LMB Iron Condor Strategy
LMB (Limbach Holdings, Inc.), in the Industrials sector, (Engineering & Construction industry), listed on NASDAQ.
Limbach Holdings, Inc. operates as an integrated building systems solutions company in the United States. It operates in two segments, General Contractor Relationships and Owner Direct Relationships. The company engages in the design, prefabrication, installation, management, and maintenance of mechanical, electrical, plumbing, and control systems, as well as heating, ventilation, air-conditioning (HVAC) system. Its facility services comprise mechanical construction, HVAC service and maintenance, energy audits and retrofits, engineering and design build, constructability evaluation, equipment and materials selection, offsite/prefabrication construction, and sustainable building solutions and practices. The company serves research, acute care, and inpatient hospitals; public and private colleges, universities, research centers and K-12 facilities; sports arenas; entertainment facilities, and amusement rides; passenger terminals and maintenance facilities for rail and airports; government facilities comprising federal, state, and local agencies; hotels and resorts; office building and other commercial structures; data centers; and industrial manufacturing facilities. The company was founded in 1901 and is headquartered in Pittsburgh, Pennsylvania.
LMB (Limbach Holdings, Inc.) trades in the Industrials sector, specifically Engineering & Construction, with a market capitalization of approximately $855.2M, a trailing P/E of 25.39, a beta of 1.53 versus the broader market, a 52-week range of 65.08-154.05, average daily share volume of 241K, a public-listing history dating back to 2014, approximately 1K full-time employees. These structural characteristics shape how LMB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.53 indicates LMB has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a iron condor on LMB?
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 LMB snapshot
As of May 14, 2026, spot at $74.47, ATM IV 66.20%, IV rank 40.95%, expected move 18.98%. The iron condor on LMB 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 LMB specifically: LMB IV at 66.20% is mid-range versus its 1-year history, so the credit collected on a LMB iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 18.98% (roughly $14.13 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 LMB expiries trade a higher absolute premium for lower per-day decay. Position sizing on LMB should anchor to the underlying notional of $74.47 per share and to the trader's directional view on LMB stock.
LMB iron condor setup
The LMB 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 LMB near $74.47, the first option leg uses a $80.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LMB 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 LMB shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $80.00 | $3.33 |
| Buy 1 | Call | $80.00 | $3.33 |
| Sell 1 | Put | $70.00 | $4.50 |
| Buy 1 | Put | $65.00 | $2.50 |
LMB iron condor risk and reward
- Net Premium / Debit
- +$200.00
- Max Profit (per contract)
- $200.00
- Max Loss (per contract)
- -$300.00
- Breakeven(s)
- $68.00
- Risk / Reward Ratio
- 0.667
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.
LMB iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on LMB. 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% | -$300.00 |
| $16.47 | -77.9% | -$300.00 |
| $32.94 | -55.8% | -$300.00 |
| $49.40 | -33.7% | -$300.00 |
| $65.87 | -11.6% | -$213.15 |
| $82.33 | +10.6% | +$200.00 |
| $98.80 | +32.7% | +$200.00 |
| $115.26 | +54.8% | +$200.00 |
| $131.73 | +76.9% | +$200.00 |
| $148.19 | +99.0% | +$200.00 |
When traders use iron condor on LMB
Iron condors on LMB are a delta-neutral premium-collection structure that profits if LMB stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
LMB thesis for this iron condor
The market-implied 1-standard-deviation range for LMB extends from approximately $60.34 on the downside to $88.60 on the upside. A LMB iron condor is a delta-neutral premium-collection structure that pays off when LMB 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 LMB IV rank near 40.95% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on LMB should anchor more to the directional view and the expected-move geometry. As a Industrials name, LMB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LMB-specific events.
LMB 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. LMB positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LMB alongside the broader basket even when LMB-specific fundamentals are unchanged. Short-premium structures like a iron condor on LMB carry tail risk when realized volatility exceeds the implied move; review historical LMB earnings reactions and macro stress periods before sizing. Always rebuild the position from current LMB chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on LMB?
- A iron condor on LMB is the iron condor strategy applied to LMB (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 LMB stock trading near $74.47, the strikes shown on this page are snapped to the nearest listed LMB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are LMB 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 LMB iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 66.20%), the computed maximum profit is $200.00 per contract and the computed maximum loss is -$300.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a LMB iron condor?
- The breakeven for the LMB iron condor priced on this page is roughly $68.00 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 LMB market-implied 1-standard-deviation expected move is approximately 18.98%; 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 LMB?
- Iron condors on LMB are a delta-neutral premium-collection structure that profits if LMB stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current LMB implied volatility affect this iron condor?
- LMB ATM IV is at 66.20% with IV rank near 40.95%, 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.