How are STNG 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 STNG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 43.50%), the computed maximum profit is $122.50 per contract and the computed maximum loss is -$127.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a STNG iron condor?

The breakeven for the STNG iron condor priced on this page is roughly $76.28 and $88.73 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 STNG market-implied 1-standard-deviation expected move is approximately 12.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current STNG implied volatility affect this iron condor?

STNG ATM IV is at 43.50% with IV rank near 42.62%, 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.

STNG Iron Condor Strategy

STNG (Scorpio Tankers Inc.), in the Energy sector, (Oil & Gas Midstream industry), listed on NYSE.

Scorpio Tankers Inc., together with its subsidiaries, engages in the seaborne transportation of refined petroleum products in the shipping markets worldwide. As of March 18, 2022, the company's fleet consisted of 124 owned, finance leased, or bareboat chartered-in tankers, including 42 LR2, 6 LR1, 62 MR, and 14 Handymax with a weighted average age of approximately 6.2 years. Scorpio Tankers Inc. was incorporated in 2009 and is based in Monaco.

STNG (Scorpio Tankers Inc.) trades in the Energy sector, specifically Oil & Gas Midstream, with a market capitalization of approximately $4.25B, a trailing P/E of 7.72, a beta of -0.25 versus the broader market, a 52-week range of 37.96-87.39, average daily share volume of 1.3M, a public-listing history dating back to 2010, approximately 24 full-time employees. These structural characteristics shape how STNG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.25 indicates STNG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 7.72 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. STNG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on STNG?

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 STNG snapshot

As of May 15, 2026, spot at $82.28, ATM IV 43.50%, IV rank 42.62%, expected move 12.47%. The iron condor on STNG 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 STNG specifically: STNG IV at 43.50% is mid-range versus its 1-year history, so the credit collected on a STNG iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 12.47% (roughly $10.26 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 STNG expiries trade a higher absolute premium for lower per-day decay. Position sizing on STNG should anchor to the underlying notional of $82.28 per share and to the trader's directional view on STNG stock.

STNG iron condor setup

The STNG 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 STNG near $82.28, the first option leg uses a $87.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed STNG 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 STNG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$87.50	$2.10
Buy 1	Call	$90.00	$1.65
Sell 1	Put	$77.50	$2.38
Buy 1	Put	$75.00	$1.60

STNG iron condor risk and reward

Net Premium / Debit: +$122.50
Max Profit (per contract): $122.50
Max Loss (per contract): -$127.50
Breakeven(s): $76.28, $88.73
Risk / Reward Ratio: 0.961

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.

STNG iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on STNG. 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%	-$127.50
$18.20	-77.9%	-$127.50
$36.39	-55.8%	-$127.50
$54.58	-33.7%	-$127.50
$72.78	-11.6%	-$127.50
$90.97	+10.6%	-$127.50
$109.16	+32.7%	-$127.50
$127.35	+54.8%	-$127.50
$145.54	+76.9%	-$127.50
$163.73	+99.0%	-$127.50

When traders use iron condor on STNG

Iron condors on STNG are a delta-neutral premium-collection structure that profits if STNG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

STNG thesis for this iron condor

The market-implied 1-standard-deviation range for STNG extends from approximately $72.02 on the downside to $92.54 on the upside. A STNG iron condor is a delta-neutral premium-collection structure that pays off when STNG 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 STNG IV rank near 42.62% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on STNG should anchor more to the directional view and the expected-move geometry. As a Energy name, STNG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to STNG-specific events.

STNG 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. STNG positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move STNG alongside the broader basket even when STNG-specific fundamentals are unchanged. Short-premium structures like a iron condor on STNG carry tail risk when realized volatility exceeds the implied move; review historical STNG earnings reactions and macro stress periods before sizing. Always rebuild the position from current STNG chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on STNG?: A iron condor on STNG is the iron condor strategy applied to STNG (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 STNG stock trading near $82.28, the strikes shown on this page are snapped to the nearest listed STNG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are STNG 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 STNG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 43.50%), the computed maximum profit is $122.50 per contract and the computed maximum loss is -$127.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a STNG iron condor?: The breakeven for the STNG iron condor priced on this page is roughly $76.28 and $88.73 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 STNG market-implied 1-standard-deviation expected move is approximately 12.47%; 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 STNG?: Iron condors on STNG are a delta-neutral premium-collection structure that profits if STNG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current STNG implied volatility affect this iron condor?: STNG ATM IV is at 43.50% with IV rank near 42.62%, 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.