GS Iron Condor Strategy
GS (The Goldman Sachs Group, Inc.), in the Financial Services sector, (Financial - Capital Markets industry), listed on NYSE.
The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through four segments: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. The company's Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and middle-market lending, relationship lending, and acquisition financing, as well as transaction banking services. This segment also offers underwriting services, such as equity underwriting for common and preferred stock and convertible and exchangeable securities; and debt underwriting for various types of debt instruments, including investment-grade and high-yield debt, bank and bridge loans, and emerging-and growth-market debt, as well as originates structured securities. Its Global Markets segment is involved in client execution activities for cash and derivative instruments; credit and interest rate products; and provision of equity intermediation and equity financing, clearing, settlement, and custody services, as well as mortgages, currencies, commodities, and equities related products. The company's Asset Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities; and provides customized investment advisory solutions, as well as invests in corporate, real estate, and infrastructure entities.
GS (The Goldman Sachs Group, Inc.) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $281.86B, a trailing P/E of 16.06, a beta of 1.27 versus the broader market, a 52-week range of 582.5-984.7, average daily share volume of 2.2M, a public-listing history dating back to 1999, approximately 47K full-time employees. These structural characteristics shape how GS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.27 places GS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. GS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on GS?
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 GS snapshot
As of May 15, 2026, spot at $953.95, ATM IV 29.42%, IV rank 29.40%, expected move 8.44%. The iron condor on GS 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 GS specifically: GS IV at 29.42% is on the cheap side of its 1-year range, which means a premium-selling GS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.44% (roughly $80.47 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 GS expiries trade a higher absolute premium for lower per-day decay. Position sizing on GS should anchor to the underlying notional of $953.95 per share and to the trader's directional view on GS stock.
GS iron condor setup
The GS 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 GS near $953.95, the first option leg uses a $1,000.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GS 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 GS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $1,000.00 | $12.05 |
| Buy 1 | Call | $1,050.00 | $4.03 |
| Sell 1 | Put | $905.00 | $13.08 |
| Buy 1 | Put | $860.00 | $5.10 |
GS iron condor risk and reward
- Net Premium / Debit
- +$1,600.00
- Max Profit (per contract)
- $1,600.00
- Max Loss (per contract)
- -$3,400.00
- Breakeven(s)
- $889.00, $1,016.00
- Risk / Reward Ratio
- 0.471
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.
GS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on GS. 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% | -$2,900.00 |
| $210.93 | -77.9% | -$2,900.00 |
| $421.86 | -55.8% | -$2,900.00 |
| $632.78 | -33.7% | -$2,900.00 |
| $843.70 | -11.6% | -$2,900.00 |
| $1,054.62 | +10.6% | -$3,400.00 |
| $1,265.55 | +32.7% | -$3,400.00 |
| $1,476.47 | +54.8% | -$3,400.00 |
| $1,687.39 | +76.9% | -$3,400.00 |
| $1,898.31 | +99.0% | -$3,400.00 |
When traders use iron condor on GS
Iron condors on GS are a delta-neutral premium-collection structure that profits if GS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
GS thesis for this iron condor
The market-implied 1-standard-deviation range for GS extends from approximately $873.48 on the downside to $1,034.42 on the upside. A GS iron condor is a delta-neutral premium-collection structure that pays off when GS 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 GS IV rank near 29.40% 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 GS at 29.42%. As a Financial Services name, GS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GS-specific events.
GS 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. GS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GS alongside the broader basket even when GS-specific fundamentals are unchanged. Short-premium structures like a iron condor on GS carry tail risk when realized volatility exceeds the implied move; review historical GS earnings reactions and macro stress periods before sizing. Always rebuild the position from current GS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on GS?
- A iron condor on GS is the iron condor strategy applied to GS (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 GS stock trading near $953.95, the strikes shown on this page are snapped to the nearest listed GS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GS 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 GS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 29.42%), the computed maximum profit is $1,600.00 per contract and the computed maximum loss is -$3,400.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GS iron condor?
- The breakeven for the GS iron condor priced on this page is roughly $889.00 and $1,016.00 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 GS market-implied 1-standard-deviation expected move is approximately 8.44%; 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 GS?
- Iron condors on GS are a delta-neutral premium-collection structure that profits if GS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current GS implied volatility affect this iron condor?
- GS ATM IV is at 29.42% with IV rank near 29.40%, 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.