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. (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.
PINE (Alpine Income Property Trust, Inc.) trades in the Real Estate sector, specifically REIT - Retail, with a market capitalization of approximately $312.3M, a trailing P/E of 415.55, a beta of 0.59 versus the broader market, a 52-week range of 13.1-20.8, average daily share volume of 182K, 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 0.59 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 415.55 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.
Current PINE snapshot
As of May 15, 2026, spot at $18.74, ATM IV 185.20%, IV rank 72.57%, expected move 53.10%. The iron condor on PINE 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 PINE specifically: PINE IV at 185.20% is rich versus its 1-year range, which favors premium-selling structures like a PINE iron condor, with a market-implied 1-standard-deviation move of approximately 53.10% (roughly $9.95 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 PINE expiries trade a higher absolute premium for lower per-day decay. Position sizing on PINE should anchor to the underlying notional of $18.74 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 near $18.74, the first option leg uses a $19.68 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 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 PINE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $19.68 | N/A |
| Buy 1 | Call | $20.61 | N/A |
| Sell 1 | Put | $17.80 | N/A |
| Buy 1 | Put | $16.87 | 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 $8.79 on the downside to $28.69 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 72.57% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on PINE at 185.20%. 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 trading near $18.74, the strikes shown on this page are snapped to the nearest listed PINE chain strike and the premiums come straight from the end-of-day 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 185.20%), 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 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 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 PINE market-implied 1-standard-deviation expected move is approximately 53.10%; 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 185.20% with IV rank near 72.57%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.