SHOO Iron Condor Strategy
SHOO (Steven Madden, Ltd.), in the Consumer Cyclical sector, (Apparel - Footwear & Accessories industry), listed on NASDAQ.
Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward branded and private label footwear, accessories, and apparel for women, men, and children in the United States and internationally. Its Wholesale Footwear segment provides footwear under the Steve Madden, Steven by Steve Madden, Madden Girl, BB Dakota, Dolce Vita, DV Dolce Vita, Betsey Johnson, GREATS, Blondo, Anne Klein, Mad Love, Superga, Madden NYC, and COOL Planet brands, as well as private label footwear. The company's Wholesale Accessories/Apparel segment offers handbags, apparel, small leather goods, belts, soft accessories, fashion scarves, wraps, gifting, and other accessories under the Steve Madden, BB Dakota, Anne Klein, Betsey Johnson, Cejon, Madden NYC, and Dolce Vita brands, as well as private label handbag and accessories to department stores, mass merchants, off-price retailers, online retailers, specialty stores, and independent stores. Its Direct-to-Consumer segment operates Steve Madden and Superga full-price retail stores, Steve Madden outlet stores, and Steve Madden shop-in-shops, as well as digital e-commerce websites, including SteveMadden.com, DolceVita.com, betseyjohnson.com, Blondo.com, GREATS.com, and Superga-USA.com. The company's Licensing segment licenses its Steve Madden, Madden Girl, and Betsey Johnson trademarks. Its First Cost segment operates as a buying agent for footwear products under private labels for national chains, specialty retailers, and value-priced retailers.
SHOO (Steven Madden, Ltd.) trades in the Consumer Cyclical sector, specifically Apparel - Footwear & Accessories, with a market capitalization of approximately $2.81B, a trailing P/E of 36.03, a beta of 1.13 versus the broader market, a 52-week range of 22.26-46.88, average daily share volume of 1.3M, a public-listing history dating back to 1993, approximately 4K full-time employees. These structural characteristics shape how SHOO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.13 places SHOO roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 36.03 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. SHOO pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on SHOO?
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 SHOO snapshot
As of May 15, 2026, spot at $39.03, ATM IV 44.60%, IV rank 13.88%, expected move 12.79%. The iron condor on SHOO 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 SHOO specifically: SHOO IV at 44.60% is on the cheap side of its 1-year range, which means a premium-selling SHOO iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.79% (roughly $4.99 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 SHOO expiries trade a higher absolute premium for lower per-day decay. Position sizing on SHOO should anchor to the underlying notional of $39.03 per share and to the trader's directional view on SHOO stock.
SHOO iron condor setup
The SHOO 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 SHOO near $39.03, the first option leg uses a $40.98 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SHOO 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 SHOO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $40.98 | N/A |
| Buy 1 | Call | $42.93 | N/A |
| Sell 1 | Put | $37.08 | N/A |
| Buy 1 | Put | $35.13 | N/A |
SHOO 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.
SHOO iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SHOO. 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 SHOO
Iron condors on SHOO are a delta-neutral premium-collection structure that profits if SHOO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SHOO thesis for this iron condor
The market-implied 1-standard-deviation range for SHOO extends from approximately $34.04 on the downside to $44.02 on the upside. A SHOO iron condor is a delta-neutral premium-collection structure that pays off when SHOO 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 SHOO IV rank near 13.88% 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 SHOO at 44.60%. As a Consumer Cyclical name, SHOO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SHOO-specific events.
SHOO 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. SHOO positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SHOO alongside the broader basket even when SHOO-specific fundamentals are unchanged. Short-premium structures like a iron condor on SHOO carry tail risk when realized volatility exceeds the implied move; review historical SHOO earnings reactions and macro stress periods before sizing. Always rebuild the position from current SHOO chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SHOO?
- A iron condor on SHOO is the iron condor strategy applied to SHOO (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 SHOO stock trading near $39.03, the strikes shown on this page are snapped to the nearest listed SHOO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SHOO 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 SHOO iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 44.60%), 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 SHOO iron condor?
- The breakeven for the SHOO 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 SHOO market-implied 1-standard-deviation expected move is approximately 12.79%; 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 SHOO?
- Iron condors on SHOO are a delta-neutral premium-collection structure that profits if SHOO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SHOO implied volatility affect this iron condor?
- SHOO ATM IV is at 44.60% with IV rank near 13.88%, 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.