RSG Iron Condor Strategy
RSG (Republic Services, Inc.), in the Industrials sector, (Waste Management industry), listed on NYSE.
Republic Services, Inc., together with its subsidiaries, offers environmental services in the United States. The company offers collection and processing of recyclable materials, collection, transfer and disposal of non-hazardous solid waste, and other environmental solutions. Its collection services include curbside collection of material for transport to transfer stations, landfills, or recycling processing centers; supply of recycling and waste containers; and renting of compactors. In addition, the company engages in the processing and sale of old corrugated containers, old newsprint, aluminum, glass, and other materials; and provision of landfill and transfer services. Further, it offers disposal of non-hazardous solid and liquid material and in-plant services, such as transportation and logistics. It serves small-container, large-container, and residential customers.
RSG (Republic Services, Inc.) trades in the Industrials sector, specifically Waste Management, with a market capitalization of approximately $62.66B, a trailing P/E of 29.02, a beta of 0.44 versus the broader market, a 52-week range of 196.41-258.75, average daily share volume of 1.5M, a public-listing history dating back to 1998, approximately 42K full-time employees. These structural characteristics shape how RSG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.44 indicates RSG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. RSG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on RSG?
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 RSG snapshot
As of May 15, 2026, spot at $208.01, ATM IV 19.30%, IV rank 1.35%, expected move 5.53%. The iron condor on RSG 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 RSG specifically: RSG IV at 19.30% is on the cheap side of its 1-year range, which means a premium-selling RSG iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.53% (roughly $11.51 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 RSG expiries trade a higher absolute premium for lower per-day decay. Position sizing on RSG should anchor to the underlying notional of $208.01 per share and to the trader's directional view on RSG stock.
RSG iron condor setup
The RSG 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 RSG near $208.01, the first option leg uses a $220.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RSG 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 RSG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $220.00 | $1.23 |
| Buy 1 | Call | $230.00 | $0.43 |
| Sell 1 | Put | $200.00 | $1.90 |
| Buy 1 | Put | $185.00 | $0.21 |
RSG iron condor risk and reward
- Net Premium / Debit
- +$249.00
- Max Profit (per contract)
- $249.00
- Max Loss (per contract)
- -$1,251.00
- Breakeven(s)
- $197.51, $222.49
- Risk / Reward Ratio
- 0.199
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.
RSG iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on RSG. 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% | -$1,251.00 |
| $46.00 | -77.9% | -$1,251.00 |
| $91.99 | -55.8% | -$1,251.00 |
| $137.98 | -33.7% | -$1,251.00 |
| $183.97 | -11.6% | -$1,251.00 |
| $229.97 | +10.6% | -$747.53 |
| $275.96 | +32.7% | -$751.00 |
| $321.95 | +54.8% | -$751.00 |
| $367.94 | +76.9% | -$751.00 |
| $413.93 | +99.0% | -$751.00 |
When traders use iron condor on RSG
Iron condors on RSG are a delta-neutral premium-collection structure that profits if RSG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
RSG thesis for this iron condor
The market-implied 1-standard-deviation range for RSG extends from approximately $196.50 on the downside to $219.52 on the upside. A RSG iron condor is a delta-neutral premium-collection structure that pays off when RSG 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 RSG IV rank near 1.35% 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 RSG at 19.30%. As a Industrials name, RSG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RSG-specific events.
RSG 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. RSG positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RSG alongside the broader basket even when RSG-specific fundamentals are unchanged. Short-premium structures like a iron condor on RSG carry tail risk when realized volatility exceeds the implied move; review historical RSG earnings reactions and macro stress periods before sizing. Always rebuild the position from current RSG chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on RSG?
- A iron condor on RSG is the iron condor strategy applied to RSG (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 RSG stock trading near $208.01, the strikes shown on this page are snapped to the nearest listed RSG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RSG 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 RSG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 19.30%), the computed maximum profit is $249.00 per contract and the computed maximum loss is -$1,251.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RSG iron condor?
- The breakeven for the RSG iron condor priced on this page is roughly $197.51 and $222.49 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 RSG market-implied 1-standard-deviation expected move is approximately 5.53%; 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 RSG?
- Iron condors on RSG are a delta-neutral premium-collection structure that profits if RSG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current RSG implied volatility affect this iron condor?
- RSG ATM IV is at 19.30% with IV rank near 1.35%, 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.