NDLS Iron Condor Strategy
NDLS (Noodles & Company), in the Consumer Cyclical sector, (Restaurants industry), listed on NASDAQ.
Noodles & Company is a fast-casual dining enterprise, engaged in both the conceptualization and operation of its eateries. Patrons can choose from an extensive menu of meals prepared fresh to order, featuring a variety of noodle and pasta dishes, comforting soups, crisp salads, and enticing appetizers. By December 28, 2021, the company's operational reach spanned 29 U.S. states, with a total of 448 restaurants in service. This total was composed of 372 company-owned locations and 76 independently operated franchise outlets. The organization was established in 1995 and its corporate headquarters are situated in Broomfield, Colorado.
NDLS (Noodles & Company) trades in the Consumer Cyclical sector, specifically Restaurants, with a market capitalization of approximately $106.9M, a beta of 1.37 versus the broader market, a 52-week range of 3.57-19, average daily share volume of 56K, a public-listing history dating back to 2013, approximately 7K full-time employees. These structural characteristics shape how NDLS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.37 indicates NDLS 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 NDLS?
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.
NDLS snapshot
As of August 14, 2026, spot at $16.33, ATM IV 43.80%, IV rank 7.10%, expected move 12.56%. The iron condor on NDLS 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 7-day expiry.
Why this iron condor structure on NDLS specifically: NDLS IV at 43.80% is on the cheap side of its 1-year range, which means a premium-selling NDLS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.56% (roughly $2.05 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NDLS expiries trade a higher absolute premium for lower per-day decay. Position sizing on NDLS should anchor to the underlying notional of $16.33 per share and to the trader's directional view on NDLS stock.
NDLS iron condor setup
The NDLS 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 NDLS at $16.33 on that close, the first option leg uses a $17.15 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NDLS chain at a 7-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 NDLS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $17.15 | N/A |
| Buy 1 | Call | $17.96 | N/A |
| Sell 1 | Put | $15.51 | N/A |
| Buy 1 | Put | $14.70 | N/A |
NDLS 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.
NDLS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on NDLS. 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 NDLS
Iron condors on NDLS are a delta-neutral premium-collection structure that profits if NDLS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
NDLS thesis for this iron condor
The market-implied 1-standard-deviation range for NDLS extends from approximately $14.28 on the downside to $18.38 on the upside. A NDLS iron condor is a delta-neutral premium-collection structure that pays off when NDLS 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 NDLS IV rank near 7.10% 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 NDLS at 43.80%. As a Consumer Cyclical name, NDLS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NDLS-specific events.
NDLS 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. NDLS positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NDLS alongside the broader basket even when NDLS-specific fundamentals are unchanged. Short-premium structures like a iron condor on NDLS carry tail risk when realized volatility exceeds the implied move; review historical NDLS earnings reactions and macro stress periods before sizing. Always rebuild the position from current NDLS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on NDLS?
- A iron condor on NDLS is the iron condor strategy applied to NDLS (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 NDLS stock at $16.33 on the most recent close, the strikes shown on this page are snapped to the nearest listed NDLS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are NDLS 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 NDLS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 43.80%), 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 NDLS iron condor?
- The breakeven for the NDLS 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 NDLS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.56%; 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 NDLS?
- Iron condors on NDLS are a delta-neutral premium-collection structure that profits if NDLS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current NDLS implied volatility affect this iron condor?
- NDLS ATM IV is at 43.80% with IV rank near 7.10%, 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.