LAZ Iron Condor Strategy
LAZ (Lazard Ltd), in the Financial Services sector, (Financial - Capital Markets industry), listed on NYSE.
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions, restructurings, capital advisory, shareholder advisory, capital raising, sovereign advisory, and other strategic advisory matters. This segment serves corporate, partnership, institutional, government, sovereign, and individual clients across various industry areas, including consumers, financial institutions, healthcare and life sciences, industrials, power and energy/infrastructure, and real estate, as well as technology, telecommunication, and media and entertainment. The Asset Management segment offers a range of investment solutions, and investment and wealth management services in equity and fixed income strategies; asset allocation strategies; and alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries, and private clients. The company was founded in 1848 and is based in Hamilton, Bermuda.
LAZ (Lazard Ltd) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $4.45B, a trailing P/E of 16.23, a beta of 1.43 versus the broader market, a 52-week range of 38.67-58.75, average daily share volume of 1.5M, a public-listing history dating back to 2005, approximately 3K full-time employees. These structural characteristics shape how LAZ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.43 indicates LAZ has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. LAZ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on LAZ?
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 LAZ snapshot
As of May 12, 2026, spot at $46.06, ATM IV 47.50%, IV rank 68.10%, expected move 13.62%. The iron condor on LAZ 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 63-day expiry.
Why this iron condor structure on LAZ specifically: LAZ IV at 47.50% is mid-range versus its 1-year history, so the credit collected on a LAZ iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 13.62% (roughly $6.27 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated LAZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on LAZ should anchor to the underlying notional of $46.06 per share and to the trader's directional view on LAZ stock.
LAZ iron condor setup
The LAZ 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 LAZ near $46.06, the first option leg uses a $48.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LAZ chain at a 63-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 LAZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $48.00 | $2.48 |
| Buy 1 | Call | $50.00 | $1.80 |
| Sell 1 | Put | $44.00 | $2.68 |
| Buy 1 | Put | $41.00 | $1.65 |
LAZ iron condor risk and reward
- Net Premium / Debit
- +$170.00
- Max Profit (per contract)
- $170.00
- Max Loss (per contract)
- -$130.00
- Breakeven(s)
- $42.30, $49.70
- Risk / Reward Ratio
- 1.308
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.
LAZ iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on LAZ. 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% | -$130.00 |
| $10.19 | -77.9% | -$130.00 |
| $20.38 | -55.8% | -$130.00 |
| $30.56 | -33.7% | -$130.00 |
| $40.74 | -11.5% | -$130.00 |
| $50.93 | +10.6% | -$30.00 |
| $61.11 | +32.7% | -$30.00 |
| $71.29 | +54.8% | -$30.00 |
| $81.47 | +76.9% | -$30.00 |
| $91.66 | +99.0% | -$30.00 |
When traders use iron condor on LAZ
Iron condors on LAZ are a delta-neutral premium-collection structure that profits if LAZ stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
LAZ thesis for this iron condor
The market-implied 1-standard-deviation range for LAZ extends from approximately $39.79 on the downside to $52.33 on the upside. A LAZ iron condor is a delta-neutral premium-collection structure that pays off when LAZ 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 LAZ IV rank near 68.10% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on LAZ should anchor more to the directional view and the expected-move geometry. As a Financial Services name, LAZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LAZ-specific events.
LAZ 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. LAZ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LAZ alongside the broader basket even when LAZ-specific fundamentals are unchanged. Short-premium structures like a iron condor on LAZ carry tail risk when realized volatility exceeds the implied move; review historical LAZ earnings reactions and macro stress periods before sizing. Always rebuild the position from current LAZ chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on LAZ?
- A iron condor on LAZ is the iron condor strategy applied to LAZ (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 LAZ stock trading near $46.06, the strikes shown on this page are snapped to the nearest listed LAZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are LAZ 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 LAZ iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 47.50%), the computed maximum profit is $170.00 per contract and the computed maximum loss is -$130.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a LAZ iron condor?
- The breakeven for the LAZ iron condor priced on this page is roughly $42.30 and $49.70 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 LAZ market-implied 1-standard-deviation expected move is approximately 13.62%; 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 LAZ?
- Iron condors on LAZ are a delta-neutral premium-collection structure that profits if LAZ stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current LAZ implied volatility affect this iron condor?
- LAZ ATM IV is at 47.50% with IV rank near 68.10%, 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.