VIRC Iron Condor Strategy
VIRC (Virco Mfg. Corporation), in the Consumer Cyclical sector, (Furnishings, Fixtures & Appliances industry), listed on NASDAQ.
Virco Mfg. Corporation engages in the design, production, and distribution of furniture in the United States. It offers seating products, including 4-leg chairs, cantilever chairs, tablet armchairs with work surfaces and compact footprints, steel-frame and floor rockers, stools, series chairs, stack and folding chairs, hard plastic seating, upholstered stack and ergonomic chairs, and plastic stack chairs. The company also provides folding, activity, office, computer, and mobile tables; and computer furniture, such as keyboard mouse trays, CPU holders, support columns, desks and workstations, specialty tables, instructor media stations and towers, and other products. In addition, it offers chair desks, combo units, and tablet arm and caster units, as well as a returns and credenzas. Further, the company provides administrative office furniture, including desks, bookcases, storage cabinets, and other items, as well as wardrobe tower cabinets, file credenzas, and mobile pedestals; laboratory furniture comprising steel-based science tables, table bases, lab stools, and wood-frame science tables; mobile furniture, such as mobile tables for cafeterias, mobile cabinets, and mobile task chairs for school settings and offices; and handling and storage equipment, as well as manufactures stackable storage trucks.
VIRC (Virco Mfg. Corporation) trades in the Consumer Cyclical sector, specifically Furnishings, Fixtures & Appliances, with a market capitalization of approximately $95.0M, a trailing P/E of 36.99, a beta of 0.23 versus the broader market, a 52-week range of 5.16-9.09, average daily share volume of 38K, a public-listing history dating back to 1980, approximately 810 full-time employees. These structural characteristics shape how VIRC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.23 indicates VIRC 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 36.99 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. VIRC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on VIRC?
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 VIRC snapshot
As of May 15, 2026, spot at $6.06, ATM IV 93.30%, IV rank 42.86%, expected move 26.75%. The iron condor on VIRC 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 VIRC specifically: VIRC IV at 93.30% is mid-range versus its 1-year history, so the credit collected on a VIRC iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 26.75% (roughly $1.62 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 VIRC expiries trade a higher absolute premium for lower per-day decay. Position sizing on VIRC should anchor to the underlying notional of $6.06 per share and to the trader's directional view on VIRC stock.
VIRC iron condor setup
The VIRC 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 VIRC near $6.06, the first option leg uses a $6.36 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VIRC 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 VIRC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $6.36 | N/A |
| Buy 1 | Call | $6.67 | N/A |
| Sell 1 | Put | $5.76 | N/A |
| Buy 1 | Put | $5.45 | N/A |
VIRC 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.
VIRC iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on VIRC. 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 VIRC
Iron condors on VIRC are a delta-neutral premium-collection structure that profits if VIRC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
VIRC thesis for this iron condor
The market-implied 1-standard-deviation range for VIRC extends from approximately $4.44 on the downside to $7.68 on the upside. A VIRC iron condor is a delta-neutral premium-collection structure that pays off when VIRC 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 VIRC IV rank near 42.86% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on VIRC should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, VIRC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VIRC-specific events.
VIRC 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. VIRC positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VIRC alongside the broader basket even when VIRC-specific fundamentals are unchanged. Short-premium structures like a iron condor on VIRC carry tail risk when realized volatility exceeds the implied move; review historical VIRC earnings reactions and macro stress periods before sizing. Always rebuild the position from current VIRC chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on VIRC?
- A iron condor on VIRC is the iron condor strategy applied to VIRC (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 VIRC stock trading near $6.06, the strikes shown on this page are snapped to the nearest listed VIRC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are VIRC 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 VIRC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 93.30%), 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 VIRC iron condor?
- The breakeven for the VIRC 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 VIRC market-implied 1-standard-deviation expected move is approximately 26.75%; 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 VIRC?
- Iron condors on VIRC are a delta-neutral premium-collection structure that profits if VIRC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current VIRC implied volatility affect this iron condor?
- VIRC ATM IV is at 93.30% with IV rank near 42.86%, 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.