NSP Iron Condor Strategy
NSP (Insperity, Inc.), in the Industrials sector, (Staffing & Employment Services industry), listed on NYSE.
Insperity, Inc. provides human resources (HR) and business solutions to improve business performance for small and medium-sized businesses. The company offers its HR services through its Workforce Optimization and Workforce Synchronization solutions that include a range of human resources functions, such as payroll and employment administration, employee benefits, workers' compensation, government compliance, performance management, and training and development services. It also provides Insperity Premier, a cloud-based human capital management platform that offers professional employer organization HR outsourcing solutions to its clients; personnel record management services; and employer liability management services, as well as solutions for middle market. In addition, the company offers MarketPlace, an e-commerce portal that offers a range of products and services; and Workforce Acceleration, a human capital management and payroll services solution; time and attendance; performance management; organizational planning; recruiting; employment screening; retirement; and insurance services. As of December 31, 2021, it operated through 85 sales offices in the United States. The company was formerly known as Administaff, Inc. and changed its name to Insperity, Inc. in March 2011.
NSP (Insperity, Inc.) trades in the Industrials sector, specifically Staffing & Employment Services, with a market capitalization of approximately $1.11B, a beta of 0.62 versus the broader market, a 52-week range of 18.57-72.23, average daily share volume of 1.1M, a public-listing history dating back to 1997, approximately 306K full-time employees. These structural characteristics shape how NSP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.62 indicates NSP has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. NSP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on NSP?
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 NSP snapshot
As of May 15, 2026, spot at $30.20, ATM IV 67.40%, IV rank 36.12%, expected move 19.32%. The iron condor on NSP 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 34-day expiry.
Why this iron condor structure on NSP specifically: NSP IV at 67.40% is mid-range versus its 1-year history, so the credit collected on a NSP iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 19.32% (roughly $5.84 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NSP expiries trade a higher absolute premium for lower per-day decay. Position sizing on NSP should anchor to the underlying notional of $30.20 per share and to the trader's directional view on NSP stock.
NSP iron condor setup
The NSP 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 NSP near $30.20, the first option leg uses a $31.71 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NSP chain at a 34-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 NSP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $31.71 | N/A |
| Buy 1 | Call | $33.22 | N/A |
| Sell 1 | Put | $28.69 | N/A |
| Buy 1 | Put | $27.18 | N/A |
NSP 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.
NSP iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on NSP. 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 NSP
Iron condors on NSP are a delta-neutral premium-collection structure that profits if NSP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
NSP thesis for this iron condor
The market-implied 1-standard-deviation range for NSP extends from approximately $24.36 on the downside to $36.04 on the upside. A NSP iron condor is a delta-neutral premium-collection structure that pays off when NSP 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 NSP IV rank near 36.12% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on NSP should anchor more to the directional view and the expected-move geometry. As a Industrials name, NSP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NSP-specific events.
NSP 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. NSP positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NSP alongside the broader basket even when NSP-specific fundamentals are unchanged. Short-premium structures like a iron condor on NSP carry tail risk when realized volatility exceeds the implied move; review historical NSP earnings reactions and macro stress periods before sizing. Always rebuild the position from current NSP chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on NSP?
- A iron condor on NSP is the iron condor strategy applied to NSP (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 NSP stock trading near $30.20, the strikes shown on this page are snapped to the nearest listed NSP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NSP 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 NSP iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 67.40%), 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 NSP iron condor?
- The breakeven for the NSP iron condor priced on this page is no defined breakeven on the modeled curve 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 NSP market-implied 1-standard-deviation expected move is approximately 19.32%; 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 NSP?
- Iron condors on NSP are a delta-neutral premium-collection structure that profits if NSP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current NSP implied volatility affect this iron condor?
- NSP ATM IV is at 67.40% with IV rank near 36.12%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.