GLNG Iron Condor Strategy
GLNG (Golar LNG Limited), in the Energy sector, (Oil & Gas Midstream industry), listed on NASDAQ.
Golar LNG Limited specializes in providing marine-based infrastructure for the liquefaction and regasification of liquefied natural gas (LNG). The company's core business encompasses the design, construction, ownership, and operation of these specialized assets. Its operations are organized into two key segments: Shipping and Floating Liquefied Natural Gas (FLNG). Golar LNG's activities involve both the management and chartering of LNG carriers, FLNG vessels, and floating storage regasification units (FSRUs), in addition to operating third-party owned vessels. As of December 31, 2021, its fleet comprised nine LNG carriers, one FSRU, and three FLNGs. Established in 1946, the company maintains its headquarters in Hamilton, Bermuda.
GLNG (Golar LNG Limited) trades in the Energy sector, specifically Oil & Gas Midstream, with a market capitalization of approximately $5.06B, a trailing P/E of 43.74, a beta of 0.01 versus the broader market, a 52-week range of 35.02-57.79, average daily share volume of 1.5M, a public-listing history dating back to 2003, approximately 474 full-time employees. These structural characteristics shape how GLNG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.01 indicates GLNG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 43.74 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. GLNG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on GLNG?
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 GLNG snapshot
As of June 30, 2026, spot at $49.75, ATM IV 30.00%, IV rank 8.03%, expected move 8.60%. The iron condor on GLNG 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 80-day expiry.
Why this iron condor structure on GLNG specifically: GLNG IV at 30.00% is on the cheap side of its 1-year range, which means a premium-selling GLNG iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.60% (roughly $4.28 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GLNG expiries trade a higher absolute premium for lower per-day decay. Position sizing on GLNG should anchor to the underlying notional of $49.75 per share and to the trader's directional view on GLNG stock.
GLNG iron condor setup
The GLNG 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 GLNG near $49.75, the first option leg uses a $50.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GLNG chain at a 80-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 GLNG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $50.00 | $3.35 |
| Buy 1 | Call | $55.00 | $1.53 |
| Sell 1 | Put | $47.00 | $2.03 |
| Buy 1 | Put | $45.00 | $1.38 |
GLNG iron condor risk and reward
- Net Premium / Debit
- +$247.50
- Max Profit (per contract)
- $247.50
- Max Loss (per contract)
- -$252.50
- Breakeven(s)
- $52.48
- Risk / Reward Ratio
- 0.980
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.
GLNG iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on GLNG. 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% | +$47.50 |
| $11.01 | -77.9% | +$47.50 |
| $22.01 | -55.8% | +$47.50 |
| $33.01 | -33.7% | +$47.50 |
| $44.01 | -11.5% | +$47.50 |
| $55.00 | +10.6% | -$252.50 |
| $66.00 | +32.7% | -$252.50 |
| $77.00 | +54.8% | -$252.50 |
| $88.00 | +76.9% | -$252.50 |
| $99.00 | +99.0% | -$252.50 |
When traders use iron condor on GLNG
Iron condors on GLNG are a delta-neutral premium-collection structure that profits if GLNG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
GLNG thesis for this iron condor
The market-implied 1-standard-deviation range for GLNG extends from approximately $45.47 on the downside to $54.03 on the upside. A GLNG iron condor is a delta-neutral premium-collection structure that pays off when GLNG 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 GLNG IV rank near 8.03% 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 GLNG at 30.00%. As a Energy name, GLNG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GLNG-specific events.
GLNG 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. GLNG positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GLNG alongside the broader basket even when GLNG-specific fundamentals are unchanged. Short-premium structures like a iron condor on GLNG carry tail risk when realized volatility exceeds the implied move; review historical GLNG earnings reactions and macro stress periods before sizing. Always rebuild the position from current GLNG chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on GLNG?
- A iron condor on GLNG is the iron condor strategy applied to GLNG (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 GLNG stock trading near $49.75, the strikes shown on this page are snapped to the nearest listed GLNG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GLNG 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 GLNG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 30.00%), the computed maximum profit is $247.50 per contract and the computed maximum loss is -$252.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GLNG iron condor?
- The breakeven for the GLNG iron condor priced on this page is roughly $52.48 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 GLNG market-implied 1-standard-deviation expected move is approximately 8.60%; 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 GLNG?
- Iron condors on GLNG are a delta-neutral premium-collection structure that profits if GLNG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current GLNG implied volatility affect this iron condor?
- GLNG ATM IV is at 30.00% with IV rank near 8.03%, 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.