QUAD Iron Condor Strategy
QUAD (Quad/Graphics, Inc.), in the Industrials sector, (Specialty Business Services industry), listed on NYSE.
Quad/Graphics, Inc. is a global provider that offers a diverse array of marketing solutions. The company operates through two main divisions: its United States Print and Related Services segment, and an International segment. Their extensive printing capabilities encompass a wide range of products, including promotional inserts for retail, various publications such as catalogs, magazines, journals, and newspapers, as well as direct mail pieces, directories, in-store marketing materials, product packaging, bespoke printed items, and other specialized commercial print products. They also manage the procurement of paper. Beyond printing, Quad/Graphics provides a comprehensive suite of marketing and support services. These include generating consumer insights, precise audience targeting, content personalization, strategic media planning and placement, process optimization, full campaign planning and execution, pre-media production, videography, photography, multi-channel content delivery (both digital and print), and logistics management.
QUAD (Quad/Graphics, Inc.) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $507.3M, a trailing P/E of 15.14, a beta of 1.09 versus the broader market, a 52-week range of 5.12-11.15, average daily share volume of 232K, a public-listing history dating back to 2010, approximately 10K full-time employees. These structural characteristics shape how QUAD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.09 places QUAD roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. QUAD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on QUAD?
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.
QUAD snapshot
As of August 14, 2026, spot at $9.99, ATM IV 38.90%, IV rank 6.10%, expected move 11.15%. The iron condor on QUAD 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 QUAD specifically: QUAD IV at 38.90% is on the cheap side of its 1-year range, which means a premium-selling QUAD iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 11.15% (roughly $1.11 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 QUAD expiries trade a higher absolute premium for lower per-day decay. Position sizing on QUAD should anchor to the underlying notional of $9.99 per share and to the trader's directional view on QUAD stock.
QUAD iron condor setup
The QUAD 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 QUAD at $9.99 on that close, the first option leg uses a $10.49 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QUAD 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 QUAD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $10.49 | N/A |
| Buy 1 | Call | $10.99 | N/A |
| Sell 1 | Put | $9.49 | N/A |
| Buy 1 | Put | $8.99 | N/A |
QUAD 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.
QUAD iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on QUAD. 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 QUAD
Iron condors on QUAD are a delta-neutral premium-collection structure that profits if QUAD stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
QUAD thesis for this iron condor
The market-implied 1-standard-deviation range for QUAD extends from approximately $8.88 on the downside to $11.10 on the upside. A QUAD iron condor is a delta-neutral premium-collection structure that pays off when QUAD 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 QUAD IV rank near 6.10% 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 QUAD at 38.90%. As a Industrials name, QUAD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QUAD-specific events.
QUAD 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. QUAD positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move QUAD alongside the broader basket even when QUAD-specific fundamentals are unchanged. Short-premium structures like a iron condor on QUAD carry tail risk when realized volatility exceeds the implied move; review historical QUAD earnings reactions and macro stress periods before sizing. Always rebuild the position from current QUAD chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on QUAD?
- A iron condor on QUAD is the iron condor strategy applied to QUAD (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 QUAD stock at $9.99 on the most recent close, the strikes shown on this page are snapped to the nearest listed QUAD chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are QUAD 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 QUAD iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 38.90%), 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 QUAD iron condor?
- The breakeven for the QUAD 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 QUAD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.15%; 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 QUAD?
- Iron condors on QUAD are a delta-neutral premium-collection structure that profits if QUAD stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current QUAD implied volatility affect this iron condor?
- QUAD ATM IV is at 38.90% with IV rank near 6.10%, 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.