MMI Iron Condor Strategy
MMI (Marcus & Millichap, Inc.), in the Real Estate sector, (Real Estate - Services industry), listed on NYSE.
Marcus & Millichap, Inc. (MMI) is a prominent investment brokerage firm specializing in commercial real estate. Operating across the United States and Canada, the company furnishes comprehensive investment brokerage and financing solutions for both buyers and sellers in the commercial property market. Their core service portfolio spans commercial real estate sales, financial arrangements, in-depth market research, and strategic advisory. These services cater to a diverse array of commercial asset classes, including multifamily dwellings, retail spaces, office buildings, industrial properties, single-tenant net leased assets, seniors' housing, self-storage facilities, hospitality venues, medical offices, and manufactured housing communities. Beyond direct brokerage, MMI functions as a crucial financial intermediary, providing sophisticated capital markets solutions for commercial real estate. This includes structuring various debt types (senior and mezzanine), facilitating joint ventures, arranging preferred equity, executing loan sales, and offering specialized consultative and due diligence expertise to property owners, developers, investors, and capital sources.
MMI (Marcus & Millichap, Inc.) trades in the Real Estate sector, specifically Real Estate - Services, with a market capitalization of approximately $1.18B, a trailing P/E of 82.05, a beta of 1.24 versus the broader market, a 52-week range of 24.43-33.62, average daily share volume of 202K, a public-listing history dating back to 2013, approximately 854 full-time employees. These structural characteristics shape how MMI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.24 places MMI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 82.05 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. MMI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on MMI?
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.
MMI snapshot
As of August 14, 2026, spot at $31.49, ATM IV 63.80%, IV rank 17.78%, expected move 18.29%. The iron condor on MMI below is built from the 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 MMI specifically: MMI IV at 63.80% is on the cheap side of its 1-year range, which means a premium-selling MMI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 18.29% (roughly $5.76 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 MMI expiries trade a higher absolute premium for lower per-day decay. Position sizing on MMI should anchor to the underlying notional of $31.49 per share and to the trader's directional view on MMI stock.
MMI iron condor setup
The MMI 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 MMI at $31.49 on that close, the first option leg uses a $33.06 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MMI 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 MMI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $33.06 | N/A |
| Buy 1 | Call | $34.64 | N/A |
| Sell 1 | Put | $29.92 | N/A |
| Buy 1 | Put | $28.34 | N/A |
MMI iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- 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.
MMI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on MMI. 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.
When traders use iron condor on MMI
Iron condors on MMI are a delta-neutral premium-collection structure that profits if MMI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
MMI thesis for this iron condor
The market-implied 1-standard-deviation range for MMI extends from approximately $25.73 on the downside to $37.25 on the upside. A MMI iron condor is a delta-neutral premium-collection structure that pays off when MMI 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 MMI IV rank near 17.78% 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 MMI at 63.80%. As a Real Estate name, MMI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MMI-specific events.
MMI 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. MMI positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MMI alongside the broader basket even when MMI-specific fundamentals are unchanged. Short-premium structures like a iron condor on MMI carry tail risk when realized volatility exceeds the implied move; review historical MMI earnings reactions and macro stress periods before sizing. Always rebuild the position from current MMI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on MMI?
- A iron condor on MMI is the iron condor strategy applied to MMI (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 MMI stock at $31.49 on the most recent close, the strikes shown on this page are snapped to the nearest listed MMI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are MMI 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 MMI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 63.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MMI iron condor?
- The breakeven for the MMI iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 MMI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.29%; 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 MMI?
- Iron condors on MMI are a delta-neutral premium-collection structure that profits if MMI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current MMI implied volatility affect this iron condor?
- MMI ATM IV is at 63.80% with IV rank near 17.78%, 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.