MAC Iron Condor Strategy
MAC (The Macerich Company), in the Real Estate sector, (REIT - Retail industry), listed on NYSE.
Macerich operates as a comprehensive, self-managed real estate investment trust (REIT) that independently oversees all aspects of its operations. Its core focus is on the acquisition, leasing, management, development, and revitalization of regional shopping malls throughout the United States. The company currently holds interests in 47 regional retail complexes, representing a total portfolio of 51 million square feet of real estate. Macerich specializes in high-performing retail properties located within America's most sought-after and populous markets, boasting a significant footprint particularly across the West Coast, Arizona, Chicago, and the corridor extending from Metropolitan New York to Washington, D.C. A consistent leader in environmental sustainability, Macerich earned the top GRESB ranking in the North American Retail Sector for an impressive five consecutive years, from 2015 to 2019.
MAC (The Macerich Company) trades in the Real Estate sector, specifically REIT - Retail, with a market capitalization of approximately $7.33B, a beta of 2.07 versus the broader market, a 52-week range of 16.03-26.68, average daily share volume of 3.4M, a public-listing history dating back to 1994, approximately 597 full-time employees. These structural characteristics shape how MAC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.07 indicates MAC has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MAC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on MAC?
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.
MAC snapshot
As of August 14, 2026, spot at $24.71, ATM IV 27.40%, IV rank 2.63%, expected move 7.86%. The iron condor on MAC below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on MAC specifically: MAC IV at 27.40% is on the cheap side of its 1-year range, which means a premium-selling MAC iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.86% (roughly $1.94 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MAC expiries trade a higher absolute premium for lower per-day decay. Position sizing on MAC should anchor to the underlying notional of $24.71 per share and to the trader's directional view on MAC stock.
MAC iron condor setup
The MAC iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MAC at $24.71 on that close, the first option leg uses a $26.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MAC chain at a 35-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 MAC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $26.00 | $0.38 |
| Buy 1 | Call | $27.00 | $0.20 |
| Sell 1 | Put | $23.00 | $0.28 |
| Buy 1 | Put | $22.00 | $0.15 |
MAC iron condor risk and reward
- Net Premium / Debit
- +$30.00
- Max Profit (per contract)
- $30.00
- Max Loss (per contract)
- -$70.00
- Breakeven(s)
- $22.70, $26.30
- Risk / Reward Ratio
- 0.429
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.
MAC iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on MAC. 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% | -$70.00 |
| $5.47 | -77.9% | -$70.00 |
| $10.93 | -55.7% | -$70.00 |
| $16.40 | -33.6% | -$70.00 |
| $21.86 | -11.5% | -$70.00 |
| $27.32 | +10.6% | -$70.00 |
| $32.78 | +32.7% | -$70.00 |
| $38.25 | +54.8% | -$70.00 |
| $43.71 | +76.9% | -$70.00 |
| $49.17 | +99.0% | -$70.00 |
When traders use iron condor on MAC
Iron condors on MAC are a delta-neutral premium-collection structure that profits if MAC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
MAC thesis for this iron condor
The market-implied 1-standard-deviation range for MAC extends from approximately $22.77 on the downside to $26.65 on the upside. A MAC iron condor is a delta-neutral premium-collection structure that pays off when MAC 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 MAC IV rank near 2.63% 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 MAC at 27.40%. As a Real Estate name, MAC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MAC-specific events.
MAC 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. MAC positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MAC alongside the broader basket even when MAC-specific fundamentals are unchanged. Short-premium structures like a iron condor on MAC carry tail risk when realized volatility exceeds the implied move; review historical MAC earnings reactions and macro stress periods before sizing. Always rebuild the position from current MAC chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on MAC?
- A iron condor on MAC is the iron condor strategy applied to MAC (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 MAC stock at $24.71 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed MAC chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are MAC 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 MAC iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 27.40%), the computed maximum profit is $30.00 per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MAC iron condor?
- The breakeven for the MAC iron condor priced on this page is roughly $22.70 and $26.30 at expiration, derived from the August 14, 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 MAC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.86%; 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 MAC?
- Iron condors on MAC are a delta-neutral premium-collection structure that profits if MAC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current MAC implied volatility affect this iron condor?
- MAC ATM IV is at 27.40% with IV rank near 2.63%, 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.