PLUS Iron Condor Strategy
PLUS (ePlus inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
ePlus inc., together with its subsidiaries, provides information technology (IT) solutions that enable organizations to optimize IT environment and supply chain processes in the United States and internationally. The company sells third-party hardware, perpetual and subscription software, and maintenance; and software assurance and other third-party services. It also offers professional services, such as staff augmentation, project management, cloud consulting, Al advisory, consulting, security and collaboration solution, warehouse, configuration, and logistic service, as well as in the spaces of digital signage, EV charging solution, loss prevention and security, store opening, remodel, and store closing; and managed services comprising enhanced maintenance support or ePlus Lifecycle-Services Support, service desk, storage-as-a-service, azure recover, cloud managed, and managed security service, as well as managed service for infrastructure and cloud. In addition, the company offers financing arrangements, including sales-type and operating leases, loan, and consumption-based financing arrangement, as well as underwriting and management, and disposal of IT equipment and assets; and financing operations, such as sales, pricing, credit, contract, accounting, risk management, and asset management. Further, it finances IT equipment, communication-related equipment, medical equipment, industrial machinery and equipment, office furniture and general office equipment, transportation equipment, and other general business equipment; and provides financing solutions, including front-end processing, lifecycle and asset ownership, and end-of-life services. The company serves telecom, media and entertainment, technology, state and local government, educational institutions, healthcare, and financial services.
PLUS (ePlus inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $2.09B, a trailing P/E of 15.66, a beta of 1.02 versus the broader market, a 52-week range of 62.11-93.98, average daily share volume of 225K, a public-listing history dating back to 1996, approximately 2K full-time employees. These structural characteristics shape how PLUS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.02 places PLUS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PLUS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on PLUS?
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 PLUS snapshot
As of June 30, 2026, spot at $82.77, ATM IV 55.30%, IV rank 8.99%, expected move 15.85%. The iron condor on PLUS 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 17-day expiry.
Why this iron condor structure on PLUS specifically: PLUS IV at 55.30% is on the cheap side of its 1-year range, which means a premium-selling PLUS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.85% (roughly $13.12 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PLUS expiries trade a higher absolute premium for lower per-day decay. Position sizing on PLUS should anchor to the underlying notional of $82.77 per share and to the trader's directional view on PLUS stock.
PLUS iron condor setup
The PLUS 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 PLUS near $82.77, the first option leg uses a $86.91 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PLUS chain at a 17-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 PLUS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $86.91 | N/A |
| Buy 1 | Call | $91.05 | N/A |
| Sell 1 | Put | $78.63 | N/A |
| Buy 1 | Put | $74.49 | N/A |
PLUS 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.
PLUS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PLUS. 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 PLUS
Iron condors on PLUS are a delta-neutral premium-collection structure that profits if PLUS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PLUS thesis for this iron condor
The market-implied 1-standard-deviation range for PLUS extends from approximately $69.65 on the downside to $95.89 on the upside. A PLUS iron condor is a delta-neutral premium-collection structure that pays off when PLUS 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 PLUS IV rank near 8.99% 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 PLUS at 55.30%. As a Technology name, PLUS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PLUS-specific events.
PLUS 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. PLUS positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PLUS alongside the broader basket even when PLUS-specific fundamentals are unchanged. Short-premium structures like a iron condor on PLUS carry tail risk when realized volatility exceeds the implied move; review historical PLUS earnings reactions and macro stress periods before sizing. Always rebuild the position from current PLUS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PLUS?
- A iron condor on PLUS is the iron condor strategy applied to PLUS (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 PLUS stock trading near $82.77, the strikes shown on this page are snapped to the nearest listed PLUS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PLUS 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 PLUS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 55.30%), 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 PLUS iron condor?
- The breakeven for the PLUS 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 PLUS market-implied 1-standard-deviation expected move is approximately 15.85%; 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 PLUS?
- Iron condors on PLUS are a delta-neutral premium-collection structure that profits if PLUS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PLUS implied volatility affect this iron condor?
- PLUS ATM IV is at 55.30% with IV rank near 8.99%, 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.