How are HCC 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 HCC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 53.20%), the computed maximum profit is $125.00 per contract and the computed maximum loss is -$375.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HCC iron condor?

The breakeven for the HCC iron condor priced on this page is roughly $86.25 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 HCC market-implied 1-standard-deviation expected move is approximately 15.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HCC implied volatility affect this iron condor?

HCC ATM IV is at 53.20% with IV rank near 38.27%, 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.

HCC Iron Condor Strategy

HCC (Warrior Met Coal, Inc.), in the Energy sector, (Coal industry), listed on NYSE.

Warrior Met Coal, Inc. specializes in the extraction and international distribution of coking coal, a critical raw material for steel production. The firm operates a pair of underground mines situated in Alabama. Its primary client base consists of blast furnace steel producers, predominantly located across Europe, South America, and Asia. In addition to coal, the company also sells natural gas, which is recovered as a byproduct of its mining activities. Established as a corporation in 2015, Warrior Met Coal, Inc. maintains its headquarters in Brookwood, Alabama.

HCC (Warrior Met Coal, Inc.) trades in the Energy sector, specifically Coal, with a market capitalization of approximately $4.29B, a trailing P/E of 31.17, a beta of 0.64 versus the broader market, a 52-week range of 43.43-110.39, average daily share volume of 876K, a public-listing history dating back to 2017, approximately 1K full-time employees. These structural characteristics shape how HCC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.64 indicates HCC has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. HCC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on HCC?

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 HCC snapshot

As of June 29, 2026, spot at $80.86, ATM IV 53.20%, IV rank 38.27%, expected move 15.25%. The iron condor on HCC 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 18-day expiry.

Why this iron condor structure on HCC specifically: HCC IV at 53.20% is mid-range versus its 1-year history, so the credit collected on a HCC iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 15.25% (roughly $12.33 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HCC expiries trade a higher absolute premium for lower per-day decay. Position sizing on HCC should anchor to the underlying notional of $80.86 per share and to the trader's directional view on HCC stock.

HCC iron condor setup

The HCC 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 HCC near $80.86, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HCC chain at a 18-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 HCC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$85.00	$2.38
Buy 1	Call	$90.00	$1.13
Sell 1	Put	$75.00	$1.63
Buy 1	Put	$75.00	$1.63

HCC iron condor risk and reward

Net Premium / Debit: +$125.00
Max Profit (per contract): $125.00
Max Loss (per contract): -$375.00
Breakeven(s): $86.25
Risk / Reward Ratio: 0.333

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.

HCC iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on HCC. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$125.00
$17.89	-77.9%	+$125.00
$35.76	-55.8%	+$125.00
$53.64	-33.7%	+$125.00
$71.52	-11.6%	+$125.00
$89.40	+10.6%	-$314.74
$107.27	+32.7%	-$375.00
$125.15	+54.8%	-$375.00
$143.03	+76.9%	-$375.00
$160.91	+99.0%	-$375.00

When traders use iron condor on HCC

Iron condors on HCC are a delta-neutral premium-collection structure that profits if HCC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

HCC thesis for this iron condor

The market-implied 1-standard-deviation range for HCC extends from approximately $68.53 on the downside to $93.19 on the upside. A HCC iron condor is a delta-neutral premium-collection structure that pays off when HCC 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 HCC IV rank near 38.27% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on HCC should anchor more to the directional view and the expected-move geometry. As a Energy name, HCC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HCC-specific events.

HCC 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. HCC positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HCC alongside the broader basket even when HCC-specific fundamentals are unchanged. Short-premium structures like a iron condor on HCC carry tail risk when realized volatility exceeds the implied move; review historical HCC earnings reactions and macro stress periods before sizing. Always rebuild the position from current HCC chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on HCC?: A iron condor on HCC is the iron condor strategy applied to HCC (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 HCC stock trading near $80.86, the strikes shown on this page are snapped to the nearest listed HCC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HCC 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 HCC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 53.20%), the computed maximum profit is $125.00 per contract and the computed maximum loss is -$375.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HCC iron condor?: The breakeven for the HCC iron condor priced on this page is roughly $86.25 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 HCC market-implied 1-standard-deviation expected move is approximately 15.25%; 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 HCC?: Iron condors on HCC are a delta-neutral premium-collection structure that profits if HCC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current HCC implied volatility affect this iron condor?: HCC ATM IV is at 53.20% with IV rank near 38.27%, 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.