PRGS Iron Condor Strategy
PRGS (Progress Software Corporation), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Progress Software Corporation (PRGS) specializes in providing technology solutions that enable businesses to create, launch, and oversee their software applications. The company's extensive product suite includes: OpenEdge, a powerful development platform used to construct secure, multi-language applications that can be deployed across diverse platforms, devices, and cloud infrastructures. A comprehensive set of developer tools offering user interface (UI) components for building web, mobile, desktop, chat, and augmented/virtual reality (AR/VR) applications, alongside automated testing and reporting utilities. Sitefinity, which serves as a unified platform for managing web content and performing in-depth customer analytics. Corticon, a business rules management system designed to infuse applications with decision automation, efficient change processes, and valuable insights. DataDirect Connect, ensuring seamless data connectivity between applications running on various platforms through industry-standard interfaces.
PRGS (Progress Software Corporation) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $1.39B, a trailing P/E of 16.44, a beta of 0.83 versus the broader market, a 52-week range of 23.82-65.5, average daily share volume of 867K, a public-listing history dating back to 1991, approximately 3K full-time employees. These structural characteristics shape how PRGS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.83 places PRGS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PRGS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on PRGS?
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 PRGS snapshot
As of June 26, 2026, spot at $32.27, ATM IV 77.40%, IV rank 68.75%, expected move 22.19%. The iron condor on PRGS 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 171-day expiry.
Why this iron condor structure on PRGS specifically: PRGS IV at 77.40% is mid-range versus its 1-year history, so the credit collected on a PRGS iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 22.19% (roughly $7.16 on the underlying). The 171-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PRGS expiries trade a higher absolute premium for lower per-day decay. Position sizing on PRGS should anchor to the underlying notional of $32.27 per share and to the trader's directional view on PRGS stock.
PRGS iron condor setup
The PRGS 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 PRGS near $32.27, the first option leg uses a $35.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PRGS chain at a 171-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 PRGS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $35.00 | $5.65 |
| Buy 1 | Call | $35.00 | $5.65 |
| Sell 1 | Put | $30.00 | $3.80 |
| Buy 1 | Put | $30.00 | $3.80 |
PRGS iron condor risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- 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.
PRGS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PRGS. 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% | $0.00 |
| $7.14 | -77.9% | $0.00 |
| $14.28 | -55.8% | $0.00 |
| $21.41 | -33.6% | $0.00 |
| $28.55 | -11.5% | $0.00 |
| $35.68 | +10.6% | $0.00 |
| $42.81 | +32.7% | $0.00 |
| $49.95 | +54.8% | $0.00 |
| $57.08 | +76.9% | $0.00 |
| $64.22 | +99.0% | $0.00 |
When traders use iron condor on PRGS
Iron condors on PRGS are a delta-neutral premium-collection structure that profits if PRGS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PRGS thesis for this iron condor
The market-implied 1-standard-deviation range for PRGS extends from approximately $25.11 on the downside to $39.43 on the upside. A PRGS iron condor is a delta-neutral premium-collection structure that pays off when PRGS 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 PRGS IV rank near 68.75% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on PRGS should anchor more to the directional view and the expected-move geometry. As a Technology name, PRGS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PRGS-specific events.
PRGS 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. PRGS positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PRGS alongside the broader basket even when PRGS-specific fundamentals are unchanged. Short-premium structures like a iron condor on PRGS carry tail risk when realized volatility exceeds the implied move; review historical PRGS earnings reactions and macro stress periods before sizing. Always rebuild the position from current PRGS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PRGS?
- A iron condor on PRGS is the iron condor strategy applied to PRGS (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 PRGS stock trading near $32.27, the strikes shown on this page are snapped to the nearest listed PRGS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PRGS 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 PRGS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 77.40%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PRGS iron condor?
- The breakeven for the PRGS 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 PRGS market-implied 1-standard-deviation expected move is approximately 22.19%; 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 PRGS?
- Iron condors on PRGS are a delta-neutral premium-collection structure that profits if PRGS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PRGS implied volatility affect this iron condor?
- PRGS ATM IV is at 77.40% with IV rank near 68.75%, 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.