HIW Iron Condor Strategy
HIW (Highwoods Properties, Inc.), in the Real Estate sector, (REIT - Office industry), listed on NYSE.
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (REIT) and a member of the S&P MidCap 400 Index. Highwoods is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.
HIW (Highwoods Properties, Inc.) trades in the Real Estate sector, specifically REIT - Office, with a market capitalization of approximately $2.87B, a trailing P/E of 30.65, a beta of 1.10 versus the broader market, a 52-week range of 20.45-32.76, average daily share volume of 1.4M, a public-listing history dating back to 1994, approximately 350 full-time employees. These structural characteristics shape how HIW stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.10 places HIW roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. HIW pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on HIW?
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 HIW snapshot
As of May 15, 2026, spot at $25.57, ATM IV 61.30%, IV rank 12.01%, expected move 17.57%. The iron condor on HIW 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 HIW specifically: HIW IV at 61.30% is on the cheap side of its 1-year range, which means a premium-selling HIW iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 17.57% (roughly $4.49 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 HIW expiries trade a higher absolute premium for lower per-day decay. Position sizing on HIW should anchor to the underlying notional of $25.57 per share and to the trader's directional view on HIW stock.
HIW iron condor setup
The HIW 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 HIW near $25.57, the first option leg uses a $26.85 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HIW 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 HIW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $26.85 | N/A |
| Buy 1 | Call | $28.13 | N/A |
| Sell 1 | Put | $24.29 | N/A |
| Buy 1 | Put | $23.01 | N/A |
HIW iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
HIW iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on HIW. 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.
When traders use iron condor on HIW
Iron condors on HIW are a delta-neutral premium-collection structure that profits if HIW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
HIW thesis for this iron condor
The market-implied 1-standard-deviation range for HIW extends from approximately $21.08 on the downside to $30.06 on the upside. A HIW iron condor is a delta-neutral premium-collection structure that pays off when HIW 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 HIW IV rank near 12.01% 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 HIW at 61.30%. As a Real Estate name, HIW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HIW-specific events.
HIW 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. HIW positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HIW alongside the broader basket even when HIW-specific fundamentals are unchanged. Short-premium structures like a iron condor on HIW carry tail risk when realized volatility exceeds the implied move; review historical HIW earnings reactions and macro stress periods before sizing. Always rebuild the position from current HIW chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on HIW?
- A iron condor on HIW is the iron condor strategy applied to HIW (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 HIW stock trading near $25.57, the strikes shown on this page are snapped to the nearest listed HIW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HIW 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 HIW iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 61.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HIW iron condor?
- The breakeven for the HIW iron condor priced on this page is no defined breakeven on the modeled curve 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 HIW market-implied 1-standard-deviation expected move is approximately 17.57%; 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 HIW?
- Iron condors on HIW are a delta-neutral premium-collection structure that profits if HIW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current HIW implied volatility affect this iron condor?
- HIW ATM IV is at 61.30% with IV rank near 12.01%, 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.