THFF Iron Condor Strategy
THFF (First Financial Corporation), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
First Financial Corporation operates as the bank holding company for First Financial Bank N.A. that provides various financial services for individuals and businesses in west-central Indiana, east-central Illinois, western Kentucky, central and eastern Tennessee, and northern Georgia in the United States. The company offers non-interest-bearing demand, interest-bearing demand, savings, time, and other time deposits; checking and savings accounts; personal and business certificates of deposit; and digital banking services. It also provides commercial loans primarily to expand a business or finance asset purchases; real estate mortgages, including residential real estate and residential real estate construction loans; home equity loans and lines, secured loans, cash/CD secured loans, and unsecured loans; mortgage refinance; personal and auto loans; and credit cards. In addition, the company offers lease financing, trust account, and depositor services; business services, including accounts receivable and payable, merchant services, fraud protection, money management, and workplace rewards; and wealth services. The company was formerly known as Terre Haute First Corporation and changed its name to First Financial Corporation in December 1984. First Financial Corporation was founded in 1834 and is headquartered in Terre Haute, Indiana.
THFF (First Financial Corporation) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $923.5M, a trailing P/E of 11.45, a beta of 0.43 versus the broader market, a 52-week range of 51.21-78.36, average daily share volume of 96K, a public-listing history dating back to 1992, approximately 946 full-time employees. These structural characteristics shape how THFF stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.43 indicates THFF 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 11.45 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. THFF pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on THFF?
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 THFF snapshot
As of June 30, 2026, spot at $77.31, ATM IV 58.70%, IV rank 16.67%, expected move 16.83%. The iron condor on THFF 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 17-day expiry.
Why this iron condor structure on THFF specifically: THFF IV at 58.70% is on the cheap side of its 1-year range, which means a premium-selling THFF iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 16.83% (roughly $13.01 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated THFF expiries trade a higher absolute premium for lower per-day decay. Position sizing on THFF should anchor to the underlying notional of $77.31 per share and to the trader's directional view on THFF stock.
THFF iron condor setup
The THFF 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 THFF near $77.31, the first option leg uses a $81.18 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed THFF chain at a 17-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 THFF shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $81.18 | N/A |
| Buy 1 | Call | $85.04 | N/A |
| Sell 1 | Put | $73.44 | N/A |
| Buy 1 | Put | $69.58 | N/A |
THFF 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.
THFF iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on THFF. 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 THFF
Iron condors on THFF are a delta-neutral premium-collection structure that profits if THFF stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
THFF thesis for this iron condor
The market-implied 1-standard-deviation range for THFF extends from approximately $64.30 on the downside to $90.32 on the upside. A THFF iron condor is a delta-neutral premium-collection structure that pays off when THFF 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 THFF IV rank near 16.67% 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 THFF at 58.70%. As a Financial Services name, THFF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to THFF-specific events.
THFF 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. THFF positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move THFF alongside the broader basket even when THFF-specific fundamentals are unchanged. Short-premium structures like a iron condor on THFF carry tail risk when realized volatility exceeds the implied move; review historical THFF earnings reactions and macro stress periods before sizing. Always rebuild the position from current THFF chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on THFF?
- A iron condor on THFF is the iron condor strategy applied to THFF (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 THFF stock trading near $77.31, the strikes shown on this page are snapped to the nearest listed THFF chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are THFF 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 THFF iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 58.70%), 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 THFF iron condor?
- The breakeven for the THFF 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 THFF market-implied 1-standard-deviation expected move is approximately 16.83%; 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 THFF?
- Iron condors on THFF are a delta-neutral premium-collection structure that profits if THFF stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current THFF implied volatility affect this iron condor?
- THFF ATM IV is at 58.70% with IV rank near 16.67%, 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.