UNIT Iron Condor Strategy
UNIT (Uniti Group Inc.), in the Real Estate sector, (REIT - Specialty industry), listed on NASDAQ.
Uniti operates as a self-managed real estate investment trust, primarily focused on acquiring and developing essential communications infrastructure. The company is a key supplier of wireless infrastructure solutions within the broader telecommunications sector. As of September 30, 2020, Uniti's extensive portfolio included 6.7 million fiber strand miles and various other communication-related real estate holdings throughout the United States.
UNIT (Uniti Group Inc.) trades in the Real Estate sector, specifically REIT - Specialty, with a market capitalization of approximately $2.31B, a trailing P/E of 2.31, a beta of 1.40 versus the broader market, a 52-week range of 5.3-12.938, average daily share volume of 2.6M, a public-listing history dating back to 2015, approximately 9K full-time employees. These structural characteristics shape how UNIT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.40 indicates UNIT 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 2.31 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. UNIT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on UNIT?
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.
UNIT snapshot
As of August 14, 2026, spot at $9.93, ATM IV 50.40%, IV rank 6.10%, expected move 14.45%. The iron condor on UNIT below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on UNIT specifically: UNIT IV at 50.40% is on the cheap side of its 1-year range, which means a premium-selling UNIT iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.45% (roughly $1.43 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated UNIT expiries trade a higher absolute premium for lower per-day decay. Position sizing on UNIT should anchor to the underlying notional of $9.93 per share and to the trader's directional view on UNIT stock.
UNIT iron condor setup
The UNIT 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 UNIT at $9.93 on that close, the first option leg uses a $10.43 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UNIT chain at a 35-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 UNIT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $10.43 | N/A |
| Buy 1 | Call | $10.92 | N/A |
| Sell 1 | Put | $9.43 | N/A |
| Buy 1 | Put | $8.94 | N/A |
UNIT 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.
UNIT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on UNIT. 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 UNIT
Iron condors on UNIT are a delta-neutral premium-collection structure that profits if UNIT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
UNIT thesis for this iron condor
The market-implied 1-standard-deviation range for UNIT extends from approximately $8.50 on the downside to $11.36 on the upside. A UNIT iron condor is a delta-neutral premium-collection structure that pays off when UNIT 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 UNIT IV rank near 6.10% 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 UNIT at 50.40%. As a Real Estate name, UNIT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UNIT-specific events.
UNIT 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. UNIT positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UNIT alongside the broader basket even when UNIT-specific fundamentals are unchanged. Short-premium structures like a iron condor on UNIT carry tail risk when realized volatility exceeds the implied move; review historical UNIT earnings reactions and macro stress periods before sizing. Always rebuild the position from current UNIT chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on UNIT?
- A iron condor on UNIT is the iron condor strategy applied to UNIT (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 UNIT stock at $9.93 on the most recent close, the strikes shown on this page are snapped to the nearest listed UNIT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are UNIT 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 UNIT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 50.40%), 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 UNIT iron condor?
- The breakeven for the UNIT iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The UNIT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.45%; 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 UNIT?
- Iron condors on UNIT are a delta-neutral premium-collection structure that profits if UNIT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current UNIT implied volatility affect this iron condor?
- UNIT ATM IV is at 50.40% with IV rank near 6.10%, 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.