000, the company was initially known as FDO Holdings, Inc. before rebranding as Floor & Decor Holdings, Inc. in April 2017.
FND (Floor & Decor Holdings, Inc.) trades in the Consumer Cyclical sector, specifically Home Improvement, with a market capitalization of approximately $6.32B, a trailing P/E of 27.54, a beta of 1.57 versus the broader market, a 52-week range of 42.64-92.405, average daily share volume of 2.9M, a public-listing history dating back to 2017, approximately 12K full-time employees. These structural characteristics shape how FND stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.57 indicates FND has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a iron condor on FND?
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.
FND snapshot
As of August 14, 2026, spot at $58.58, ATM IV 49.10%, IV rank 28.11%, expected move 14.08%. The iron condor on FND 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 FND specifically: FND IV at 49.10% is on the cheap side of its 1-year range, which means a premium-selling FND iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.08% (roughly $8.25 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 FND expiries trade a higher absolute premium for lower per-day decay. Position sizing on FND should anchor to the underlying notional of $58.58 per share and to the trader's directional view on FND stock.
FND iron condor setup
The FND 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 FND at $58.58 on that close, the first option leg uses a $62.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FND 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 FND shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $62.50 | $2.23 |
| Buy 1 | Call | $65.00 | $1.48 |
| Sell 1 | Put | $55.00 | $2.00 |
| Buy 1 | Put | $52.50 | $1.80 |
FND iron condor risk and reward
- Net Premium / Debit
- +$95.00
- Max Profit (per contract)
- $95.00
- Max Loss (per contract)
- -$155.00
- Breakeven(s)
- $54.05, $63.45
- Risk / Reward Ratio
- 0.613
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.
FND iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on FND. 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% | -$155.00 |
| $12.96 | -77.9% | -$155.00 |
| $25.91 | -55.8% | -$155.00 |
| $38.86 | -33.7% | -$155.00 |
| $51.82 | -11.5% | -$155.00 |
| $64.77 | +10.6% | -$131.63 |
| $77.72 | +32.7% | -$155.00 |
| $90.67 | +54.8% | -$155.00 |
| $103.62 | +76.9% | -$155.00 |
| $116.57 | +99.0% | -$155.00 |
When traders use iron condor on FND
Iron condors on FND are a delta-neutral premium-collection structure that profits if FND stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
FND thesis for this iron condor
The market-implied 1-standard-deviation range for FND extends from approximately $50.33 on the downside to $66.83 on the upside. A FND iron condor is a delta-neutral premium-collection structure that pays off when FND 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 FND IV rank near 28.11% 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 FND at 49.10%. As a Consumer Cyclical name, FND options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FND-specific events.
FND 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. FND positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FND alongside the broader basket even when FND-specific fundamentals are unchanged. Short-premium structures like a iron condor on FND carry tail risk when realized volatility exceeds the implied move; review historical FND earnings reactions and macro stress periods before sizing. Always rebuild the position from current FND chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on FND?
- A iron condor on FND is the iron condor strategy applied to FND (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 FND stock at $58.58 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FND chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are FND 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 FND iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 49.10%), the computed maximum profit is $95.00 per contract and the computed maximum loss is -$155.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FND iron condor?
- The breakeven for the FND iron condor priced on this page is roughly $54.05 and $63.45 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 FND market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.08%; 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 FND?
- Iron condors on FND are a delta-neutral premium-collection structure that profits if FND stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current FND implied volatility affect this iron condor?
- FND ATM IV is at 49.10% with IV rank near 28.11%, 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.