THR Iron Condor Strategy
THR (Thermon Group Holdings, Inc.), in the Industrials sector, (Industrial - Machinery industry), listed on NYSE.
Thermon Group Holdings, Inc. provides engineered industrial process heating solutions for process industries worldwide. Its products include electric heating products, such as air heaters and heating accessories, boilers and calorifiers, controlling and monitoring solutions, heat tracing systems, tank heating systems, thermostats, tubing bundles, and system accessories, as well as strip, tubular, immersion, and process heaters; and gas heating products, including enclosure and explosion proof gas catalytic heaters, gas fired blowers, and gas heating accessories that comprise regulators, valves, mounting brackets, and battery cables. The company also offers specialty products, which include CEMS and analytical systems, commercial construction products and services, control panels, engineered products, compressed gas scrubbing systems, temporary power solutions, and snow clearing devices for rail track and switch equipment; and steam heating solutions comprising heat transfer compounds, steam heated bundles, steam supply and condensate return lines, steam tracing solutions, steam trace accessories, and tank heating products. In addition, it provides design engineering solutions that include design optimization studies, product selection assistance, and computer-generated drawing packages; energy audit services; procurement and project management services; procurement and project management services; turnkey construction installation; recurring facility assessment or audit; maintenance services; and technical support services. The company offers its solutions to chemical and petrochemical, oil and gas, power generation, rail and transit, commercial, transportation, food and beverage, pharmaceutical, and mineral processing industries, as well as data centers, semiconductor facilities, and other markets through a network of sales and service professionals, and distributors. Thermon Group Holdings, Inc. was founded in 1954 and is headquartered in Austin, Texas.
THR (Thermon Group Holdings, Inc.) trades in the Industrials sector, specifically Industrial - Machinery, with a market capitalization of approximately $2.19B, a trailing P/E of 37.11, a beta of 0.83 versus the broader market, a 52-week range of 23.86-71.24, average daily share volume of 633K, a public-listing history dating back to 2011, approximately 1K full-time employees. These structural characteristics shape how THR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.83 places THR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 37.11 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 THR?
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 THR snapshot
As of May 15, 2026, spot at $65.34, ATM IV 45.60%, IV rank 18.48%, expected move 13.07%. The iron condor on THR 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 THR specifically: THR IV at 45.60% is on the cheap side of its 1-year range, which means a premium-selling THR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.07% (roughly $8.54 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 THR expiries trade a higher absolute premium for lower per-day decay. Position sizing on THR should anchor to the underlying notional of $65.34 per share and to the trader's directional view on THR stock.
THR iron condor setup
The THR 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 THR near $65.34, the first option leg uses a $68.61 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed THR 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 THR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $68.61 | N/A |
| Buy 1 | Call | $71.87 | N/A |
| Sell 1 | Put | $62.07 | N/A |
| Buy 1 | Put | $58.81 | N/A |
THR 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.
THR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on THR. 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 THR
Iron condors on THR are a delta-neutral premium-collection structure that profits if THR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
THR thesis for this iron condor
The market-implied 1-standard-deviation range for THR extends from approximately $56.80 on the downside to $73.88 on the upside. A THR iron condor is a delta-neutral premium-collection structure that pays off when THR 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 THR IV rank near 18.48% 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 THR at 45.60%. As a Industrials name, THR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to THR-specific events.
THR 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. THR positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move THR alongside the broader basket even when THR-specific fundamentals are unchanged. Short-premium structures like a iron condor on THR carry tail risk when realized volatility exceeds the implied move; review historical THR earnings reactions and macro stress periods before sizing. Always rebuild the position from current THR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on THR?
- A iron condor on THR is the iron condor strategy applied to THR (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 THR stock trading near $65.34, the strikes shown on this page are snapped to the nearest listed THR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are THR 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 THR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 45.60%), 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 THR iron condor?
- The breakeven for the THR 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 THR market-implied 1-standard-deviation expected move is approximately 13.07%; 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 THR?
- Iron condors on THR are a delta-neutral premium-collection structure that profits if THR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current THR implied volatility affect this iron condor?
- THR ATM IV is at 45.60% with IV rank near 18.48%, 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.