PACK Iron Condor Strategy
PACK (Ranpak Holdings Corp.), in the Consumer Cyclical sector, (Packaging & Containers industry), listed on NYSE.
Ranpak Holdings Corp., together with its subsidiaries, provide product protection solutions for e-commerce and industrial supply chains in North America, Europe, and Asia. The company offers protective packaging solutions, such as void-fill protective systems that convert paper to fill empty spaces in secondary packages and protect objects under the FillPak brand; cushioning protective systems, which convert paper into cushioning pads under the PadPak brand; and wrapping protective systems that create pads or paper mesh to wrap and protect fragile items, as well as to line boxes and provide separation when shipping various objects under the WrapPak, Geami, and ReadyRoll brands. The company's products also include line automation products, which help end users automate the void filling and box closure processes after product packing is complete. It sells its products to end users primarily through a distributor network, and directly to select end users. Ranpak Holdings Corp. was founded in 1972 and is headquartered in Concord Township, Ohio.
PACK (Ranpak Holdings Corp.) trades in the Consumer Cyclical sector, specifically Packaging & Containers, with a market capitalization of approximately $538.9M, a beta of 3.06 versus the broader market, a 52-week range of 3.2-6.67, average daily share volume of 622K, a public-listing history dating back to 2018, approximately 800 full-time employees. These structural characteristics shape how PACK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.06 indicates PACK 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 PACK?
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 PACK snapshot
As of May 15, 2026, spot at $5.81, ATM IV 95.20%, IV rank 35.19%, expected move 27.29%. The iron condor on PACK 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 PACK specifically: PACK IV at 95.20% is mid-range versus its 1-year history, so the credit collected on a PACK iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 27.29% (roughly $1.59 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 PACK expiries trade a higher absolute premium for lower per-day decay. Position sizing on PACK should anchor to the underlying notional of $5.81 per share and to the trader's directional view on PACK stock.
PACK iron condor setup
The PACK 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 PACK near $5.81, the first option leg uses a $6.10 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PACK 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 PACK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $6.10 | N/A |
| Buy 1 | Call | $6.39 | N/A |
| Sell 1 | Put | $5.52 | N/A |
| Buy 1 | Put | $5.23 | N/A |
PACK 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.
PACK iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PACK. 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 PACK
Iron condors on PACK are a delta-neutral premium-collection structure that profits if PACK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PACK thesis for this iron condor
The market-implied 1-standard-deviation range for PACK extends from approximately $4.22 on the downside to $7.40 on the upside. A PACK iron condor is a delta-neutral premium-collection structure that pays off when PACK 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 PACK IV rank near 35.19% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on PACK should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, PACK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PACK-specific events.
PACK 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. PACK positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PACK alongside the broader basket even when PACK-specific fundamentals are unchanged. Short-premium structures like a iron condor on PACK carry tail risk when realized volatility exceeds the implied move; review historical PACK earnings reactions and macro stress periods before sizing. Always rebuild the position from current PACK chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PACK?
- A iron condor on PACK is the iron condor strategy applied to PACK (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 PACK stock trading near $5.81, the strikes shown on this page are snapped to the nearest listed PACK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PACK 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 PACK iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 95.20%), 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 PACK iron condor?
- The breakeven for the PACK 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 PACK market-implied 1-standard-deviation expected move is approximately 27.29%; 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 PACK?
- Iron condors on PACK are a delta-neutral premium-collection structure that profits if PACK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PACK implied volatility affect this iron condor?
- PACK ATM IV is at 95.20% with IV rank near 35.19%, 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.