INBK Iron Condor Strategy
INBK (First Internet Bancorp), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit. It also offers commercial and industrial, owner-occupied and investor commercial real estate, construction, residential mortgage, home equity and improvement, small installment, term, and other consumer loans, as well as single tenant lease financing, and public and healthcare finance; franchise finance; and small business lending. In addition, the company is involved in the purchase, manage, service, and safekeeping of municipal securities; and provision of municipal finance lending and leasing products to government entities. In addition, it offers corporate credit card and treasury management services. The company provides its services through its firstib.com Website.
INBK (First Internet Bancorp) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $208.7M, a beta of 0.85 versus the broader market, a 52-week range of 17.05-28.51, average daily share volume of 58K, a public-listing history dating back to 2006, approximately 323 full-time employees. These structural characteristics shape how INBK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.85 places INBK roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. INBK pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on INBK?
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 INBK snapshot
As of May 15, 2026, spot at $23.25, ATM IV 69.10%, IV rank 13.06%, expected move 19.81%. The iron condor on INBK 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 INBK specifically: INBK IV at 69.10% is on the cheap side of its 1-year range, which means a premium-selling INBK iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 19.81% (roughly $4.61 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 INBK expiries trade a higher absolute premium for lower per-day decay. Position sizing on INBK should anchor to the underlying notional of $23.25 per share and to the trader's directional view on INBK stock.
INBK iron condor setup
The INBK 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 INBK near $23.25, the first option leg uses a $24.41 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INBK 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 INBK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $24.41 | N/A |
| Buy 1 | Call | $25.58 | N/A |
| Sell 1 | Put | $22.09 | N/A |
| Buy 1 | Put | $20.93 | N/A |
INBK 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.
INBK iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on INBK. 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 INBK
Iron condors on INBK are a delta-neutral premium-collection structure that profits if INBK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
INBK thesis for this iron condor
The market-implied 1-standard-deviation range for INBK extends from approximately $18.64 on the downside to $27.86 on the upside. A INBK iron condor is a delta-neutral premium-collection structure that pays off when INBK 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 INBK IV rank near 13.06% 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 INBK at 69.10%. As a Financial Services name, INBK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INBK-specific events.
INBK 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. INBK positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INBK alongside the broader basket even when INBK-specific fundamentals are unchanged. Short-premium structures like a iron condor on INBK carry tail risk when realized volatility exceeds the implied move; review historical INBK earnings reactions and macro stress periods before sizing. Always rebuild the position from current INBK chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on INBK?
- A iron condor on INBK is the iron condor strategy applied to INBK (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 INBK stock trading near $23.25, the strikes shown on this page are snapped to the nearest listed INBK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are INBK 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 INBK iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 69.10%), 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 INBK iron condor?
- The breakeven for the INBK 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 INBK market-implied 1-standard-deviation expected move is approximately 19.81%; 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 INBK?
- Iron condors on INBK are a delta-neutral premium-collection structure that profits if INBK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current INBK implied volatility affect this iron condor?
- INBK ATM IV is at 69.10% with IV rank near 13.06%, 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.