MATX Iron Condor Strategy
MATX (Matson, Inc.), in the Industrials sector, (Marine Shipping industry), listed on NYSE.
Matson, Inc. specializes in providing integrated ocean transportation and logistics solutions. Its Ocean Transportation segment offers crucial ocean freight services connecting the domestic non-contiguous economies of Hawaii, Alaska, and Guam, alongside other island nations within Micronesia. Their diverse cargo includes everything from refrigerated foodstuffs, packaged consumer goods, building materials, and automobiles to livestock, seafood, general sustenance, and a wide array of retail and e-commerce merchandise. Additionally, the company operates an expedited express service facilitating trade between China and Long Beach, California, extending its reach to various South Pacific islands and Okinawa, Japan. Beyond direct shipping, this segment manages comprehensive terminal operations, including container stevedoring, refrigerated cargo handling, inland transport, and container equipment maintenance across key locations in Hawaii (Oahu, Hawaii, Maui, and Kauai) and Alaska (Anchorage, Kodiak, and Dutch Harbor). They also offer vessel management and container transshipment services.
MATX (Matson, Inc.) trades in the Industrials sector, specifically Marine Shipping, with a market capitalization of approximately $6.49B, a trailing P/E of 13.92, a beta of 1.28 versus the broader market, a 52-week range of 86.97-230.74, average daily share volume of 278K, a public-listing history dating back to 1973, approximately 4K full-time employees. These structural characteristics shape how MATX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.28 places MATX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. MATX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on MATX?
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.
MATX snapshot
As of August 14, 2026, spot at $216.61, ATM IV 31.60%, IV rank 8.74%, expected move 9.06%. The iron condor on MATX 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 MATX specifically: MATX IV at 31.60% is on the cheap side of its 1-year range, which means a premium-selling MATX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.06% (roughly $19.62 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 MATX expiries trade a higher absolute premium for lower per-day decay. Position sizing on MATX should anchor to the underlying notional of $216.61 per share and to the trader's directional view on MATX stock.
MATX iron condor setup
The MATX 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 MATX at $216.61 on that close, the first option leg uses a $230.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MATX 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 MATX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $230.00 | $3.95 |
| Buy 1 | Call | $240.00 | $2.63 |
| Sell 1 | Put | $210.00 | $5.70 |
| Buy 1 | Put | $195.00 | $2.60 |
MATX iron condor risk and reward
- Net Premium / Debit
- +$442.50
- Max Profit (per contract)
- $442.50
- Max Loss (per contract)
- -$1,057.50
- Breakeven(s)
- $205.58, $234.43
- Risk / Reward Ratio
- 0.418
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.
MATX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on MATX. 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% | -$1,057.50 |
| $47.90 | -77.9% | -$1,057.50 |
| $95.80 | -55.8% | -$1,057.50 |
| $143.69 | -33.7% | -$1,057.50 |
| $191.58 | -11.6% | -$1,057.50 |
| $239.47 | +10.6% | -$504.78 |
| $287.37 | +32.7% | -$557.50 |
| $335.26 | +54.8% | -$557.50 |
| $383.15 | +76.9% | -$557.50 |
| $431.04 | +99.0% | -$557.50 |
When traders use iron condor on MATX
Iron condors on MATX are a delta-neutral premium-collection structure that profits if MATX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
MATX thesis for this iron condor
The market-implied 1-standard-deviation range for MATX extends from approximately $196.99 on the downside to $236.23 on the upside. A MATX iron condor is a delta-neutral premium-collection structure that pays off when MATX 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 MATX IV rank near 8.74% 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 MATX at 31.60%. As a Industrials name, MATX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MATX-specific events.
MATX 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. MATX positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MATX alongside the broader basket even when MATX-specific fundamentals are unchanged. Short-premium structures like a iron condor on MATX carry tail risk when realized volatility exceeds the implied move; review historical MATX earnings reactions and macro stress periods before sizing. Always rebuild the position from current MATX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on MATX?
- A iron condor on MATX is the iron condor strategy applied to MATX (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 MATX stock at $216.61 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed MATX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are MATX 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 MATX iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 31.60%), the computed maximum profit is $442.50 per contract and the computed maximum loss is -$1,057.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MATX iron condor?
- The breakeven for the MATX iron condor priced on this page is roughly $205.58 and $234.43 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 MATX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.06%; 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 MATX?
- Iron condors on MATX are a delta-neutral premium-collection structure that profits if MATX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current MATX implied volatility affect this iron condor?
- MATX ATM IV is at 31.60% with IV rank near 8.74%, 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.