PDFS Iron Condor Strategy
PDFS (PDF Solutions, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
PDF Solutions, Inc. offers a comprehensive array of solutions to the semiconductor sector, encompassing proprietary software, physical intellectual property for integrated circuit designs, electrical measurement hardware, proven methodologies, and professional services. The company maintains a global presence, with significant operations in the United States, China, Japan, Taiwan, and other international regions. At the core of their software portfolio is the Exensio platform. This includes Manufacturing Analytics, which centralizes collected data, providing engineers with a consistent view to effectively identify and analyze production yield, performance, and reliability issues. Process Control delivers capabilities for failure detection, classification, and robust monitoring and management of manufacturing tool sets. Test Operations focuses on efficient data collection and analytical functionalities, while Assembly Operations is designed to seamlessly link assembly, packaging, fabrication, and characterization data throughout a product's entire lifespan.
PDFS (PDF Solutions, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $2.17B, a trailing P/E of 205.57, a beta of 1.65 versus the broader market, a 52-week range of 18.56-71.69, average daily share volume of 708K, a public-listing history dating back to 2001, approximately 600 full-time employees. These structural characteristics shape how PDFS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.65 indicates PDFS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 205.57 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a iron condor on PDFS?
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.
PDFS snapshot
As of August 14, 2026, spot at $50.83, ATM IV 71.50%, IV rank 26.16%, expected move 20.50%. The iron condor on PDFS 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 7-day expiry.
Why this iron condor structure on PDFS specifically: PDFS IV at 71.50% is on the cheap side of its 1-year range, which means a premium-selling PDFS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.50% (roughly $10.42 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PDFS expiries trade a higher absolute premium for lower per-day decay. Position sizing on PDFS should anchor to the underlying notional of $50.83 per share and to the trader's directional view on PDFS stock.
PDFS iron condor setup
The PDFS 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 PDFS at $50.83 on that close, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PDFS chain at a 7-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 PDFS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $55.00 | $0.45 |
| Buy 1 | Call | $55.00 | $0.45 |
| Sell 1 | Put | $50.00 | $1.43 |
| Buy 1 | Put | $45.00 | $0.21 |
PDFS iron condor risk and reward
- Net Premium / Debit
- +$121.50
- Max Profit (per contract)
- $121.50
- Max Loss (per contract)
- -$378.50
- Breakeven(s)
- $48.79
- Risk / Reward Ratio
- 0.321
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.
PDFS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PDFS. 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% | -$378.50 |
| $11.25 | -77.9% | -$378.50 |
| $22.49 | -55.8% | -$378.50 |
| $33.72 | -33.7% | -$378.50 |
| $44.96 | -11.5% | -$378.50 |
| $56.20 | +10.6% | +$121.50 |
| $67.44 | +32.7% | +$121.50 |
| $78.67 | +54.8% | +$121.50 |
| $89.91 | +76.9% | +$121.50 |
| $101.15 | +99.0% | +$121.50 |
When traders use iron condor on PDFS
Iron condors on PDFS are a delta-neutral premium-collection structure that profits if PDFS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PDFS thesis for this iron condor
The market-implied 1-standard-deviation range for PDFS extends from approximately $40.41 on the downside to $61.25 on the upside. A PDFS iron condor is a delta-neutral premium-collection structure that pays off when PDFS 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 PDFS IV rank near 26.16% 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 PDFS at 71.50%. As a Technology name, PDFS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PDFS-specific events.
PDFS 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. PDFS positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PDFS alongside the broader basket even when PDFS-specific fundamentals are unchanged. Short-premium structures like a iron condor on PDFS carry tail risk when realized volatility exceeds the implied move; review historical PDFS earnings reactions and macro stress periods before sizing. Always rebuild the position from current PDFS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PDFS?
- A iron condor on PDFS is the iron condor strategy applied to PDFS (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 PDFS stock at $50.83 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed PDFS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PDFS 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 PDFS iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 71.50%), the computed maximum profit is $121.50 per contract and the computed maximum loss is -$378.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PDFS iron condor?
- The breakeven for the PDFS iron condor priced on this page is roughly $48.79 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 PDFS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.50%; 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 PDFS?
- Iron condors on PDFS are a delta-neutral premium-collection structure that profits if PDFS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PDFS implied volatility affect this iron condor?
- PDFS ATM IV is at 71.50% with IV rank near 26.16%, 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.