STRL Iron Condor Strategy
STRL (Sterling Infrastructure, Inc.), in the Industrials sector, (Engineering & Construction industry), listed on NASDAQ.
Sterling Infrastructure, Inc. engages in the transportation, e-infrastructure, and building solutions primarily in the Southern United States, the Northeastern and Mid-Atlantic United States, the Rocky Mountain states, California, and Hawaii. It undertakes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater, and storm drainage systems for the departments of transportation in various states, regional transit authorities, airport authorities, port authorities, water authorities and railroads. The company also provides specialty site infrastructure improvement contracting services for blue-chip end users in the e-commerce, data center, distribution center and warehousing, and energy sectors. In addition, it undertakes residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, and other concrete work for national home builders, regional and custom home builders, and developers and general contractors in commercial markets. The company was formerly known as Sterling Construction Company, Inc. and changed its name to Sterling Infrastructure, Inc. in June 2022. Sterling Infrastructure, Inc. was founded in 1955 and is headquartered in The Woodlands, Texas.
STRL (Sterling Infrastructure, Inc.) trades in the Industrials sector, specifically Engineering & Construction, with a market capitalization of approximately $26.21B, a trailing P/E of 75.54, a beta of 1.64 versus the broader market, a 52-week range of 176.15-888.95, average daily share volume of 558K, a public-listing history dating back to 1991, approximately 3K full-time employees. These structural characteristics shape how STRL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.64 indicates STRL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 75.54 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.
What is a iron condor on STRL?
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 STRL snapshot
As of May 15, 2026, spot at $853.71, ATM IV 74.70%, IV rank 64.12%, expected move 21.42%. The iron condor on STRL 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 STRL specifically: STRL IV at 74.70% is mid-range versus its 1-year history, so the credit collected on a STRL iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 21.42% (roughly $182.83 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 STRL expiries trade a higher absolute premium for lower per-day decay. Position sizing on STRL should anchor to the underlying notional of $853.71 per share and to the trader's directional view on STRL stock.
STRL iron condor setup
The STRL 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 STRL near $853.71, the first option leg uses a $900.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed STRL 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 STRL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $900.00 | $56.55 |
| Buy 1 | Call | $940.00 | $43.45 |
| Sell 1 | Put | $810.00 | $53.70 |
| Buy 1 | Put | $770.00 | $39.50 |
STRL iron condor risk and reward
- Net Premium / Debit
- +$2,730.00
- Max Profit (per contract)
- $2,730.00
- Max Loss (per contract)
- -$1,270.00
- Breakeven(s)
- $782.70, $927.30
- Risk / Reward Ratio
- 2.150
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.
STRL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on STRL. 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% | -$1,270.00 |
| $188.77 | -77.9% | -$1,270.00 |
| $377.53 | -55.8% | -$1,270.00 |
| $566.29 | -33.7% | -$1,270.00 |
| $755.05 | -11.6% | -$1,270.00 |
| $943.80 | +10.6% | -$1,270.00 |
| $1,132.56 | +32.7% | -$1,270.00 |
| $1,321.32 | +54.8% | -$1,270.00 |
| $1,510.08 | +76.9% | -$1,270.00 |
| $1,698.84 | +99.0% | -$1,270.00 |
When traders use iron condor on STRL
Iron condors on STRL are a delta-neutral premium-collection structure that profits if STRL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
STRL thesis for this iron condor
The market-implied 1-standard-deviation range for STRL extends from approximately $670.88 on the downside to $1,036.54 on the upside. A STRL iron condor is a delta-neutral premium-collection structure that pays off when STRL 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 STRL IV rank near 64.12% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on STRL should anchor more to the directional view and the expected-move geometry. As a Industrials name, STRL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to STRL-specific events.
STRL 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. STRL positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move STRL alongside the broader basket even when STRL-specific fundamentals are unchanged. Short-premium structures like a iron condor on STRL carry tail risk when realized volatility exceeds the implied move; review historical STRL earnings reactions and macro stress periods before sizing. Always rebuild the position from current STRL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on STRL?
- A iron condor on STRL is the iron condor strategy applied to STRL (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 STRL stock trading near $853.71, the strikes shown on this page are snapped to the nearest listed STRL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are STRL 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 STRL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 74.70%), the computed maximum profit is $2,730.00 per contract and the computed maximum loss is -$1,270.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a STRL iron condor?
- The breakeven for the STRL iron condor priced on this page is roughly $782.70 and $927.30 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 STRL market-implied 1-standard-deviation expected move is approximately 21.42%; 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 STRL?
- Iron condors on STRL are a delta-neutral premium-collection structure that profits if STRL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current STRL implied volatility affect this iron condor?
- STRL ATM IV is at 74.70% with IV rank near 64.12%, 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.