THCH Iron Condor Strategy
THCH (TH International Limited), in the Consumer Cyclical sector, (Restaurants industry), listed on NASDAQ.
TH International Limited operates Tim Hortons coffee shops in mainland China, Hong Kong, and Macau. As of September 28, 2022, it had approximately 460 coffee shops across the People's Republic of China. The company was incorporated in 2018 and is based in Shanghai, the People's Republic of China. TH International Limited is a subsidiary of Tim Hortons Inc.
THCH (TH International Limited) trades in the Consumer Cyclical sector, specifically Restaurants, with a market capitalization of approximately $65.7M, a beta of 0.52 versus the broader market, a 52-week range of 1.685-3.25, average daily share volume of 6K, a public-listing history dating back to 2021, approximately 2K full-time employees. These structural characteristics shape how THCH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.52 indicates THCH has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on THCH?
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 THCH snapshot
As of May 15, 2026, spot at $2.02, ATM IV 247.20%, IV rank 66.62%, expected move 70.87%. The iron condor on THCH 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 THCH specifically: THCH IV at 247.20% is mid-range versus its 1-year history, so the credit collected on a THCH iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 70.87% (roughly $1.43 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 THCH expiries trade a higher absolute premium for lower per-day decay. Position sizing on THCH should anchor to the underlying notional of $2.02 per share and to the trader's directional view on THCH stock.
THCH iron condor setup
The THCH 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 THCH near $2.02, the first option leg uses a $2.12 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed THCH 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 THCH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $2.12 | N/A |
| Buy 1 | Call | $2.22 | N/A |
| Sell 1 | Put | $1.92 | N/A |
| Buy 1 | Put | $1.82 | N/A |
THCH 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.
THCH iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on THCH. 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 THCH
Iron condors on THCH are a delta-neutral premium-collection structure that profits if THCH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
THCH thesis for this iron condor
The market-implied 1-standard-deviation range for THCH extends from approximately $0.59 on the downside to $3.45 on the upside. A THCH iron condor is a delta-neutral premium-collection structure that pays off when THCH 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 THCH IV rank near 66.62% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on THCH should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, THCH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to THCH-specific events.
THCH 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. THCH positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move THCH alongside the broader basket even when THCH-specific fundamentals are unchanged. Short-premium structures like a iron condor on THCH carry tail risk when realized volatility exceeds the implied move; review historical THCH earnings reactions and macro stress periods before sizing. Always rebuild the position from current THCH chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on THCH?
- A iron condor on THCH is the iron condor strategy applied to THCH (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 THCH stock trading near $2.02, the strikes shown on this page are snapped to the nearest listed THCH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are THCH 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 THCH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 247.20%), 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 THCH iron condor?
- The breakeven for the THCH 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 THCH market-implied 1-standard-deviation expected move is approximately 70.87%; 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 THCH?
- Iron condors on THCH are a delta-neutral premium-collection structure that profits if THCH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current THCH implied volatility affect this iron condor?
- THCH ATM IV is at 247.20% with IV rank near 66.62%, 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.