NGVT Iron Condor Strategy
NGVT (Ingevity Corporation), in the Basic Materials sector, (Chemicals - Specialty industry), listed on NYSE.
Ingevity Corporation (NGVT) is a global provider specializing in the production and distribution of advanced chemical solutions and activated carbon products. The company's reach extends across North America, the Asia Pacific region, Europe, the Middle East, Africa, and South America. Its business operations are organized into two principal divisions: Performance Materials and Performance Chemicals. The Performance Materials segment focuses on the engineering, manufacturing, and sale of chemically activated carbon products, primarily derived from hardwood. These materials are chiefly utilized in gasoline vapor emission control systems for a wide range of vehicles, including cars, motorcycles, trucks, and boats. Beyond automotive applications, this division also supplies various activated carbon products for purification purposes in areas like food, water, beverages, and industrial chemicals.
NGVT (Ingevity Corporation) trades in the Basic Materials sector, specifically Chemicals - Specialty, with a market capitalization of approximately $2.68B, a beta of 1.19 versus the broader market, a 52-week range of 39.74-79.29, average daily share volume of 268K, a public-listing history dating back to 2016, approximately 2K full-time employees. These structural characteristics shape how NGVT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.19 places NGVT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on NGVT?
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 NGVT snapshot
As of June 30, 2026, spot at $75.39, ATM IV 24.30%, IV rank 1.36%, expected move 6.97%. The iron condor on NGVT 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 17-day expiry.
Why this iron condor structure on NGVT specifically: NGVT IV at 24.30% is on the cheap side of its 1-year range, which means a premium-selling NGVT iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.97% (roughly $5.25 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NGVT expiries trade a higher absolute premium for lower per-day decay. Position sizing on NGVT should anchor to the underlying notional of $75.39 per share and to the trader's directional view on NGVT stock.
NGVT iron condor setup
The NGVT 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 NGVT near $75.39, 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 NGVT chain at a 17-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 NGVT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $80.00 | $1.11 |
| Buy 1 | Call | $82.50 | $0.62 |
| Sell 1 | Put | $72.50 | $1.57 |
| Buy 1 | Put | $67.50 | $0.51 |
NGVT iron condor risk and reward
- Net Premium / Debit
- +$155.00
- Max Profit (per contract)
- $155.00
- Max Loss (per contract)
- -$345.00
- Breakeven(s)
- $70.95, $81.55
- Risk / Reward Ratio
- 0.449
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.
NGVT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on NGVT. 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% | -$345.00 |
| $16.68 | -77.9% | -$345.00 |
| $33.35 | -55.8% | -$345.00 |
| $50.01 | -33.7% | -$345.00 |
| $66.68 | -11.6% | -$345.00 |
| $83.35 | +10.6% | -$95.00 |
| $100.02 | +32.7% | -$95.00 |
| $116.69 | +54.8% | -$95.00 |
| $133.35 | +76.9% | -$95.00 |
| $150.02 | +99.0% | -$95.00 |
When traders use iron condor on NGVT
Iron condors on NGVT are a delta-neutral premium-collection structure that profits if NGVT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
NGVT thesis for this iron condor
The market-implied 1-standard-deviation range for NGVT extends from approximately $70.14 on the downside to $80.64 on the upside. A NGVT iron condor is a delta-neutral premium-collection structure that pays off when NGVT 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 NGVT IV rank near 1.36% 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 NGVT at 24.30%. As a Basic Materials name, NGVT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NGVT-specific events.
NGVT 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. NGVT positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NGVT alongside the broader basket even when NGVT-specific fundamentals are unchanged. Short-premium structures like a iron condor on NGVT carry tail risk when realized volatility exceeds the implied move; review historical NGVT earnings reactions and macro stress periods before sizing. Always rebuild the position from current NGVT chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on NGVT?
- A iron condor on NGVT is the iron condor strategy applied to NGVT (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 NGVT stock trading near $75.39, the strikes shown on this page are snapped to the nearest listed NGVT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NGVT 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 NGVT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 24.30%), the computed maximum profit is $155.00 per contract and the computed maximum loss is -$345.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NGVT iron condor?
- The breakeven for the NGVT iron condor priced on this page is roughly $70.95 and $81.55 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 NGVT market-implied 1-standard-deviation expected move is approximately 6.97%; 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 NGVT?
- Iron condors on NGVT are a delta-neutral premium-collection structure that profits if NGVT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current NGVT implied volatility affect this iron condor?
- NGVT ATM IV is at 24.30% with IV rank near 1.36%, 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.