FSV Iron Condor Strategy
FSV (FirstService Corporation), in the Real Estate sector, (Real Estate - Services industry), listed on NASDAQ.
FirstService Corporation, together with its subsidiaries, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. The company operates in two segments, FirstService Residential and FirstService Brands. The FirstService Residential segment offers property management services for private residential communities, such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments. This segment also provides a range of ancillary services, including on-site staffing for building engineering and maintenance, full-service swimming pool and amenity management, and security and concierge/front desk; and financial services comprising cash management, other banking transaction-related, and specialized property insurance brokerage. In addition, this segment offers energy management solutions and advisory services, and resale processing services. The FirstService Brands segment operates and provides essential property services to residential and commercial customers, through five franchise networks; and company-owned locations, including 20 California Closets, 12 Paul Davis Restoration, and 1 CertaPro Painters locations.
FSV (FirstService Corporation) trades in the Real Estate sector, specifically Real Estate - Services, with a market capitalization of approximately $5.94B, a trailing P/E of 36.37, a beta of 0.91 versus the broader market, a 52-week range of 124.37-209.66, average daily share volume of 198K, a public-listing history dating back to 2015, approximately 30K full-time employees. These structural characteristics shape how FSV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.91 places FSV roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 36.37 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. FSV pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on FSV?
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 FSV snapshot
As of May 15, 2026, spot at $129.75, ATM IV 27.70%, IV rank 3.58%, expected move 7.94%. The iron condor on FSV 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 FSV specifically: FSV IV at 27.70% is on the cheap side of its 1-year range, which means a premium-selling FSV iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.94% (roughly $10.30 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 FSV expiries trade a higher absolute premium for lower per-day decay. Position sizing on FSV should anchor to the underlying notional of $129.75 per share and to the trader's directional view on FSV stock.
FSV iron condor setup
The FSV 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 FSV near $129.75, the first option leg uses a $135.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FSV 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 FSV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $135.00 | $2.38 |
| Buy 1 | Call | $145.00 | $0.48 |
| Sell 1 | Put | $125.00 | $2.70 |
| Buy 1 | Put | $115.00 | $0.40 |
FSV iron condor risk and reward
- Net Premium / Debit
- +$420.00
- Max Profit (per contract)
- $420.00
- Max Loss (per contract)
- -$580.00
- Breakeven(s)
- $120.80, $139.20
- Risk / Reward Ratio
- 0.724
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.
FSV iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on FSV. 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% | -$580.00 |
| $28.70 | -77.9% | -$580.00 |
| $57.38 | -55.8% | -$580.00 |
| $86.07 | -33.7% | -$580.00 |
| $114.76 | -11.6% | -$580.00 |
| $143.45 | +10.6% | -$424.67 |
| $172.13 | +32.7% | -$580.00 |
| $200.82 | +54.8% | -$580.00 |
| $229.51 | +76.9% | -$580.00 |
| $258.20 | +99.0% | -$580.00 |
When traders use iron condor on FSV
Iron condors on FSV are a delta-neutral premium-collection structure that profits if FSV stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
FSV thesis for this iron condor
The market-implied 1-standard-deviation range for FSV extends from approximately $119.45 on the downside to $140.05 on the upside. A FSV iron condor is a delta-neutral premium-collection structure that pays off when FSV 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 FSV IV rank near 3.58% 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 FSV at 27.70%. As a Real Estate name, FSV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FSV-specific events.
FSV 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. FSV positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FSV alongside the broader basket even when FSV-specific fundamentals are unchanged. Short-premium structures like a iron condor on FSV carry tail risk when realized volatility exceeds the implied move; review historical FSV earnings reactions and macro stress periods before sizing. Always rebuild the position from current FSV chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on FSV?
- A iron condor on FSV is the iron condor strategy applied to FSV (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 FSV stock trading near $129.75, the strikes shown on this page are snapped to the nearest listed FSV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FSV 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 FSV iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 27.70%), the computed maximum profit is $420.00 per contract and the computed maximum loss is -$580.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FSV iron condor?
- The breakeven for the FSV iron condor priced on this page is roughly $120.80 and $139.20 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 FSV market-implied 1-standard-deviation expected move is approximately 7.94%; 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 FSV?
- Iron condors on FSV are a delta-neutral premium-collection structure that profits if FSV stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current FSV implied volatility affect this iron condor?
- FSV ATM IV is at 27.70% with IV rank near 3.58%, 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.