NVGS Iron Condor Strategy
NVGS (Navigator Holdings Ltd.), in the Industrials sector, (Marine Shipping industry), listed on NYSE.
Navigator Holdings Ltd. owns and operates a fleet of liquefied gas carriers worldwide. It engages in the international and regional seaborne transportation of petrochemical gases, liquefied petroleum gases, and ammonia for energy companies, industrial users, and commodity traders. The company also provides ship shore infrastructure and consultancy services. It operates through a fleet of 57 semi- or fully-refrigerated liquefied gas carriers. Navigator Holdings Ltd. was formerly known as Isle of Man public limited company and changed its name to Navigator Holdings Ltd. in 2006. The company was incorporated in 1997 and is based in London, the United Kingdom.
NVGS (Navigator Holdings Ltd.) trades in the Industrials sector, specifically Marine Shipping, with a market capitalization of approximately $1.24B, a trailing P/E of 12.04, a beta of 0.44 versus the broader market, a 52-week range of 13.9-24.36, average daily share volume of 426K, a public-listing history dating back to 2007, approximately 2K full-time employees. These structural characteristics shape how NVGS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.44 indicates NVGS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. NVGS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on NVGS?
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 NVGS snapshot
As of June 29, 2026, spot at $19.11, ATM IV 470.00%, IV rank 100.00%, expected move 134.75%. The iron condor on NVGS 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 81-day expiry.
Why this iron condor structure on NVGS specifically: NVGS IV at 470.00% is rich versus its 1-year range, which favors premium-selling structures like a NVGS iron condor, with a market-implied 1-standard-deviation move of approximately 134.75% (roughly $25.75 on the underlying). The 81-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NVGS expiries trade a higher absolute premium for lower per-day decay. Position sizing on NVGS should anchor to the underlying notional of $19.11 per share and to the trader's directional view on NVGS stock.
NVGS iron condor setup
The NVGS 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 NVGS near $19.11, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NVGS chain at a 81-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 NVGS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $20.00 | $0.95 |
| Buy 1 | Call | $21.00 | $0.65 |
| Sell 1 | Put | $18.00 | $0.71 |
| Buy 1 | Put | $17.00 | $0.45 |
NVGS iron condor risk and reward
- Net Premium / Debit
- +$56.00
- Max Profit (per contract)
- $56.00
- Max Loss (per contract)
- -$44.00
- Breakeven(s)
- $17.44, $20.56
- Risk / Reward Ratio
- 1.273
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.
NVGS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on NVGS. 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 | -99.9% | -$44.00 |
| $4.23 | -77.8% | -$44.00 |
| $8.46 | -55.7% | -$44.00 |
| $12.68 | -33.6% | -$44.00 |
| $16.91 | -11.5% | -$44.00 |
| $21.13 | +10.6% | -$44.00 |
| $25.36 | +32.7% | -$44.00 |
| $29.58 | +54.8% | -$44.00 |
| $33.80 | +76.9% | -$44.00 |
| $38.03 | +99.0% | -$44.00 |
When traders use iron condor on NVGS
Iron condors on NVGS are a delta-neutral premium-collection structure that profits if NVGS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
NVGS thesis for this iron condor
The market-implied 1-standard-deviation range for NVGS extends from approximately $-6.64 on the downside to $44.86 on the upside. A NVGS iron condor is a delta-neutral premium-collection structure that pays off when NVGS 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 NVGS IV rank near 100.00% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on NVGS at 470.00%. As a Industrials name, NVGS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NVGS-specific events.
NVGS 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. NVGS positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NVGS alongside the broader basket even when NVGS-specific fundamentals are unchanged. Short-premium structures like a iron condor on NVGS carry tail risk when realized volatility exceeds the implied move; review historical NVGS earnings reactions and macro stress periods before sizing. Always rebuild the position from current NVGS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on NVGS?
- A iron condor on NVGS is the iron condor strategy applied to NVGS (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 NVGS stock trading near $19.11, the strikes shown on this page are snapped to the nearest listed NVGS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NVGS 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 NVGS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 470.00%), the computed maximum profit is $56.00 per contract and the computed maximum loss is -$44.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NVGS iron condor?
- The breakeven for the NVGS iron condor priced on this page is roughly $17.44 and $20.56 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 NVGS market-implied 1-standard-deviation expected move is approximately 134.75%; 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 NVGS?
- Iron condors on NVGS are a delta-neutral premium-collection structure that profits if NVGS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current NVGS implied volatility affect this iron condor?
- NVGS ATM IV is at 470.00% with IV rank near 100.00%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.