KEN Iron Condor Strategy
KEN (Kenon Holdings Ltd.), in the Utilities sector, (Independent Power Producers industry), listed on NYSE.
Kenon Holdings Ltd. is a global enterprise that, through its various subsidiaries, owns, develops, and manages power generation facilities across Israel, the United States, and other international markets. The company's operations are divided into four main segments: OPC Israel, CPV Group, ZIM, and Quantum. Its activities include the generation and supply of electricity and other energy forms, as well as the complete lifecycle management (development, construction, and operation) of both renewable energy projects and conventional natural gas power plants. Furthermore, Kenon is involved in automobile manufacturing and provides container liner shipping services. As of December 31, 2021, the company reported an approximate installed capacity of 610 megawatts and managed a fleet of 118 vessels. Kenon Holdings Ltd. was established in 2014, has its headquarters in Singapore, and functions as a subsidiary of Ansonia Holdings Singapore B.V.
KEN (Kenon Holdings Ltd.) trades in the Utilities sector, specifically Independent Power Producers, with a market capitalization of approximately $3.14B, a trailing P/E of 26.08, a beta of 0.32 versus the broader market, a 52-week range of 44.3-95.93, average daily share volume of 22K, a public-listing history dating back to 2015, approximately 348 full-time employees. These structural characteristics shape how KEN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.32 indicates KEN has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. KEN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on KEN?
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.
KEN snapshot
As of September 30, 2026, spot at $60.48, ATM IV 298.40%, IV rank 59.98%, expected move 85.55%. The iron condor on KEN below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 16-day expiry.
Why this iron condor structure on KEN specifically: KEN IV at 298.40% is mid-range versus its 1-year history, so the credit collected on a KEN iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 85.55% (roughly $51.74 on the underlying). The 16-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KEN expiries trade a higher absolute premium for lower per-day decay. Position sizing on KEN should anchor to the underlying notional of $60.48 per share and to the trader's directional view on KEN stock.
KEN iron condor setup
The KEN iron condor below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With KEN at $60.48 on that close, the first option leg uses a $65.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KEN chain at a 16-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 KEN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $65.00 | $0.76 |
| Buy 1 | Call | $65.00 | $0.76 |
| Sell 1 | Put | $55.00 | $0.45 |
| Buy 1 | Put | $55.00 | $0.45 |
KEN iron condor risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- 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.
KEN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on KEN. 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% | $0.00 |
| $13.38 | -77.9% | $0.00 |
| $26.75 | -55.8% | $0.00 |
| $40.12 | -33.7% | $0.00 |
| $53.50 | -11.5% | $0.00 |
| $66.87 | +10.6% | $0.00 |
| $80.24 | +32.7% | $0.00 |
| $93.61 | +54.8% | $0.00 |
| $106.98 | +76.9% | $0.00 |
| $120.35 | +99.0% | $0.00 |
When traders use iron condor on KEN
Iron condors on KEN are a delta-neutral premium-collection structure that profits if KEN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
KEN thesis for this iron condor
The market-implied 1-standard-deviation range for KEN extends from approximately $8.74 on the downside to $112.22 on the upside. A KEN iron condor is a delta-neutral premium-collection structure that pays off when KEN 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 KEN IV rank near 59.98% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on KEN should anchor more to the directional view and the expected-move geometry. As a Utilities name, KEN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KEN-specific events.
KEN 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. KEN positions also carry Utilities sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KEN alongside the broader basket even when KEN-specific fundamentals are unchanged. Short-premium structures like a iron condor on KEN carry tail risk when realized volatility exceeds the implied move; review historical KEN earnings reactions and macro stress periods before sizing. Always rebuild the position from current KEN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on KEN?
- A iron condor on KEN is the iron condor strategy applied to KEN (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 KEN stock at $60.48 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed KEN chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are KEN 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 KEN iron condor priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 298.40%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a KEN iron condor?
- The breakeven for the KEN iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the September 30, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The KEN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 85.55%; 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 KEN?
- Iron condors on KEN are a delta-neutral premium-collection structure that profits if KEN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current KEN implied volatility affect this iron condor?
- KEN ATM IV is at 298.40% with IV rank near 59.98%, 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.