PL Iron Condor Strategy
PL (Planet Labs PBC), in the Industrials sector, (Aerospace & Defense industry), listed on NYSE.
Planet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers Open Geospatial Consortium, a cloud-native proprietary technology that performs critical processing and overall harmonizing of images for time series and data fusion and analysis; and space-based hardware and related software systems. It serves agriculture, mapping, forestry, and finance and insurance, as well as federal, state, and local government bodies. The company was incorporated in 2010 and is headquartered in San Francisco, California.
PL (Planet Labs PBC) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $13.14B, a beta of 1.91 versus the broader market, a 52-week range of 3.47-43.12, average daily share volume of 13.1M, a public-listing history dating back to 2021, approximately 810 full-time employees. These structural characteristics shape how PL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.91 indicates PL 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 PL?
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 PL snapshot
As of May 15, 2026, spot at $42.30, ATM IV 129.39%, IV rank 91.14%, expected move 37.09%. The iron condor on PL 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 28-day expiry.
Why this iron condor structure on PL specifically: PL IV at 129.39% is rich versus its 1-year range, which favors premium-selling structures like a PL iron condor, with a market-implied 1-standard-deviation move of approximately 37.09% (roughly $15.69 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PL expiries trade a higher absolute premium for lower per-day decay. Position sizing on PL should anchor to the underlying notional of $42.30 per share and to the trader's directional view on PL stock.
PL iron condor setup
The PL 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 PL near $42.30, the first option leg uses a $44.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PL chain at a 28-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 PL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $44.00 | $5.40 |
| Buy 1 | Call | $47.00 | $4.50 |
| Sell 1 | Put | $40.00 | $4.60 |
| Buy 1 | Put | $38.00 | $3.85 |
PL iron condor risk and reward
- Net Premium / Debit
- +$165.00
- Max Profit (per contract)
- $165.00
- Max Loss (per contract)
- -$135.00
- Breakeven(s)
- $38.35, $45.65
- Risk / Reward Ratio
- 1.222
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.
PL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PL. 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% | -$35.00 |
| $9.36 | -77.9% | -$35.00 |
| $18.71 | -55.8% | -$35.00 |
| $28.06 | -33.7% | -$35.00 |
| $37.42 | -11.5% | -$35.00 |
| $46.77 | +10.6% | -$111.83 |
| $56.12 | +32.7% | -$135.00 |
| $65.47 | +54.8% | -$135.00 |
| $74.82 | +76.9% | -$135.00 |
| $84.17 | +99.0% | -$135.00 |
When traders use iron condor on PL
Iron condors on PL are a delta-neutral premium-collection structure that profits if PL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PL thesis for this iron condor
The market-implied 1-standard-deviation range for PL extends from approximately $26.61 on the downside to $57.99 on the upside. A PL iron condor is a delta-neutral premium-collection structure that pays off when PL 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 PL IV rank near 91.14% 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 PL at 129.39%. As a Industrials name, PL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PL-specific events.
PL 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. PL positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PL alongside the broader basket even when PL-specific fundamentals are unchanged. Short-premium structures like a iron condor on PL carry tail risk when realized volatility exceeds the implied move; review historical PL earnings reactions and macro stress periods before sizing. Always rebuild the position from current PL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PL?
- A iron condor on PL is the iron condor strategy applied to PL (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 PL stock trading near $42.30, the strikes shown on this page are snapped to the nearest listed PL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PL 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 PL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 129.39%), the computed maximum profit is $165.00 per contract and the computed maximum loss is -$135.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PL iron condor?
- The breakeven for the PL iron condor priced on this page is roughly $38.35 and $45.65 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 PL market-implied 1-standard-deviation expected move is approximately 37.09%; 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 PL?
- Iron condors on PL are a delta-neutral premium-collection structure that profits if PL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PL implied volatility affect this iron condor?
- PL ATM IV is at 129.39% with IV rank near 91.14%, 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.