FSLR Iron Condor Strategy
FSLR (First Solar, Inc.), in the Technology sector, (Solar industry), listed on NASDAQ.
First Solar, Inc. is a global provider of photovoltaic (PV) solar energy solutions, operating in numerous international markets including the United States, Japan, France, Canada, India, and Australia. The company's primary activity involves the engineering, manufacturing, and sale of cadmium telluride solar modules, which are designed to convert solar radiation directly into electricity. Its clientele is broad, serving system developers and operators, utility companies, independent power producers, commercial and industrial businesses, and various other system owners. Founded in 1999, the firm is based in Tempe, Arizona, and underwent a name change in 2006 from its former designation, First Solar Holdings, Inc.
FSLR (First Solar, Inc.) trades in the Technology sector, specifically Solar, with a market capitalization of approximately $24.37B, a trailing P/E of 13.96, a beta of 1.75 versus the broader market, a 52-week range of 176.47-320.95, average daily share volume of 2.4M, a public-listing history dating back to 2006, approximately 8K full-time employees. These structural characteristics shape how FSLR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.75 indicates FSLR 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 FSLR?
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.
FSLR snapshot
As of August 14, 2026, spot at $225.20, ATM IV 49.37%, IV rank 12.70%, expected move 14.15%. The iron condor on FSLR 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 28-day expiry.
Why this iron condor structure on FSLR specifically: FSLR IV at 49.37% is on the cheap side of its 1-year range, which means a premium-selling FSLR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.15% (roughly $31.88 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FSLR expiries trade a higher absolute premium for lower per-day decay. Position sizing on FSLR should anchor to the underlying notional of $225.20 per share and to the trader's directional view on FSLR stock.
FSLR iron condor setup
The FSLR 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 FSLR at $225.20 on that close, the first option leg uses a $235.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FSLR chain at a 28-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 FSLR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $235.00 | $8.23 |
| Buy 1 | Call | $250.00 | $3.69 |
| Sell 1 | Put | $215.00 | $7.88 |
| Buy 1 | Put | $205.00 | $4.45 |
FSLR iron condor risk and reward
- Net Premium / Debit
- +$796.00
- Max Profit (per contract)
- $796.00
- Max Loss (per contract)
- -$704.00
- Breakeven(s)
- $207.04, $242.96
- Risk / Reward Ratio
- 1.131
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.
FSLR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on FSLR. 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% | -$204.00 |
| $49.80 | -77.9% | -$204.00 |
| $99.59 | -55.8% | -$204.00 |
| $149.39 | -33.7% | -$204.00 |
| $199.18 | -11.6% | -$204.00 |
| $248.97 | +10.6% | -$600.93 |
| $298.76 | +32.7% | -$704.00 |
| $348.55 | +54.8% | -$704.00 |
| $398.34 | +76.9% | -$704.00 |
| $448.14 | +99.0% | -$704.00 |
When traders use iron condor on FSLR
Iron condors on FSLR are a delta-neutral premium-collection structure that profits if FSLR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
FSLR thesis for this iron condor
The market-implied 1-standard-deviation range for FSLR extends from approximately $193.32 on the downside to $257.08 on the upside. A FSLR iron condor is a delta-neutral premium-collection structure that pays off when FSLR 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 FSLR IV rank near 12.70% 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 FSLR at 49.37%. As a Technology name, FSLR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FSLR-specific events.
FSLR 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. FSLR positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FSLR alongside the broader basket even when FSLR-specific fundamentals are unchanged. Short-premium structures like a iron condor on FSLR carry tail risk when realized volatility exceeds the implied move; review historical FSLR earnings reactions and macro stress periods before sizing. Always rebuild the position from current FSLR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on FSLR?
- A iron condor on FSLR is the iron condor strategy applied to FSLR (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 FSLR stock at $225.20 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FSLR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are FSLR 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 FSLR iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 49.37%), the computed maximum profit is $796.00 per contract and the computed maximum loss is -$704.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FSLR iron condor?
- The breakeven for the FSLR iron condor priced on this page is roughly $207.04 and $242.96 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 FSLR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.15%; 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 FSLR?
- Iron condors on FSLR are a delta-neutral premium-collection structure that profits if FSLR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current FSLR implied volatility affect this iron condor?
- FSLR ATM IV is at 49.37% with IV rank near 12.70%, 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.