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 $1.27B, a trailing P/E of 9.03, a beta of 0.48 versus the broader market, a 52-week range of 14.08-24.36, average daily share volume of 441K, 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 0.48 indicates NVGS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 9.03 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. 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.
NVGS snapshot
As of August 14, 2026, spot at $21.06, ATM IV 32.70%, IV rank 3.91%, expected move 9.37%. The iron condor on NVGS below is built from the August 14, 2026 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 NVGS specifically: NVGS IV at 32.70% is on the cheap side of its 1-year range, which means a premium-selling NVGS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.37% (roughly $1.97 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 NVGS expiries trade a higher absolute premium for lower per-day decay. Position sizing on NVGS should anchor to the underlying notional of $21.06 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 August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NVGS at $21.06 on that close, the first option leg uses a $22.00 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 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 NVGS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $22.00 | $0.60 |
| Buy 1 | Call | $23.00 | $0.26 |
| Sell 1 | Put | $20.00 | $0.33 |
| Buy 1 | Put | $19.00 | $0.43 |
NVGS iron condor risk and reward
- Net Premium / Debit
- +$24.00
- Max Profit (per contract)
- $24.00
- Max Loss (per contract)
- -$76.00
- Breakeven(s)
- $19.76, $22.24
- Risk / Reward Ratio
- 0.316
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 | -100.0% | -$76.00 |
| $4.67 | -77.8% | -$76.00 |
| $9.32 | -55.7% | -$76.00 |
| $13.98 | -33.6% | -$76.00 |
| $18.63 | -11.5% | -$76.00 |
| $23.29 | +10.6% | -$76.00 |
| $27.94 | +32.7% | -$76.00 |
| $32.60 | +54.8% | -$76.00 |
| $37.25 | +76.9% | -$76.00 |
| $41.91 | +99.0% | -$76.00 |
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 $19.09 on the downside to $23.03 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 3.91% 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 NVGS at 32.70%. 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 at $21.06 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed NVGS chain strike and the premiums come straight from that session's 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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.70%), the computed maximum profit is $24.00 per contract and the computed maximum loss is -$76.00 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 $19.76 and $22.24 at expiration, derived from the August 14, 2026 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 NVGS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.37%; 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 32.70% with IV rank near 3.91%, 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.