QUAD Iron Condor Strategy
QUAD (Quad/Graphics, Inc.), in the Industrials sector, (Specialty Business Services industry), listed on NYSE.
Quad/Graphics, Inc. provides marketing solutions worldwide. The company operates through United States Print and Related Services, and International segments. It offers printing services, such as retail inserts, publications, catalogs, special interest publications, journals, direct mail, directories, in-store marketing and promotion, packaging, newspapers, custom print products, and other commercial and specialty printed products; and paper procurement services. The company also provides marketing and other services, including consumer insights, audience targeting, personalization, media planning and placement, process optimization, campaign planning and creation, pre-media production, videography, photography, digital and print execution, and logistics, as well as manufactures ink. It serves blue chip companies that operate in various industries, and serve businesses and consumers comprising retailers, publishers, and direct marketers. The company was founded in 1971 and is headquartered in Sussex, Wisconsin.
QUAD (Quad/Graphics, Inc.) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $375.9M, a trailing P/E of 12.69, a beta of 1.17 versus the broader market, a 52-week range of 5.01-8.64, average daily share volume of 301K, a public-listing history dating back to 2010, approximately 11K 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 1.17 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.
Current QUAD snapshot
As of May 15, 2026, spot at $7.25, ATM IV 67.60%, IV rank 20.13%, expected move 19.38%. The iron condor on QUAD 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 QUAD specifically: QUAD IV at 67.60% 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 19.38% (roughly $1.41 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 QUAD expiries trade a higher absolute premium for lower per-day decay. Position sizing on QUAD should anchor to the underlying notional of $7.25 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 near $7.25, the first option leg uses a $7.61 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 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 QUAD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $7.61 | N/A |
| Buy 1 | Call | $7.98 | N/A |
| Sell 1 | Put | $6.89 | N/A |
| Buy 1 | Put | $6.53 | 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 $5.84 on the downside to $8.66 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 20.13% 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 67.60%. 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 trading near $7.25, the strikes shown on this page are snapped to the nearest listed QUAD chain strike and the premiums come straight from the end-of-day 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 67.60%), 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 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 QUAD market-implied 1-standard-deviation expected move is approximately 19.38%; 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 67.60% with IV rank near 20.13%, 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.