PI Iron Condor Strategy
PI (Impinj, Inc.), in the Technology sector, (Communication Equipment industry), listed on NASDAQ.
Impinj, Inc. operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform, which comprises multiple product families, wirelessly connects individual items and delivers data about the connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item. Its platform also consists of systems products that comprise reader ICs, readers, and gateways to wirelessly provide power to and communicate bidirectionally with endpoint ICs on host items, as well as to read, write, authenticate, and engage the endpoint ICs on those items; and software and algorithms that enables its partners to deliver use cases, such as retail self-checkout and loss prevention, and warehouse pallet and carton tracking to end-users. The company primarily serves retail, supply chain and logistics, aviation, automotive, healthcare, industrial and manufacturing, sports, food, datacenter, travel, banking, and linen and uniform tracking sectors through distributors, system integrators, value-added resellers, and software solution partners. Impinj, Inc. was incorporated in 2000 and is headquartered in Seattle, Washington.
PI (Impinj, Inc.) trades in the Technology sector, specifically Communication Equipment, with a market capitalization of approximately $4.50B, a beta of 1.93 versus the broader market, a 52-week range of 87.36-247.064, average daily share volume of 579K, a public-listing history dating back to 2016, approximately 451 full-time employees. These structural characteristics shape how PI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.93 indicates PI 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 PI?
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 PI snapshot
As of May 15, 2026, spot at $140.62, ATM IV 70.90%, IV rank 33.45%, expected move 20.33%. The iron condor on PI 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 PI specifically: PI IV at 70.90% is mid-range versus its 1-year history, so the credit collected on a PI iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 20.33% (roughly $28.58 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 PI expiries trade a higher absolute premium for lower per-day decay. Position sizing on PI should anchor to the underlying notional of $140.62 per share and to the trader's directional view on PI stock.
PI iron condor setup
The PI 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 PI near $140.62, the first option leg uses a $150.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PI 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 PI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $150.00 | $8.90 |
| Buy 1 | Call | $155.00 | $6.75 |
| Sell 1 | Put | $135.00 | $9.35 |
| Buy 1 | Put | $125.00 | $5.30 |
PI iron condor risk and reward
- Net Premium / Debit
- +$620.00
- Max Profit (per contract)
- $620.00
- Max Loss (per contract)
- -$380.00
- Breakeven(s)
- $128.80
- Risk / Reward Ratio
- 1.632
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.
PI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PI. 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% | -$380.00 |
| $31.10 | -77.9% | -$380.00 |
| $62.19 | -55.8% | -$380.00 |
| $93.28 | -33.7% | -$380.00 |
| $124.37 | -11.6% | -$380.00 |
| $155.46 | +10.6% | +$120.00 |
| $186.55 | +32.7% | +$120.00 |
| $217.65 | +54.8% | +$120.00 |
| $248.74 | +76.9% | +$120.00 |
| $279.83 | +99.0% | +$120.00 |
When traders use iron condor on PI
Iron condors on PI are a delta-neutral premium-collection structure that profits if PI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PI thesis for this iron condor
The market-implied 1-standard-deviation range for PI extends from approximately $112.04 on the downside to $169.20 on the upside. A PI iron condor is a delta-neutral premium-collection structure that pays off when PI 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 PI IV rank near 33.45% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on PI should anchor more to the directional view and the expected-move geometry. As a Technology name, PI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PI-specific events.
PI 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. PI positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PI alongside the broader basket even when PI-specific fundamentals are unchanged. Short-premium structures like a iron condor on PI carry tail risk when realized volatility exceeds the implied move; review historical PI earnings reactions and macro stress periods before sizing. Always rebuild the position from current PI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PI?
- A iron condor on PI is the iron condor strategy applied to PI (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 PI stock trading near $140.62, the strikes shown on this page are snapped to the nearest listed PI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PI 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 PI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 70.90%), the computed maximum profit is $620.00 per contract and the computed maximum loss is -$380.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PI iron condor?
- The breakeven for the PI iron condor priced on this page is roughly $128.80 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 PI market-implied 1-standard-deviation expected move is approximately 20.33%; 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 PI?
- Iron condors on PI are a delta-neutral premium-collection structure that profits if PI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PI implied volatility affect this iron condor?
- PI ATM IV is at 70.90% with IV rank near 33.45%, 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.