FSLR Iron Condor Strategy
FSLR (First Solar, Inc.), in the Energy sector, (Solar industry), listed on NASDAQ.
First Solar, Inc. provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners. The company was formerly known as First Solar Holdings, Inc. and changed its name to First Solar, Inc. in 2006. First Solar, Inc. was founded in 1999 and is headquartered in Tempe, Arizona.
FSLR (First Solar, Inc.) trades in the Energy sector, specifically Solar, with a market capitalization of approximately $25.21B, a trailing P/E of 15.12, a beta of 1.56 versus the broader market, a 52-week range of 135.5-285.99, average daily share volume of 2.3M, 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 1.56 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.
Current FSLR snapshot
As of May 15, 2026, spot at $236.03, ATM IV 55.41%, IV rank 38.18%, expected move 15.89%. The iron condor on FSLR 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 28-day expiry.
Why this iron condor structure on FSLR specifically: FSLR IV at 55.41% is mid-range versus its 1-year history, so the credit collected on a FSLR iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 15.89% (roughly $37.50 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 $236.03 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 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FSLR near $236.03, the first option leg uses a $250.00 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 | $250.00 | $9.08 |
| Buy 1 | Call | $260.00 | $6.28 |
| Sell 1 | Put | $225.00 | $8.75 |
| Buy 1 | Put | $210.00 | $3.70 |
FSLR iron condor risk and reward
- Net Premium / Debit
- +$785.00
- Max Profit (per contract)
- $785.00
- Max Loss (per contract)
- -$715.00
- Breakeven(s)
- $217.15, $257.85
- Risk / Reward Ratio
- 1.098
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% | -$715.00 |
| $52.20 | -77.9% | -$715.00 |
| $104.38 | -55.8% | -$715.00 |
| $156.57 | -33.7% | -$715.00 |
| $208.76 | -11.6% | -$715.00 |
| $260.94 | +10.6% | -$215.00 |
| $313.13 | +32.7% | -$215.00 |
| $365.32 | +54.8% | -$215.00 |
| $417.50 | +76.9% | -$215.00 |
| $469.69 | +99.0% | -$215.00 |
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 $198.53 on the downside to $273.53 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 38.18% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on FSLR should anchor more to the directional view and the expected-move geometry. As a Energy 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 Energy 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 trading near $236.03, the strikes shown on this page are snapped to the nearest listed FSLR chain strike and the premiums come straight from the end-of-day 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 end-of-day chain at a 30-day expiry (ATM IV 55.41%), the computed maximum profit is $785.00 per contract and the computed maximum loss is -$715.00 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 $217.15 and $257.85 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 FSLR market-implied 1-standard-deviation expected move is approximately 15.89%; 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 55.41% with IV rank near 38.18%, 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.