PINE Iron Condor Strategy
PINE (Alpine Income Property Trust, Inc.), in the Real Estate sector, (REIT - Retail industry), listed on NYSE.
Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust. The firm seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants. The Company also complements its income property portfolio by strategically investing in a select portfolio of commercial loan investments intended to deliver an attractive risk-adjusted return. Alpine Income Property Trust, Inc. was incorporated in 2019 in Maryland, USA.
PINE (Alpine Income Property Trust, Inc.) trades in the Real Estate sector, specifically REIT - Retail, with a market capitalization of approximately $324.2M, a trailing P/E of 62.57, a beta of 0.58 versus the broader market, a 52-week range of 13.1-21.99, average daily share volume of 164K, a public-listing history dating back to 2019. These structural characteristics shape how PINE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.58 indicates PINE 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 62.57 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. PINE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on PINE?
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.
PINE snapshot
As of August 14, 2026, spot at $19.73, ATM IV 32.30%, IV rank 5.09%, expected move 9.26%. The iron condor on PINE below is built from the 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 PINE specifically: PINE IV at 32.30% is on the cheap side of its 1-year range, which means a premium-selling PINE iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.26% (roughly $1.83 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 PINE expiries trade a higher absolute premium for lower per-day decay. Position sizing on PINE should anchor to the underlying notional of $19.73 per share and to the trader's directional view on PINE stock.
PINE iron condor setup
The PINE 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 PINE at $19.73 on that close, the first option leg uses a $20.72 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PINE 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 PINE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $20.72 | N/A |
| Buy 1 | Call | $21.70 | N/A |
| Sell 1 | Put | $18.74 | N/A |
| Buy 1 | Put | $17.76 | N/A |
PINE 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.
PINE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PINE. 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 PINE
Iron condors on PINE are a delta-neutral premium-collection structure that profits if PINE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PINE thesis for this iron condor
The market-implied 1-standard-deviation range for PINE extends from approximately $17.90 on the downside to $21.56 on the upside. A PINE iron condor is a delta-neutral premium-collection structure that pays off when PINE 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 PINE IV rank near 5.09% 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 PINE at 32.30%. As a Real Estate name, PINE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PINE-specific events.
PINE 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. PINE positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PINE alongside the broader basket even when PINE-specific fundamentals are unchanged. Short-premium structures like a iron condor on PINE carry tail risk when realized volatility exceeds the implied move; review historical PINE earnings reactions and macro stress periods before sizing. Always rebuild the position from current PINE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PINE?
- A iron condor on PINE is the iron condor strategy applied to PINE (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 PINE stock at $19.73 on the most recent close, the strikes shown on this page are snapped to the nearest listed PINE chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PINE 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 PINE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 32.30%), 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 PINE iron condor?
- The breakeven for the PINE iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 PINE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.26%; 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 PINE?
- Iron condors on PINE are a delta-neutral premium-collection structure that profits if PINE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PINE implied volatility affect this iron condor?
- PINE ATM IV is at 32.30% with IV rank near 5.09%, 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.