FR Iron Condor Strategy
FR (First Industrial Realty Trust, Inc.), in the Real Estate sector, (REIT - Industrial industry), listed on NYSE.
First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of December 31, 2025. First Industrial Realty Trust, Inc. was incorporated in 1993 in Maryland, USA,
FR (First Industrial Realty Trust, Inc.) trades in the Real Estate sector, specifically REIT - Industrial, with a market capitalization of approximately $8.43B, a trailing P/E of 24.60, a beta of 1.07 versus the broader market, a 52-week range of 47.36-64.66, average daily share volume of 955K, a public-listing history dating back to 1994, approximately 152 full-time employees. These structural characteristics shape how FR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.07 places FR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. FR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on FR?
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 FR snapshot
As of June 30, 2026, spot at $61.61, ATM IV 343.30%, IV rank 84.59%, expected move 98.42%. The iron condor on FR 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 17-day expiry.
Why this iron condor structure on FR specifically: FR IV at 343.30% is rich versus its 1-year range, which favors premium-selling structures like a FR iron condor, with a market-implied 1-standard-deviation move of approximately 98.42% (roughly $60.64 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FR expiries trade a higher absolute premium for lower per-day decay. Position sizing on FR should anchor to the underlying notional of $61.61 per share and to the trader's directional view on FR stock.
FR iron condor setup
The FR 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 FR near $61.61, the first option leg uses a $64.69 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FR chain at a 17-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 FR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $64.69 | N/A |
| Buy 1 | Call | $67.77 | N/A |
| Sell 1 | Put | $58.53 | N/A |
| Buy 1 | Put | $55.45 | N/A |
FR 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.
FR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on FR. 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 FR
Iron condors on FR are a delta-neutral premium-collection structure that profits if FR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
FR thesis for this iron condor
The market-implied 1-standard-deviation range for FR extends from approximately $0.97 on the downside to $122.25 on the upside. A FR iron condor is a delta-neutral premium-collection structure that pays off when FR 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 FR IV rank near 84.59% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on FR at 343.30%. As a Real Estate name, FR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FR-specific events.
FR 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. FR positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FR alongside the broader basket even when FR-specific fundamentals are unchanged. Short-premium structures like a iron condor on FR carry tail risk when realized volatility exceeds the implied move; review historical FR earnings reactions and macro stress periods before sizing. Always rebuild the position from current FR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on FR?
- A iron condor on FR is the iron condor strategy applied to FR (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 FR stock trading near $61.61, the strikes shown on this page are snapped to the nearest listed FR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FR 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 FR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 343.30%), 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 FR iron condor?
- The breakeven for the FR 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 FR market-implied 1-standard-deviation expected move is approximately 98.42%; 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 FR?
- Iron condors on FR are a delta-neutral premium-collection structure that profits if FR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current FR implied volatility affect this iron condor?
- FR ATM IV is at 343.30% with IV rank near 84.59%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.