PCOR Iron Condor Strategy
PCOR (Procore Technologies, Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.
Procore Technologies, Inc. delivers a comprehensive, cloud-based platform designed for construction management, along with accompanying software solutions, serving clients both in the United States and globally. This platform empowers a diverse range of stakeholders, including property owners, general and specialty contractors, architects, and engineers, to collaborate seamlessly throughout their construction projects. The company's offerings are structured into several key modules: Preconstruction: This module facilitates streamlined collaboration among internal and external parties during the initial project phases, such as planning, budgeting, estimating, bidding, and selecting partners. Project Management: It enables real-time teamwork, secure information storage, design coordination, BIM model clash detection, and regulatory compliance for both jobsite personnel and back-office teams. Resource Management: This tool assists contractors in scheduling, monitoring, and forecasting labor productivity, improving time management, enhancing workforce communication, and optimizing project profitability. Financial Management: It provides customers with detailed visibility into the fiscal health of individual construction projects and their entire portfolios, ensuring unfettered, real-time access to financial data that bridges the gap between field operations and the main office.
PCOR (Procore Technologies, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $9.02B, a beta of 0.73 versus the broader market, a 52-week range of 38.03-82.315, average daily share volume of 3.1M, a public-listing history dating back to 2021, approximately 4K full-time employees. These structural characteristics shape how PCOR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.73 places PCOR 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 PCOR?
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.
PCOR snapshot
As of August 14, 2026, spot at $59.42, ATM IV 52.00%, IV rank 7.36%, expected move 14.91%. The iron condor on PCOR 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 63-day expiry.
Why this iron condor structure on PCOR specifically: PCOR IV at 52.00% is on the cheap side of its 1-year range, which means a premium-selling PCOR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.91% (roughly $8.86 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PCOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on PCOR should anchor to the underlying notional of $59.42 per share and to the trader's directional view on PCOR stock.
PCOR iron condor setup
The PCOR 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 PCOR at $59.42 on that close, the first option leg uses a $62.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PCOR chain at a 63-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 PCOR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $62.50 | $4.65 |
| Buy 1 | Call | $65.00 | $3.70 |
| Sell 1 | Put | $57.50 | $3.80 |
| Buy 1 | Put | $52.50 | $2.20 |
PCOR iron condor risk and reward
- Net Premium / Debit
- +$255.00
- Max Profit (per contract)
- $255.00
- Max Loss (per contract)
- -$245.00
- Breakeven(s)
- $54.95
- Risk / Reward Ratio
- 1.041
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.
PCOR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PCOR. 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% | -$245.00 |
| $13.15 | -77.9% | -$245.00 |
| $26.28 | -55.8% | -$245.00 |
| $39.42 | -33.7% | -$245.00 |
| $52.56 | -11.5% | -$239.21 |
| $65.69 | +10.6% | +$5.00 |
| $78.83 | +32.7% | +$5.00 |
| $91.97 | +54.8% | +$5.00 |
| $105.11 | +76.9% | +$5.00 |
| $118.24 | +99.0% | +$5.00 |
When traders use iron condor on PCOR
Iron condors on PCOR are a delta-neutral premium-collection structure that profits if PCOR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PCOR thesis for this iron condor
The market-implied 1-standard-deviation range for PCOR extends from approximately $50.56 on the downside to $68.28 on the upside. A PCOR iron condor is a delta-neutral premium-collection structure that pays off when PCOR 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 PCOR IV rank near 7.36% 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 PCOR at 52.00%. As a Technology name, PCOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PCOR-specific events.
PCOR 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. PCOR positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PCOR alongside the broader basket even when PCOR-specific fundamentals are unchanged. Short-premium structures like a iron condor on PCOR carry tail risk when realized volatility exceeds the implied move; review historical PCOR earnings reactions and macro stress periods before sizing. Always rebuild the position from current PCOR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PCOR?
- A iron condor on PCOR is the iron condor strategy applied to PCOR (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 PCOR stock at $59.42 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed PCOR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PCOR 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 PCOR iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 52.00%), the computed maximum profit is $255.00 per contract and the computed maximum loss is -$245.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PCOR iron condor?
- The breakeven for the PCOR iron condor priced on this page is roughly $54.95 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 PCOR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.91%; 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 PCOR?
- Iron condors on PCOR are a delta-neutral premium-collection structure that profits if PCOR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PCOR implied volatility affect this iron condor?
- PCOR ATM IV is at 52.00% with IV rank near 7.36%, 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.